IRON MOUNTAIN INC, 10-Q filed on 5/6/2021
Quarterly Report
v3.21.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2021
Apr. 30, 2021
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2021  
Document Transition Report false  
Entity File Number 1-13045  
Entity Registrant Name IRON MOUNTAIN INC  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 23-2588479  
Entity Address, Address Line One One Federal Street  
Entity Address, City or Town Boston  
Entity Address, State or Province MA  
Entity Address, Postal Zip Code 02110  
City Area Code 617  
Local Phone Number 535-4766  
Title of 12(b) Security Common Stock, $.01 par value  
Trading Symbol IRM  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Emerging Growth Company false  
Small Business Entity false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   288,731,091
Entity Central Index Key 0001020569  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2021  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.21.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Current Assets:    
Cash and cash equivalents $ 138,944 $ 205,063
Accounts receivable (less allowances of $60,743 and $56,981 as of March 31, 2021 and December 31, 2020, respectively) 814,983 859,344
Prepaid expenses and other 220,564 205,380
Total Current Assets 1,174,491 1,269,787
Property, Plant and Equipment:    
Property, plant and equipment 8,254,410 8,246,337
Less—Accumulated depreciation (3,787,770) (3,743,894)
Property, Plant and Equipment, Net 4,466,640 4,502,443
Other Assets, Net:    
Goodwill 4,520,775 4,557,609
Customer relationships, customer inducements and data center lease-based intangibles 1,271,604 1,326,977
Operating lease right-of-use assets 2,205,299 2,196,502
Other 305,640 295,949
Total Other Assets, Net 8,303,318 8,377,037
Total Assets 13,944,449 14,149,267
Current Liabilities:    
Current portion of long-term debt 363,911 193,759
Accounts payable 327,060 359,863
Accrued expenses and other current liabilities (includes current portion of operating lease liabilities) 951,502 1,146,288
Deferred revenue 284,974 295,785
Total Current Liabilities 1,927,447 1,995,695
Long-term Debt, net of current portion 8,552,415 8,509,555
Long-term Operating Lease Liabilities, net of current portion 2,061,140 2,044,598
Other Long-term Liabilities 191,001 204,508
Deferred Income Taxes 191,138 198,377
Commitments and Contingencies
Redeemable Noncontrolling Interests 61,601 59,805
Equity:    
Preferred stock (par value $0.01; authorized 10,000,000 shares; none issued and outstanding) 0 0
Common stock (par value $0.01; authorized 400,000,000 shares; issued and outstanding 288,727,747 and 288,273,049 shares as of March 31, 2021 and December 31, 2020, respectively) 2,888 2,883
Additional paid-in capital 4,347,151 4,340,078
(Distributions in excess of earnings) Earnings in excess of distributions (3,083,421) (2,950,339)
Accumulated other comprehensive items, net (306,911) (255,893)
Total Equity 959,707 1,136,729
Total Liabilities and Equity $ 13,944,449 $ 14,149,267
v3.21.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts $ 60,743 $ 56,981
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, authorized shares (in shares) 10,000,000 10,000,000
Preferred stock, issued shares (in shares) 0 0
Preferred stock, outstanding shares (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized shares (in shares) 400,000,000 400,000,000
Common stock, issued shares (in shares) 288,727,747 288,273,049
Common stock, outstanding shares (in shares) 288,727,747 288,273,049
v3.21.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Revenues:    
Storage rental $ 708,056 $ 683,547
Service 373,984 385,184
Total Revenues 1,082,040 1,068,731
Operating Expenses:    
Cost of sales (excluding depreciation and amortization) 451,909 466,921
Selling, general and administrative 258,723 238,733
Depreciation and amortization 165,642 162,584
Restructuring Charges 39,811 41,046
Intangible impairments 0 23,000
(Gain) Loss on disposal/write-down of property, plant and equipment, net (4,451) (1,055)
Total Operating Expenses 911,634 931,229
Operating Income (Loss) 170,406 137,502
Interest Expense, Net (includes Interest Income of $2,571 and $1,448 for the three months ended March 31, 2021 and 2020, respectively) 104,422 105,649
Other Expense (Income), Net 4,713 (42,726)
Net Income (Loss) Before Provision (Benefit) for Income Taxes 61,271 74,579
Provision (Benefit) for Income Taxes 14,640 9,687
Net Income (Loss) 46,631 64,892
Less: Net Income (Loss) Attributable to Noncontrolling Interests 1,028 917
Net Income (Loss) Attributable to Iron Mountain Incorporated $ 45,603 $ 63,975
Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated:    
Income (Loss) from Continuing Operations, Basic (in dollars per share) $ 0.16 $ 0.22
Income (Loss) from Continuing Operations, Diluted (in dollars per share) $ 0.16 $ 0.22
Weighted Average Common Shares Outstanding-Basic (in shares) 288,756,000 287,840,000
Weighted Average Common Shares Outstanding-Diluted (in shares) 289,528,287 288,359,133
v3.21.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Income Statement [Abstract]    
Interest income $ 2,571 $ 1,448
v3.21.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Statement of Comprehensive Income [Abstract]    
Net income (loss) $ 46,631 $ 64,892
Other Comprehensive (Loss) Income:    
Foreign Currency Translation Adjustment (66,355) (223,652)
Change in Fair Value of Derivative Instruments 15,206 (8,362)
Total Other Comprehensive (Loss) Income (51,149) (232,014)
Comprehensive (Loss) Income (4,518) (167,122)
Comprehensive Income (Loss) Attributable to Noncontrolling Interests 897 (430)
Comprehensive (Loss) Income Attributable to Iron Mountain Incorporated $ (5,415) $ (166,692)
v3.21.1
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Thousands
Total
COMMON STOCK
ADDITIONAL PAID-IN CAPITAL
(DISTRIBUTIONS IN EXCESS OF EARNINGS) EARNINGS IN EXCESS OF DISTRIBUTIONS
ACCUMULATED OTHER COMPREHENSIVE ITEMS, NET
NONCONTROLLING INTERESTS
REDEEMABLE NONCONTROLLING INTERESTS
Beginning of Period at Dec. 31, 2019 $ 1,464,227 $ 2,873 $ 4,298,566 $ (2,574,896) $ (262,581) $ 265  
Balance (in shares) at Dec. 31, 2019   287,299,645          
Increase (Decrease) in Stockholders' Equity              
Issuance of shares under employee stock purchase plan and option plans and stock-based compensation 1,917 $ 6 1,911        
Issuance of shares under employee stock purchase plan and option plans and stock-based compensation (in shares)   579,497          
Change in equity related to redeemable noncontrolling interests 4,000   4,000       $ (4,000)
Parent cash dividends declared (179,512)     (179,512)      
Foreign currency translation adjustment (222,305)       (222,305)    
Change in fair value of derivative instruments (8,362)       (8,362)    
Net income (loss) 63,876     63,975   (99)  
End of period at Mar. 31, 2020 1,123,841 $ 2,879 4,304,477 (2,690,433) (493,248) 166  
Balance (in shares) at Mar. 31, 2020   287,879,142          
Beginning of redeemable noncontrolling interest at Dec. 31, 2019             67,682
Increase (Decrease) in Temporary Equity [Roll Forward]              
Change in equity related to redeemable noncontrolling interests 4,000   4,000       (4,000)
Foreign currency translation adjustment             (1,347)
Net income (loss)             1,016
Noncontrolling interests dividends             (1,194)
Ending of redeemable noncontrolling interest at Mar. 31, 2020             62,157
Beginning of Period at Dec. 31, 2020 $ 1,136,729 $ 2,883 4,340,078 (2,950,339) (255,893) 0  
Balance (in shares) at Dec. 31, 2020 288,273,049 288,273,049          
Increase (Decrease) in Stockholders' Equity              
Issuance of shares under employee stock purchase plan and option plans and stock-based compensation $ 6,398 $ 5 6,393        
Issuance of shares under employee stock purchase plan and option plans and stock-based compensation (in shares)   454,698          
Change in equity related to redeemable noncontrolling interests 680   680       (680)
Parent cash dividends declared (178,685)     (178,685)      
Foreign currency translation adjustment (66,224)       (66,224)    
Change in fair value of derivative instruments 15,206       15,206    
Net income (loss) 45,603     45,603      
End of period at Mar. 31, 2021 $ 959,707 $ 2,888 4,347,151 $ (3,083,421) $ (306,911) $ 0  
Balance (in shares) at Mar. 31, 2021 288,727,747 288,727,747          
Beginning of redeemable noncontrolling interest at Dec. 31, 2020 $ 59,805           59,805
Increase (Decrease) in Temporary Equity [Roll Forward]              
Change in equity related to redeemable noncontrolling interests 680   $ 680       (680)
Foreign currency translation adjustment             (131)
Net income (loss)             1,028
Noncontrolling interests equity contributions             2,200
Noncontrolling interests dividends             (621)
Ending of redeemable noncontrolling interest at Mar. 31, 2021 $ 61,601           $ 61,601
v3.21.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash Flows from Operating Activities:    
Net income (loss) $ 46,631 $ 64,892
Adjustments to reconcile net income (loss) to cash flows from operating activities:    
Depreciation 114,449 113,700
Amortization (includes amortization of deferred financing costs and discounts of $4,127 and $4,513 for the three months ended March 31, 2021 and 2020, respectively) 55,320 53,397
Intangible impairments 0 23,000
Revenue reduction associated with amortization of customer inducements and above- and below-market leases 2,263 2,682
Stock-based compensation expense 10,953 6,527
(Benefit) provision for deferred income taxes (6,315) (107)
(Gain) loss on disposal/write-down of property, plant and equipment, net (4,451) (1,055)
Foreign currency transactions and other, net 9,220 (44,849)
(Increase) decrease in assets (22,154) (45,594)
(Decrease) increase in liabilities (137,087) (47,178)
Cash Flows from Operating Activities 68,829 125,415
Cash Flows from Investing Activities:    
Capital expenditures (145,528) (97,144)
Cash paid for acquisitions, net of cash acquired 0 (118,069)
Acquisition of customer relationships (874) (1,734)
Customer inducements (1,457) (4,328)
Contract fulfillment costs and third-party commissions (16,719) (11,142)
Investments in joint ventures and other investments (6,500) 0
Proceeds from sales of property and equipment and other, net 12,448 1,246
Cash Flows from Investing Activities (158,630) (231,171)
Cash Flows from Financing Activities:    
Repayment of revolving credit facility, term loan facilities and other debt (415,030) (2,581,771)
Proceeds from revolving credit facility, term loan facilities and other debt 625,689 2,850,451
Debt repayment and equity distribution to noncontrolling interests (621) (1,194)
Parent cash dividends (180,992) (181,302)
Net (payments) proceeds associated with employee stock-based awards (4,556) (4,610)
Net proceeds (payments) of debt financing costs and other 5,000 (7,816)
Cash Flows from Financing Activities 29,490 73,758
Effect of Exchange Rates on Cash and Cash Equivalents (5,808) (8,873)
(Decrease) increase in Cash and Cash Equivalents (66,119) (40,871)
Cash and Cash Equivalents, including Restricted Cash, Beginning of Period 205,063 193,555
Cash and Cash Equivalents, including Restricted Cash, End of Period 138,944 152,684
Supplemental Information:    
Cash Paid for Interest 185,558 157,541
Cash Paid for Income Taxes, Net 20,847 14,004
Non-Cash Investing and Financing Activities:    
Financing Leases 4,976 13,061
Accrued Capital Expenditures 59,490 60,761
Fair Value of Investments Applied to Acquisitions 0 27,276
Dividends Payable $ 185,560 $ 184,231
v3.21.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Statement of Cash Flows [Abstract]    
Deferred financing costs and discount included in Amortization $ 4,127 $ 4,513
v3.21.1
General
 3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
General GENERAL
The unaudited condensed consolidated financial statements of Iron Mountain Incorporated, a Delaware corporation (“IMI”), and its subsidiaries (“we” or “us”), have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted pursuant to those rules and regulations, but we believe that the disclosures included herein are adequate to make the information presented not misleading. The interim condensed consolidated financial statements are presented herein and, in the opinion of management, reflect all adjustments of a normal recurring nature necessary for a fair presentation. Interim results are not necessarily indicative of results for a full year.
The Condensed Consolidated Financial Statements and Notes thereto, which are included herein, should be read in conjunction with the Consolidated Financial Statements and Notes thereto for the year ended December 31, 2020 included in our Annual Report on Form 10-K filed with the SEC on February 24, 2021 (our “Annual Report”).
We have been organized and have operated as a real estate investment trust for United States federal income tax purposes (“REIT”) beginning with our taxable year ended December 31, 2014.
In March 2020, the World Health Organization declared a novel strain of coronavirus (“COVID-19”) a pandemic. The preventative and protective actions that governments have ordered, or we or our customers have implemented, have resulted in a period of reduced service operations and business disruption for us, our customers and other third parties with which we do business. The broader impacts of the COVID-19 pandemic on our financial position, results of operations and cash flows, including impacts to the estimates we use in the preparation of our financial statements, remain uncertain and difficult to predict as information continues to evolve, and the severity and duration of the pandemic remains unknown, as is our visibility of its effect on the markets we serve and our customers within those markets.
v3.21.1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
A. CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents include cash on hand and cash invested in highly liquid short-term securities, which have remaining maturities at the date of purchase of less than 90 days. Cash and cash equivalents are carried at cost, which approximates fair value.
B. ACCOUNTS RECEIVABLE
We maintain an allowance for doubtful accounts and a credit memo reserve for estimated losses resulting from the potential inability of our customers to make required payments and potential disputes regarding billing and service issues. Rollforward of allowance for doubtful accounts and credit memo reserves for the three months ended March 31, 2021 is as follows:
Balance as of December 31, 2020$56,981 
Credit memos charged to revenue13,026 
Allowance for bad debts charged to expense9,850 
Deductions and other(1)
(19,114)
Balance as of March 31, 2021$60,743 
(1)Primarily consists of the issuance of credit memos, the write-off of accounts receivable and the impact associated with currency translation adjustments.
C. LEASES
We lease facilities for certain warehouses, data centers and office space. We also have land leases, including those on which certain facilities are located. Operating and financing lease right-of-use assets and lease liabilities as of March 31, 2021 and December 31, 2020 are as follows:
DESCRIPTIONMARCH 31, 2021DECEMBER 31, 2020
Assets:
Operating lease right-of-use assets$2,205,299 $2,196,502 
Financing lease right-of-use assets, net of accumulated depreciation(1)
300,399 310,534 
Liabilities:
Current
Operating lease liabilities$248,319 $250,239 
Financing lease liabilities(1)
42,692 43,149 
Long-term
Operating lease liabilities2,061,140 2,044,598 
Financing lease liabilities(1)
311,448 323,162 
(1)Financing lease right-of-use assets, current financing lease liabilities and long-term financing lease liabilities are included within Property, Plant and Equipment, Net, Current portion of long-term debt and Long-term Debt, net of current portion, respectively, within our Condensed Consolidated Balance Sheets.
The components of the lease expense for the three months ended March 31, 2021 and 2020 are as follows:
THREE MONTHS ENDED MARCH 31,
DESCRIPTION20212020
Operating lease cost(1)
$132,675 $123,289 
Financing lease cost:
Depreciation of financing lease right-of-use assets$12,648 $12,955 
Interest expense for financing lease liabilities4,975 4,844 
(1)Operating lease cost, the majority of which is included in Cost of sales, includes variable lease costs of $28,368 and $27,805 for the three months ended March 31, 2021 and 2020, respectively.
Other information: Supplemental cash flow information relating to our leases for the three months ended March 31, 2021 and 2020 is as follows:
THREE MONTHS ENDED MARCH 31,
CASH PAID FOR AMOUNTS INCLUDED IN MEASUREMENT OF LEASE LIABILITIES:20212020
Operating cash flows used in operating leases$93,645 $86,418 
Operating cash flows used in financing leases (interest)4,975 4,844 
Financing cash flows used in financing leases12,441 12,739 
NON-CASH ITEMS:
Operating lease modifications and reassessments$31,994 $34,916 
New operating leases (including acquisitions and sale-leaseback transactions)48,200 110,609 
D. GOODWILL
Our reporting units as of December 31, 2020 are described in detail in Note 2.k. to Notes to Consolidated Financial Statements included in our Annual Report.
The changes in the carrying value of goodwill attributable to each reportable operating segment for the three months ended March 31, 2021 are as follows:
GLOBAL RIM BUSINESSGLOBAL DATA CENTER BUSINESSCORPORATE AND OTHER BUSINESSTOTAL CONSOLIDATED
Goodwill balance, net of accumulated amortization as of
December 31, 2020		$4,024,182 $436,987 $96,440 $4,557,609 
Fair value and other adjustments(5,804)— — (5,804)
Currency effects(24,298)(6,359)(373)(31,030)
Goodwill balance, net accumulated amortization as of March 31, 2021$3,994,080 $430,628 $96,067 $4,520,775 
Accumulated goodwill impairment balance as of March 31, 2021$132,409 $— $26,011 $158,420 
E. INVESTMENTS
I. FRANKFURT DATA CENTER JOINT VENTURE
In October 2020, we formed a joint venture with AGC Equity Partners (the “Frankfurt JV”). Our equity interest in the Frankfurt JV at both March 31, 2021 and December 31, 2020 was 20%, and the carrying value of our investment in the Frankfurt JV at March 31, 2021 and December 31, 2020 was $26,257 and $26,500, respectively, which is presented as a component of Other within Other assets, net in our Condensed Consolidated Balance Sheets.
II. MAKESPACE JOINT VENTURE
During 2019, we formed a joint venture with MakeSpace Labs, Inc. (the “MakeSpace JV”). Our equity interest in the MakeSpace JV at March 31, 2021 and December 31, 2020 was 42% and 39%, respectively, and the carrying value of our investment in the MakeSpace JV at March 31, 2021 and December 31, 2020 was $21,075 and $16,924, respectively, which is presented as a component of Other within Other assets, net in our Condensed Consolidated Balance Sheets.
F. FAIR VALUE MEASUREMENTS
The assets and liabilities carried at fair value measured on a recurring basis as of March 31, 2021 and December 31, 2020 are as follows:
  FAIR VALUE MEASUREMENTS AT MARCH 31, 2021 USING
DESCRIPTIONTOTAL CARRYING
VALUE AT
MARCH 31, 2021		QUOTED PRICES IN
ACTIVE MARKETS
(LEVEL 1)		SIGNIFICANT OTHER
OBSERVABLE INPUTS
(LEVEL 2)		SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
Money Market Funds$7,673 $— $7,673 $— 
Time Deposits1,291 — 1,291 — 
Trading Securities11,323 11,067  256  — 
Derivative Liabilities34,497 — 34,497 — 
  FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2020 USING
DESCRIPTIONTOTAL CARRYING
VALUE AT
DECEMBER 31, 2020		QUOTED PRICES IN
ACTIVE MARKETS
(LEVEL 1)		SIGNIFICANT OTHER
OBSERVABLE INPUTS
(LEVEL 2)		SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
Money Market Funds$62,657 $— $62,657 $— 
Time Deposits2,121 — 2,121 — 
Trading Securities10,892 10,636  256  — 
Derivative Liabilities49,703 — 49,703 — 
There were no material items that are measured at fair value on a non-recurring basis at March 31, 2021 and December 31, 2020, other than those disclosed in Note 2.o. to Notes to Consolidated Financial Statements included in our Annual Report which are based on Level 3 inputs.
G. ACCUMULATED OTHER COMPREHENSIVE ITEMS, NET
The changes in accumulated other comprehensive items, net for the three months ended March 31, 2021 and 2020 are as follows:
THREE MONTHS ENDED MARCH 31, 2021THREE MONTHS ENDED MARCH 31, 2020
 FOREIGN
CURRENCY
TRANSLATION AND OTHER
ADJUSTMENTS		CHANGE IN FAIR VALUE OF
DERIVATIVE
INSTRUMENTS		TOTALFOREIGN
CURRENCY
TRANSLATION AND OTHER
ADJUSTMENTS		CHANGE IN FAIR VALUE OF DERIVATIVE INSTRUMENTSTOTAL
Beginning of Period$(206,190)$(49,703)$(255,893)$(252,825)$(9,756)$(262,581)
Other comprehensive (loss) income:
Foreign currency translation and other adjustments(66,224)— (66,224)(222,305)— (222,305)
Change in fair value of derivative instruments— 15,206 15,206 — (8,362)(8,362)
Total other comprehensive (loss) income(66,224)15,206 (51,018)(222,305)(8,362)(230,667)
End of Period$(272,414)$(34,497)$(306,911)$(475,130)$(18,118)$(493,248)
H. REVENUES
The costs associated with the initial movement of customer records into physical storage and certain commissions are considered costs to obtain or fulfill customer contracts (collectively, “Contract Fulfillment Costs”). Contract Fulfillment Costs as of March 31, 2021 and December 31, 2020, are as follows:
MARCH 31, 2021DECEMBER 31, 2020
GROSS
CARRYING
AMOUNT		ACCUMULATED
AMORTIZATION		NET
CARRYING
AMOUNT		GROSS
CARRYING
AMOUNT		ACCUMULATED
AMORTIZATION		NET
CARRYING
AMOUNT
Intake Costs asset$66,337 $(35,904)$30,433 $63,721 $(33,352)$30,369 
Commissions asset99,721 (43,125)56,596 91,069 (38,787)52,282 
Deferred revenue liabilities are reflected in our Condensed Consolidated Balance Sheets as follows:
DESCRIPTIONLOCATION IN BALANCE SHEETMARCH 31, 2021DECEMBER 31, 2020
Deferred revenue - CurrentDeferred revenue$284,974 $295,785 
Deferred revenue - Long-termOther Long-term Liabilities36,581 35,612 
DATA CENTER LESSOR CONSIDERATIONS
Our Global Data Center Business features storage rental provided to customers at contractually specified rates over a fixed contractual period, which are accounted for in accordance with Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842), as amended (“ASU 2016-02”). Storage rental revenue, including revenue associated with power and connectivity, associated with our Global Data Center Business for the three months ended March 31, 2021 and 2020 are as follows:
THREE MONTHS ENDED MARCH 31,
20212020
Storage rental revenue(1)
$67,157 $64,595 
(1)Revenue associated with power and connectivity included within storage rental revenue was $13,133 and $11,413 for the three months ended March 31, 2021 and 2020, respectively.
I. STOCK-BASED COMPENSATION
Stock-based compensation expense for the cost of stock options, restricted stock units (“RSUs”), performance units (“PUs”) and shares of stock issued under our employee stock purchase plan (collectively, “Employee Stock-Based Awards”) for the three months ended March 31, 2021 and 2020 is as follows:
THREE MONTHS ENDED MARCH 31,
20212020
Stock-based compensation expense$10,953 $6,527 
As of March 31, 2021, unrecognized compensation cost related to the unvested portion of our Employee Stock-Based Awards was $80,625.
RESTRICTED STOCK UNITS AND PERFORMANCE UNITS
The fair value of RSUs and earned PUs that vested during the three months ended March 31, 2021 and 2020 is as follows:
THREE MONTHS ENDED MARCH 31,
 20212020
Fair value of RSUs vested$19,861 $18,379 
Fair value of earned PUs that vested5,591 10,890 
As of March 31, 2021, we expected 100% achievement of each of the predefined targets associated with the awards of PUs made in 2021, 2020 and 2019
J. OTHER EXPENSE (INCOME), NET
Consolidated other expense (income), net for the three months ended March 31, 2021 and 2020 consists of the following:
 THREE MONTHS ENDED MARCH 31,
DESCRIPTION20212020
Foreign currency transaction losses (gains), net$2,314 $(37,399)
Other, net(1)
2,399 (5,327)
Other Expense (Income), Net$4,713 $(42,726)
(1)Other, net for the three months ended March 31, 2021 is primarily comprised of losses on our equity method investments. Other, net for the three months ended March 31, 2020 is primarily comprised of a gain on our previously held 25% equity investment in OSG Records Management (Europe) Limited (“OSG”), which is partially offset by losses on our equity method investments.
K. INCOME TAXES
We provide for income taxes during interim periods based on our estimate of the effective tax rate for the year.
Our effective tax rates for the three months ended March 31, 2021 and 2020 are as follows:
 THREE MONTHS ENDED MARCH 31,
2021(1)
2020(2)
Effective Tax Rate23.9 %13.0 %
(1)The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate for the three months ended March 31, 2021 were the benefits derived from the dividends paid deduction and the impacts of differences in the tax rates at which our foreign earnings are subject.
(2)The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate for the three months ended March 31, 2020 were the benefits derived from the dividends paid deduction and foreign exchange losses in different jurisdictions with different tax rates as well as the impacts of differences in the tax rates at which our foreign earnings are subject.
L. INCOME (LOSS) PER SHARE—BASIC AND DILUTED
The calculation of basic and diluted income (loss) per share for the three months ended March 31, 2021 and 2020 are as follows:
 
THREE MONTHS ENDED MARCH 31,
 20212020
Net Income (Loss)$46,631 $64,892 
Less: Net Income (Loss) Attributable to Noncontrolling Interests1,028 917 
Net Income (Loss) Attributable to Iron Mountain Incorporated (utilized in numerator of Earnings Per Share calculation)$45,603 $63,975 
Weighted-average shares—basic288,756,000 287,840,000 
Effect of dilutive potential stock options56,437 51,799 
Effect of dilutive potential RSUs and PUs715,850 467,334 
Weighted-average shares—diluted289,528,287 288,359,133 
Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated:  
 Basic$0.16 $0.22 
 Diluted$0.16 $0.22 
Antidilutive stock options, RSUs and PUs, excluded from the calculation4,708,068 5,513,714 
M. RECENT ACCOUNTING PRONOUNCEMENTS
In December 2019, the Financial Accounting Standards Board issued ASU No. 2019-12, Income Taxes (Topic 740) (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions for recognizing deferred taxes for investments, performing intra-period allocation and calculating income taxes in interim periods. ASU 2019-12 also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. We adopted ASU 2019-12 on January 1, 2021. ASU 2019-12 did not have a material impact on our consolidated financial statements.
v3.21.1
Derivative Instruments and Hedging Activities
 3 Months Ended
Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities
Derivative instruments we are party to include: (i) interest rate swap agreements (which are designated as cash flow hedges) and (ii) cross-currency swap agreements (which are designated as net investment hedges).
INTEREST RATE SWAP AGREEMENTS DESIGNATED AS CASH FLOW HEDGES
In March 2018, we entered into interest rate swap agreements to limit our exposure to changes in interest rates on a portion of our floating rate indebtedness. As of March 31, 2021 and December 31, 2020, we had $350,000 in notional value of interest rate swap agreements outstanding, which expire in March 2022. Under the interest rate swap agreements, we receive variable rate interest payments associated with the notional amount of each interest rate swap, based upon one-month LIBOR, in exchange for the payment of fixed interest rates as specified in the interest rate swap agreements.
In July 2019, we entered into forward-starting interest rate swap agreements to limit our exposure to changes in interest rates on a portion of our floating rate indebtedness once our current interest rate swap agreements expire in March 2022. The forward-starting interest rate swap agreements have $350,000 in notional value, commence in March 2022 and expire in March 2024. Under the forward-starting interest rate swap agreements, we will receive variable rate interest payments based upon one-month LIBOR, in exchange for the payment of fixed interest rates as specified in the interest rate swap agreements.
We have designated these interest rate swap agreements, including the forward-starting interest rate swap agreements, as cash flow hedges. Unrealized gains are recognized as assets, while unrealized losses are recognized as liabilities.
CROSS-CURRENCY SWAP AGREEMENTS DESIGNATED AS A HEDGE OF NET INVESTMENT
In August 2019, we entered into cross-currency swap agreements to hedge the variability of exchange rate impacts between the United States dollar and the Euro. Under the terms of the cross-currency swap agreements, we notionally exchanged approximately $110,000 at an interest rate of 6.0% for approximately 99,055 Euros at a weighted average interest rate of approximately 3.65%. These cross-currency swap agreements expire in August 2023 (“August 2023 Cross Currency Swap Agreements”).
In September 2020, we entered into cross-currency swap agreements to hedge the variability of exchange rate impacts between the United States dollar and the Euro. Under the terms of the cross-currency swap agreements, we notionally exchanged approximately $359,200 at an interest rate of 4.5% for approximately 300,000 Euros at a weighted average interest rate of approximately 3.4%. These cross-currency swap agreements expire in February 2026 (“February 2026 Cross Currency Swap Agreements”).
We have designated these cross-currency swap agreements as hedge of net investments against certain of our Euro denominated subsidiaries and they require an exchange of the notional amounts at maturity. These cross-currency swap agreements are marked to market at each reporting period, representing the fair values of the cross-currency swap agreements, and any changes in fair value are recognized as a component of Accumulated other comprehensive items, net. Unrealized gains are recognized as assets while unrealized losses are recognized as liabilities. These swaps are all deemed to be effective hedges and, therefore, all unrealized changes in fair value are included as a component of Accumulated other comprehensive items, net.
(Liabilities) assets recognized in our Condensed Consolidated Balance Sheets at March 31, 2021 and December 31, 2020, by derivative instrument, are as follows:
DERIVATIVE INSTRUMENTS(1)
MARCH 31, 2021DECEMBER 31, 2020
Cash Flow Hedges(2)
  
Interest Rate Swap Agreements$(16,861)$(21,062)
Net Investment Hedges(3)
August 2023 Cross Currency Swap Agreements(3,478)(8,229)
February 2026 Cross Currency Swap Agreements(14,158)(20,412)
(1)Our derivative assets are included as a component of Other within Other assets, net and our derivative liabilities are included as a component of Other long-term liabilities in our Condensed Consolidated Balance Sheets.
(2)As of March 31, 2021, cumulative net losses of $16,861 are recorded within Accumulated other comprehensive items, net associated with these interest rate swap agreements.
(3)As of March 31, 2021, cumulative net losses of $17,636 are recorded within Accumulated other comprehensive items, net associated with these cross-currency swap agreements.
Unrealized gains (losses) recognized during the three months ended March 31, 2021 and 2020, by derivative instrument, are as follows:
THREE MONTHS ENDED MARCH 31,
DERIVATIVE INSTRUMENTS(1)
20212020
Cash Flow Hedges  
Interest Rate Swap Agreements$4,201 $(14,732)
Net Investment Hedges
August 2023 Cross Currency Swap Agreements4,751 6,370 
February 2026 Cross Currency Swap Agreements6,254 — 
(1)These amounts are recognized as unrealized gains (losses), a component of Accumulated other comprehensive items, net.
EURO NOTES DESIGNATED AS A HEDGE OF NET INVESTMENT
Prior to their redemption in August 2020, we designated a portion of our previously outstanding 3% Euro Senior Notes due 2025 (the “Euro Notes”) as a hedge of net investment of certain of our Euro denominated subsidiaries. From January 1, 2020 through March 31, 2020, we designated 300,000 Euros of our Euro Notes as a hedge of net investment of certain of our Euro denominated subsidiaries. As a result, we recorded foreign exchange (gains) losses related to the change in fair value of such debt due to currency translation adjustments as a component of Accumulated other comprehensive items, net.
Foreign exchange gains (losses) associated with this hedge of net investment for the three months ended March 31, 2021 and 2020 are as follows:
 
THREE MONTHS ENDED MARCH 31,
20212020
Foreign exchange gains (losses) associated with net investment hedge$— $6,453 
As of March 31, 2021, cumulative net gains of $3,256, net of tax, are recorded in Accumulated other comprehensive items, net associated with this net investment hedge.
v3.21.1
Debt
 3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Debt
Long-term debt is as follows:
 MARCH 31, 2021DECEMBER 31, 2020
 
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(1)
$60,000 $(7,758)$52,242 $60,000 $— $(8,620)$(8,620)$— 
Term Loan A(1)
212,500 — 212,500 212,500 215,625 — 215,625 215,625 
Term Loan B677,927 (5,932)671,995 679,000 679,621 (6,244)673,377 680,750 
Australian Dollar Term Loan (the “AUD Term Loan”)238,433 (1,374)237,059 239,162 243,152 (1,624)241,528 244,014 
UK Bilateral Revolving Credit Facility (the “UK Bilateral Facility”)192,732 (1,147)191,585 192,732 191,101 (1,307)189,794 191,101 
37/8% GBP Senior Notes due 2025 (the “GBP Notes”)
550,662 (4,765)545,897 556,180 546,003 (4,983)541,020 553,101 
47/8% Senior Notes due 2027 (the “47/8% Notes due 2027”)(2)
1,000,000 (9,243)990,757 1,025,000 1,000,000 (9,598)990,402 1,046,250 
51/4% Senior Notes due 2028 (the “51/4% Notes due 2028”)(2)
825,000 (8,266)816,734 856,969 825,000 (8,561)816,439 868,313 
5% Senior Notes due 2028 (the “5% Notes”)(2)
500,000 (5,306)494,694 511,250 500,000 (5,486)494,514 523,125 
47/8% Senior Notes due 2029 (the “47/8% Notes due 2029”)(2)
1,000,000 (12,296)987,704 1,011,250 1,000,000 (12,658)987,342 1,050,000 
51/4% Senior Notes due 2030 (the “51/4 Notes due 2030”)(2)
1,300,000 (14,040)1,285,960 1,335,750 1,300,000 (14,416)1,285,584 1,400,750 
41/2% Senior Notes due 2031 (the “41/2% Notes”)(2)
1,100,000 (12,337)1,087,663 1,080,750 1,100,000 (12,648)1,087,352 1,138,500 
55/8% Senior Notes due 2032 (the “55/8% Notes”)(2)
600,000 (6,582)593,418 625,500 600,000 (6,727)593,273 660,000 
Real Estate Mortgages, Financing Lease Liabilities and Other492,256 (1,003)491,253 492,256 511,922 (1,086)510,836 511,922 
Accounts Receivable Securitization Program(3)
257,000 (135)256,865 257,000 85,000 (152)84,848 85,000 
Total Long-term Debt9,006,510 (90,184)8,916,326  8,797,424 (94,110)8,703,314 
Less Current Portion(363,911)— (363,911) (193,759)— (193,759) 
Long-term Debt, Net of Current Portion$8,642,599 $(90,184)$8,552,415  $8,603,665 $(94,110)$8,509,555  
(1)Collectively, the “Credit Agreement”. The Credit Agreement consists of a revolving credit facility (the “Revolving Credit Facility”) and a term loan (the “Term Loan A”). The Credit Agreement is scheduled to mature on June 3, 2023. All of the outstanding borrowings under the Revolving Credit Facility as of March 31, 2021 were denominated in United States dollars. In addition, we also had various outstanding letters of credit totaling $3,219. The remaining amount available for borrowing under the Revolving Credit Facility as of March 31, 2021 was $1,686,781 (which amount represents the maximum availability as of such date). The average interest rate in effect under the Credit Agreement was 1.9% as of March 31, 2021 and December 31, 2020.
(2)Collectively, the “Parent Notes”.
(3)The full amount outstanding under the Accounts Receivable Securitization Program is classified within the current portion of long-term debt in our Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020.
See Note 6 to Notes to Consolidated Financial Statements included in our Annual Report for additional information regarding the Credit Agreement and our other long-term debt, including the direct obligors of each of our debt instruments as well as information regarding the fair value of our debt instruments (including the levels of the fair value hierarchy used to determine the fair value of our debt instruments). The levels of the fair value hierarchy used to determine the fair value of our debt as of March 31, 2021 are consistent with the levels of the fair value hierarchy used to determine the fair value of our debt as of December 31, 2020 (which are disclosed in our Annual Report).
CASH POOLING
We currently utilize two separate cash pooling arrangements, one of which we utilize to manage global liquidity requirements for our qualified REIT subsidiaries (the “QRS Cash Pool”) and the other for our taxable REIT subsidiaries (the “TRS Cash Pool”). The approximate amount of the net cash position for the QRS Cash Pool and the TRS Cash Pool and the approximate amount of the gross position and outstanding debit balances for each of these pools as of March 31, 2021 and December 31, 2020 are as follows:
MARCH 31, 2021DECEMBER 31, 2020
 
GROSS CASH
POSITION
OUTSTANDING
DEBIT BALANCES
NET CASH
POSITION
GROSS CASH
POSITION
OUTSTANDING
DEBIT BALANCES
NET CASH
POSITION
QRS Cash Pool$567,300 $(566,700)$600 $448,700 $(447,400)$1,300 
TRS Cash Pool512,700 (510,200)2,500 555,500 (553,500)2,000 
The net cash position balances as of March 31, 2021 and December 31, 2020 are reflected as cash and cash equivalents in our Condensed Consolidated Balance Sheets.
LETTERS OF CREDIT
As of March 31, 2021, we had outstanding letters of credit totaling $38,160, of which $3,219 reduce our borrowing capacity under the Revolving Credit Facility (as described above). The letters of credit expire at various dates between June 2021 and March 2025.
DEBT COVENANTS
The Credit Agreement, our bond indentures and other agreements governing our indebtedness contain certain restrictive financial and operating covenants, including covenants that restrict our ability to complete acquisitions, pay cash dividends, incur indebtedness, make investments, sell assets and take certain other corporate actions. The covenants do not contain a rating trigger. Therefore, a change in our debt rating would not trigger a default under the Credit Agreement, our bond indentures or other agreements governing our indebtedness. The Credit Agreement requires that we satisfy a fixed charge coverage ratio, a net total lease adjusted leverage ratio and a net secured debt lease adjusted leverage ratio on a quarterly basis and our bond indentures require that, among other things, we satisfy a leverage ratio (not lease adjusted) or a fixed charge coverage ratio (not lease adjusted), as a condition to taking actions such as paying dividends and incurring indebtedness.
The Credit Agreement uses EBITDAR-based calculations and the bond indentures use EBITDA-based calculations as the primary measures of financial performance for purposes of calculating leverage and fixed charge coverage ratios. The bond indenture EBITDA-based calculations include our consolidated subsidiaries, other than those we have designated as “Unrestricted Subsidiaries” as defined in the bond indentures. Generally, the Credit Agreement and the bond indentures use a trailing four fiscal quarter basis for purposes of the relevant calculations and require certain adjustments and exclusions for purposes of those calculations, which make the calculation of financial performance for purposes of those calculations under the Credit Agreement and bond indentures not directly comparable to Adjusted EBITDA as presented herein. We are in compliance with our leverage and fixed charge coverage ratios under the Credit Agreement, our bond indentures and other agreements governing our indebtedness as of March 31, 2021 and December 31, 2020. Noncompliance with these leverage and fixed charge coverage ratios would have a material adverse effect on our financial condition.
v3.21.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies COMMITMENTS AND CONTINGENCIESWe are involved in litigation from time to time in the ordinary course of business, including litigation arising from damage to customer assets in our facilities caused by fires and other natural disasters. While the outcome of such litigation is inherently uncertain, we do not believe any current litigation will have a material adverse effect on our consolidated financial condition, results of operations or cash flows.
v3.21.1
Stockholders' Equity Matters
 3 Months Ended
Mar. 31, 2021
Equity [Abstract]  
Stockholders' Equity Matters
In fiscal year 2020 and the first three months of 2021, our board of directors declared the following dividends:
DECLARATION DATEDIVIDEND
PER SHARE		RECORD DATETOTAL
AMOUNT		PAYMENT DATE
February 13, 2020$0.6185 March 16, 2020$178,047 April 6, 2020
May 5, 20200.6185 June 15, 2020178,212 July 2, 2020
August 5, 20200.6185 September 15, 2020178,224 October 2, 2020
November 4, 20200.6185 December 15, 2020178,290 January 6, 2021
February 24, 20210.6185 March 15, 2021178,569 April 6, 2021
On May 6, 2021, we declared a dividend to our stockholders of record as of June 15, 2021 of $0.6185 per share, payable on July 6, 2021.
v3.21.1
Segment Information
 3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
Our three reportable operating segments as of December 31, 2020 are described in Note 10 to Notes to Consolidated Financial Statements included in our Annual Report and are as follows:
•Global Records and Information Management (“Global RIM”) Business
•Global Data Center Business
•Corporate and Other Business
There have been no changes to these reportable operating segments during the first three months of 2021.
An analysis of our business segment information and reconciliation to the accompanying Condensed Consolidated Financial Statements is as follows:
THREE MONTHS ENDED
MARCH 31,
20212020
Global RIM Business
Total Revenues$967,294 $956,419 
Adjusted EBITDA408,562 391,972 
Global Data Center Business
Total Revenues$71,108 $67,357 
Adjusted EBITDA30,432 30,895 
Corporate and Other Business
Total Revenues$43,638 $44,955 
Adjusted EBITDA(58,429)(56,868)
Total Consolidated
Total Revenues$1,082,040 $1,068,731 
Adjusted EBITDA380,565 365,999 
During the fourth quarter of 2020, we changed our definition of Adjusted EBITDA to (a) exclude stock-based compensation expense and (b) include our share of Adjusted EBITDA from our unconsolidated joint ventures. All prior periods have been recast to conform to these changes. We now define Adjusted EBITDA for each segment as net income (loss) before interest expense, net, provision (benefit) for income taxes, depreciation and amortization (inclusive of our share of Adjusted EBITDA from our unconsolidated joint ventures), and excluding certain items we do not believe to be indicative of our core operating results, specifically:
EXCLUDED
•Restructuring Charges
•Other expense (income), net
•Intangible impairments
•Stock-based compensation expense
•(Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate)
•COVID-19 Costs(1)
(1) Costs that are incremental and directly attributable to the COVID-19 pandemic which are not expected to recur once the pandemic ends ("COVID-19 Costs"). These costs include the purchase of personal protective equipment for our employees and incremental cleaning costs of our facilities, among other direct costs.
Internally, we use Adjusted EBITDA as the basis for evaluating the performance of, and allocated resources to, our operating segments.
A reconciliation of Net Income (Loss) to Adjusted EBITDA on a consolidated basis for the three months ended March 31, 2021 and 2020 is as follows:
 THREE MONTHS ENDED MARCH 31,
20212020
Net Income (Loss)$46,631 $64,892 
Add/(Deduct):
Interest expense, net104,422 105,649 
Provision (benefit) for income taxes14,640 9,687 
Depreciation and amortization165,642 162,584 
Restructuring Charges39,811 41,046 
Intangible impairments— 23,000 
(Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate)(4,451)(1,055)
Other expense (income), net, excluding our share of losses (gains) from our unconsolidated joint ventures2,121 (45,031)
Stock-based compensation expense10,733 5,111 
Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures1,016 116 
Adjusted EBITDA$380,565 $365,999 
Information as to our revenues by product and service lines by segment for the three months ended March 31, 2021 and 2020 are as follows:
THREE MONTHS ENDED MARCH 31,
20212020
Global RIM Business
Records Management(1)
$752,123 $727,616 
Data Management(1)
118,414 125,898 
Information Destruction(1)(2)
96,757 102,905 
Data Center — — 
Global Data Center Business
Records Management(1)
$— $— 
Data Management(1)
— — 
Information Destruction(1)(2)
— — 
Data Center 71,108 67,357 
Corporate and Other Business
Records Management(1)
$26,967 $28,876 
Data Management(1)
16,671 16,079 
Information Destruction(1)(2)
— — 
Data Center — — 
Total Consolidated
Records Management(1)
$779,090 $756,492 
Data Management(1)
135,085 141,977 
Information Destruction(1)(2)
96,757 102,905 
Data Center 71,108 67,357 
(1)Each of the offerings within our product and service lines has a component of revenue that is storage rental related and a component that is service revenues, except for information destruction, which does not have a storage rental component.
(2)Includes secure shredding services.
v3.21.1
Related Parties
 3 Months Ended
Mar. 31, 2021
Related Party Transactions [Abstract]  
Related Parties RELATED PARTIES
In October 2020, in connection with the formation of the Frankfurt JV, we entered into agreements whereby we will earn various fees, including property management and construction and development fees, for services we are providing to the Frankfurt JV (the “Frankfurt JV Agreements”). Revenues and expenses associated with the Frankfurt JV Agreements are presented as a component of our Global Data Business segment. During the three months ended March 31, 2021, we recognized revenue of approximately $1,060 associated with the Frankfurt JV Agreements.
In March 2019, in connection with the formation of the MakeSpace JV, we entered into a storage and service agreement with the MakeSpace JV to provide certain storage and related services to the MakeSpace JV (the “MakeSpace Agreement”). Revenues and expenses associated with the MakeSpace Agreement are presented as a component of our Global RIM Business segment. We recognized revenue of approximately $7,500 and $6,800 for the three months ended March 31, 2021 and 2020, respectively, associated with the MakeSpace Agreement.
v3.21.1
Project Summit
 3 Months Ended
Mar. 31, 2021
Restructuring and Related Activities [Abstract]  
Project Summit
In October 2019, we announced our global program designed to better position us for future growth and achievement of our strategic objectives (“Project Summit”). As a result of the program, we expect to reduce the number of positions at vice president and above by approximately 45%. The total program is expected to reduce our total managerial and administrative workforce by approximately 700 positions by the end of 2021. We have also reduced our services and operations workforce. As of March 31, 2021, we have completed approximately 80% of our planned workforce reductions. The activities associated with Project Summit began in the fourth quarter of 2019 and are expected to be substantially complete by the end of 2021.
We estimate that the implementation of Project Summit will result in total operating expenditures (“Restructuring Charges”) of approximately $450,000 that primarily consist of: (1) employee severance costs; (2) internal costs associated with the development and implementation of Project Summit initiatives; (3) professional fees, primarily related to third party consultants who are assisting with the design and execution of various initiatives as well as project management activities and (4) system implementation and data conversion costs.
Restructuring Charges included in the accompanying Condensed Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020, and from the inception of Project Summit through March 31, 2021, are as follows:
 THREE MONTHS ENDED MARCH 31, 2021THREE MONTHS ENDED MARCH 31, 2020FROM THE INCEPTION
OF PROJECT SUMMIT
THROUGH
MARCH 31, 2021
Employee severance costs$3,808 $6,108 $72,007 
Professional fees and other costs36,003 34,938 210,797 
Restructuring Charges$39,811 $41,046 $282,804 
Restructuring Charges by segment for the three months ended March 31, 2021 and 2020, and from the inception of Project Summit through March 31, 2021, are as follows:
 THREE MONTHS ENDED MARCH 31, 2021THREE MONTHS ENDED MARCH 31, 2020FROM THE INCEPTION
OF PROJECT SUMMIT
THROUGH
MARCH 31, 2021
Global RIM Business$8,224 $8,288 $97,264 
Global Data Center Business454 187 2,392 
Corporate and Other Business31,133 32,571 183,148 
Restructuring Charges$39,811 $41,046 $282,804 
A rollforward of the accrued Restructuring Charges, which is included as a component of Accrued expenses and other current liabilities in our Condensed Consolidated Balance Sheets, from December 31, 2019 through March 31, 2021, is as follows:
EMPLOYEE SEVERANCE COSTSPROFESSIONAL FEES AND OTHERTOTAL ACCRUED RESTRUCTURING CHARGES
Balance as of December 31, 2019$4,823 $12,954 $17,777 
Amounts accrued47,349 147,047 194,396 
Payments(32,455)(136,222)(168,677)
Other, including currency translation adjustments(3,439)(4)(3,443)
Balance as of December 31, 202016,278 23,775 40,053 
Amounts accrued3,808 36,003 39,811 
Payments(17,087)(13,849)(30,936)
Other, including currency translation adjustments(220)— (220)
Balance as of March 31, 2021$2,779 $45,929 $48,708 
v3.21.1
Subsequent Events
 3 Months Ended
Mar. 31, 2021
Subsequent Events [Abstract]  
Subsequent Events
In April 2021, we closed on an agreement to form a joint venture (the "Web Werks JV") with the shareholders of Web Werks India Private Limited ("Web Werks"), a colocation data center provider in India. In connection with the formation of the Web Werks JV, we made an initial investment of approximately 3,750,000 Indian rupees (or approximately $50,100, based upon the exchange rate between the United States dollar and Indian rupee as of the closing date of the initial investment) in exchange for a noncontrolling interest in the form of convertible preference shares in the Web Werks JV (the “Initial Web Werks JV Investment”). These shares are convertible into a to-be-determined amount of common shares based upon the achievement of EBITDA targets for the Web Werks JV's fiscal year ending March 31, 2022. We currently estimate our noncontrolling interest to be 39%. We will account for the Initial Web Werks JV Investment as an equity method investment and the carrying value of such investment will be presented as a component of Other within Other Assets, net in our Condensed Consolidated Balance Sheet beginning in the second quarter of 2021.
Under the terms of the Web Werks JV shareholders agreement, we are required to make additional investments over the next two years, if certain conditions are met, totaling approximately 7,500,000 Indian rupees (or approximately $100,000, based upon the current exchange rate between the United States dollar and Indian rupee), and, over time, we expect to acquire a majority interest in the Web Werks JV.
v3.21.1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]  
Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include cash on hand and cash invested in highly liquid short-term securities, which have remaining maturities at the date of purchase of less than 90 days. Cash and cash equivalents are carried at cost, which approximates fair value.
Accounts Receivable We maintain an allowance for doubtful accounts and a credit memo reserve for estimated losses resulting from the potential inability of our customers to make required payments and potential disputes regarding billing and service issues
Revenues DATA CENTER LESSOR CONSIDERATIONSOur Global Data Center Business features storage rental provided to customers at contractually specified rates over a fixed contractual period, which are accounted for in accordance with Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842), as amended (“ASU 2016-02”).
Leases LEASES We lease facilities for certain warehouses, data centers and office space. We also have land leases, including those on which certain facilities are located.
Income Taxes We provide for income taxes during interim periods based on our estimate of the effective tax rate for the year.
Recent Accounting Pronouncements In December 2019, the Financial Accounting Standards Board issued ASU No. 2019-12, Income Taxes (Topic 740) (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions for recognizing deferred taxes for investments, performing intra-period allocation and calculating income taxes in interim periods. ASU 2019-12 also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. We adopted ASU 2019-12 on January 1, 2021. ASU 2019-12 did not have a material impact on our consolidated financial statements.
Segment Information
During the fourth quarter of 2020, we changed our definition of Adjusted EBITDA to (a) exclude stock-based compensation expense and (b) include our share of Adjusted EBITDA from our unconsolidated joint ventures. All prior periods have been recast to conform to these changes. We now define Adjusted EBITDA for each segment as net income (loss) before interest expense, net, provision (benefit) for income taxes, depreciation and amortization (inclusive of our share of Adjusted EBITDA from our unconsolidated joint ventures), and excluding certain items we do not believe to be indicative of our core operating results, specifically:
EXCLUDED
•Restructuring Charges
•Other expense (income), net
•Intangible impairments
•Stock-based compensation expense
•(Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate)
•COVID-19 Costs(1)
(1) Costs that are incremental and directly attributable to the COVID-19 pandemic which are not expected to recur once the pandemic ends ("COVID-19 Costs"). These costs include the purchase of personal protective equipment for our employees and incremental cleaning costs of our facilities, among other direct costs.
Internally, we use Adjusted EBITDA as the basis for evaluating the performance of, and allocated resources to, our operating segments.
Commitments and Contingencies We are involved in litigation from time to time in the ordinary course of business, including litigation arising from damage to customer assets in our facilities caused by fires and other natural disasters. While the outcome of such litigation is inherently uncertain, we do not believe any current litigation will have a material adverse effect on our consolidated financial condition, results of operations or cash flows.
v3.21.1
Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]  
Schedule of allowance for credit loss Rollforward of allowance for doubtful accounts and credit memo reserves for the three months ended March 31, 2021 is as follows:
Balance as of December 31, 2020$56,981 
Credit memos charged to revenue13,026 
Allowance for bad debts charged to expense9,850 
Deductions and other(1)
(19,114)
Balance as of March 31, 2021$60,743 
(1)Primarily consists of the issuance of credit memos, the write-off of accounts receivable and the impact associated with currency translation adjustments.
Schedule of operating and financing lease right-of-use assets and lease liabilities Operating and financing lease right-of-use assets and lease liabilities as of March 31, 2021 and December 31, 2020 are as follows:
DESCRIPTIONMARCH 31, 2021DECEMBER 31, 2020
Assets:
Operating lease right-of-use assets$2,205,299 $2,196,502 
Financing lease right-of-use assets, net of accumulated depreciation(1)
300,399 310,534 
Liabilities:
Current
Operating lease liabilities$248,319 $250,239 
Financing lease liabilities(1)
42,692 43,149 
Long-term
Operating lease liabilities2,061,140 2,044,598 
Financing lease liabilities(1)
311,448 323,162 
(1)Financing lease right-of-use assets, current financing lease liabilities and long-term financing lease liabilities are included within Property, Plant and Equipment, Net, Current portion of long-term debt and Long-term Debt, net of current portion, respectively, within our Condensed Consolidated Balance Sheets.
Schedule of lease, cost
The components of the lease expense for the three months ended March 31, 2021 and 2020 are as follows:
THREE MONTHS ENDED MARCH 31,
DESCRIPTION20212020
Operating lease cost(1)
$132,675 $123,289 
Financing lease cost:
Depreciation of financing lease right-of-use assets$12,648 $12,955 
Interest expense for financing lease liabilities4,975 4,844 
(1)Operating lease cost, the majority of which is included in Cost of sales, includes variable lease costs of $28,368 and $27,805 for the three months ended March 31, 2021 and 2020, respectively.
Supplemental cash flow information relating to our leases for the three months ended March 31, 2021 and 2020 is as follows:
THREE MONTHS ENDED MARCH 31,
CASH PAID FOR AMOUNTS INCLUDED IN MEASUREMENT OF LEASE LIABILITIES:20212020
Operating cash flows used in operating leases$93,645 $86,418 
Operating cash flows used in financing leases (interest)4,975 4,844 
Financing cash flows used in financing leases12,441 12,739 
NON-CASH ITEMS:
Operating lease modifications and reassessments$31,994 $34,916 
New operating leases (including acquisitions and sale-leaseback transactions)48,200 110,609 
Schedule of changes in the carrying value of goodwill attributable to each reportable operating segment
The changes in the carrying value of goodwill attributable to each reportable operating segment for the three months ended March 31, 2021 are as follows:
GLOBAL RIM BUSINESSGLOBAL DATA CENTER BUSINESSCORPORATE AND OTHER BUSINESSTOTAL CONSOLIDATED
Goodwill balance, net of accumulated amortization as of
December 31, 2020		$4,024,182 $436,987 $96,440 $4,557,609 
Fair value and other adjustments(5,804)— — (5,804)
Currency effects(24,298)(6,359)(373)(31,030)
Goodwill balance, net accumulated amortization as of March 31, 2021$3,994,080 $430,628 $96,067 $4,520,775 
Accumulated goodwill impairment balance as of March 31, 2021$132,409 $— $26,011 $158,420 
Schedule of assets and liabilities carried at fair value measured on a recurring basis
The assets and liabilities carried at fair value measured on a recurring basis as of March 31, 2021 and December 31, 2020 are as follows:
  FAIR VALUE MEASUREMENTS AT MARCH 31, 2021 USING
DESCRIPTIONTOTAL CARRYING
VALUE AT
MARCH 31, 2021		QUOTED PRICES IN
ACTIVE MARKETS
(LEVEL 1)		SIGNIFICANT OTHER
OBSERVABLE INPUTS
(LEVEL 2)		SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
Money Market Funds$7,673 $— $7,673 $— 
Time Deposits1,291 — 1,291 — 
Trading Securities11,323 11,067  256  — 
Derivative Liabilities34,497 — 34,497 — 
  FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2020 USING
DESCRIPTIONTOTAL CARRYING
VALUE AT
DECEMBER 31, 2020		QUOTED PRICES IN
ACTIVE MARKETS
(LEVEL 1)		SIGNIFICANT OTHER
OBSERVABLE INPUTS
(LEVEL 2)		SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
Money Market Funds$62,657 $— $62,657 $— 
Time Deposits2,121 — 2,121 — 
Trading Securities10,892 10,636  256  — 
Derivative Liabilities49,703 — 49,703 — 
Schedule of changes in accumulated other comprehensive items, net
The changes in accumulated other comprehensive items, net for the three months ended March 31, 2021 and 2020 are as follows:
THREE MONTHS ENDED MARCH 31, 2021THREE MONTHS ENDED MARCH 31, 2020
 FOREIGN
CURRENCY
TRANSLATION AND OTHER
ADJUSTMENTS		CHANGE IN FAIR VALUE OF
DERIVATIVE
INSTRUMENTS		TOTALFOREIGN
CURRENCY
TRANSLATION AND OTHER
ADJUSTMENTS		CHANGE IN FAIR VALUE OF DERIVATIVE INSTRUMENTSTOTAL
Beginning of Period$(206,190)$(49,703)$(255,893)$(252,825)$(9,756)$(262,581)
Other comprehensive (loss) income:
Foreign currency translation and other adjustments(66,224)— (66,224)(222,305)— (222,305)
Change in fair value of derivative instruments— 15,206 15,206 — (8,362)(8,362)
Total other comprehensive (loss) income(66,224)15,206 (51,018)(222,305)(8,362)(230,667)
End of Period$(272,414)$(34,497)$(306,911)$(475,130)$(18,118)$(493,248)
Schedule of amortization expense associated with commissions asset and Intake Costs
The costs associated with the initial movement of customer records into physical storage and certain commissions are considered costs to obtain or fulfill customer contracts (collectively, “Contract Fulfillment Costs”). Contract Fulfillment Costs as of March 31, 2021 and December 31, 2020, are as follows:
MARCH 31, 2021DECEMBER 31, 2020
GROSS
CARRYING
AMOUNT		ACCUMULATED
AMORTIZATION		NET
CARRYING
AMOUNT		GROSS
CARRYING
AMOUNT		ACCUMULATED
AMORTIZATION		NET
CARRYING
AMOUNT
Intake Costs asset$66,337 $(35,904)$30,433 $63,721 $(33,352)$30,369 
Commissions asset99,721 (43,125)56,596 91,069 (38,787)52,282 
Schedule of deferred revenue liabilities
Deferred revenue liabilities are reflected in our Condensed Consolidated Balance Sheets as follows:
DESCRIPTIONLOCATION IN BALANCE SHEETMARCH 31, 2021DECEMBER 31, 2020
Deferred revenue - CurrentDeferred revenue$284,974 $295,785 
Deferred revenue - Long-termOther Long-term Liabilities36,581 35,612 
Schedule of revenue
Our Global Data Center Business features storage rental provided to customers at contractually specified rates over a fixed contractual period, which are accounted for in accordance with Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842), as amended (“ASU 2016-02”). Storage rental revenue, including revenue associated with power and connectivity, associated with our Global Data Center Business for the three months ended March 31, 2021 and 2020 are as follows:
THREE MONTHS ENDED MARCH 31,
20212020
Storage rental revenue(1)
$67,157 $64,595 
(1)Revenue associated with power and connectivity included within storage rental revenue was $13,133 and $11,413 for the three months ended March 31, 2021 and 2020, respectively.
Schedule of stock-based compensation expense
Stock-based compensation expense for the cost of stock options, restricted stock units (“RSUs”), performance units (“PUs”) and shares of stock issued under our employee stock purchase plan (collectively, “Employee Stock-Based Awards”) for the three months ended March 31, 2021 and 2020 is as follows:
THREE MONTHS ENDED MARCH 31,
20212020
Stock-based compensation expense$10,953 $6,527 
Schedule of vested and expected to vest
The fair value of RSUs and earned PUs that vested during the three months ended March 31, 2021 and 2020 is as follows:
THREE MONTHS ENDED MARCH 31,
 20212020
Fair value of RSUs vested$19,861 $18,379 
Fair value of earned PUs that vested5,591 10,890 
Schedule of other expense (income), net
Consolidated other expense (income), net for the three months ended March 31, 2021 and 2020 consists of the following:
 THREE MONTHS ENDED MARCH 31,
DESCRIPTION20212020
Foreign currency transaction losses (gains), net$2,314 $(37,399)
Other, net(1)
2,399 (5,327)
Other Expense (Income), Net$4,713 $(42,726)
(1)Other, net for the three months ended March 31, 2021 is primarily comprised of losses on our equity method investments. Other, net for the three months ended March 31, 2020 is primarily comprised of a gain on our previously held 25% equity investment in OSG Records Management (Europe) Limited (“OSG”), which is partially offset by losses on our equity method investments.
Schedule of income taxes
Our effective tax rates for the three months ended March 31, 2021 and 2020 are as follows:
 THREE MONTHS ENDED MARCH 31,
2021(1)
2020(2)
Effective Tax Rate23.9 %13.0 %
(1)The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate for the three months ended March 31, 2021 were the benefits derived from the dividends paid deduction and the impacts of differences in the tax rates at which our foreign earnings are subject.
(2)The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate for the three months ended March 31, 2020 were the benefits derived from the dividends paid deduction and foreign exchange losses in different jurisdictions with different tax rates as well as the impacts of differences in the tax rates at which our foreign earnings are subject.
Schedule of calculation of basic and diluted net income (loss) per share attributable to the entity
The calculation of basic and diluted income (loss) per share for the three months ended March 31, 2021 and 2020 are as follows:
 
THREE MONTHS ENDED MARCH 31,
 20212020
Net Income (Loss)$46,631 $64,892 
Less: Net Income (Loss) Attributable to Noncontrolling Interests1,028 917 
Net Income (Loss) Attributable to Iron Mountain Incorporated (utilized in numerator of Earnings Per Share calculation)$45,603 $63,975 
Weighted-average shares—basic288,756,000 287,840,000 
Effect of dilutive potential stock options56,437 51,799 
Effect of dilutive potential RSUs and PUs715,850 467,334 
Weighted-average shares—diluted289,528,287 288,359,133 
Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated:  
 Basic$0.16 $0.22 
 Diluted$0.16 $0.22 
Antidilutive stock options, RSUs and PUs, excluded from the calculation4,708,068 5,513,714 
v3.21.1
Derivative Instruments and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
(Liabilities) assets recognized in our Condensed Consolidated Balance Sheets at March 31, 2021 and December 31, 2020, by derivative instrument, are as follows:
DERIVATIVE INSTRUMENTS(1)
MARCH 31, 2021DECEMBER 31, 2020
Cash Flow Hedges(2)
  
Interest Rate Swap Agreements$(16,861)$(21,062)
Net Investment Hedges(3)
August 2023 Cross Currency Swap Agreements(3,478)(8,229)
February 2026 Cross Currency Swap Agreements(14,158)(20,412)
(1)Our derivative assets are included as a component of Other within Other assets, net and our derivative liabilities are included as a component of Other long-term liabilities in our Condensed Consolidated Balance Sheets.
(2)As of March 31, 2021, cumulative net losses of $16,861 are recorded within Accumulated other comprehensive items, net associated with these interest rate swap agreements.
(3)As of March 31, 2021, cumulative net losses of $17,636 are recorded within Accumulated other comprehensive items, net associated with these cross-currency swap agreements.
Schedule of (Gains) Losses For Derivative Instruments
Unrealized gains (losses) recognized during the three months ended March 31, 2021 and 2020, by derivative instrument, are as follows:
THREE MONTHS ENDED MARCH 31,
DERIVATIVE INSTRUMENTS(1)
20212020
Cash Flow Hedges  
Interest Rate Swap Agreements$4,201 $(14,732)
Net Investment Hedges
August 2023 Cross Currency Swap Agreements4,751 6,370 
February 2026 Cross Currency Swap Agreements6,254 — 
(1)These amounts are recognized as unrealized gains (losses), a component of Accumulated other comprehensive items, net.
Schedule of Net Investment Hedges in AOCI
Foreign exchange gains (losses) associated with this hedge of net investment for the three months ended March 31, 2021 and 2020 are as follows:
 
THREE MONTHS ENDED MARCH 31,
20212020
Foreign exchange gains (losses) associated with net investment hedge$— $6,453 
v3.21.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Carrying Amount and Fair Value of Long-Term Debt Instruments
Long-term debt is as follows:
 MARCH 31, 2021DECEMBER 31, 2020
 
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(1)
$60,000 $(7,758)$52,242 $60,000 $— $(8,620)$(8,620)$— 
Term Loan A(1)
212,500 — 212,500 212,500 215,625 — 215,625 215,625 
Term Loan B677,927 (5,932)671,995 679,000 679,621 (6,244)673,377 680,750 
Australian Dollar Term Loan (the “AUD Term Loan”)238,433 (1,374)237,059 239,162 243,152 (1,624)241,528 244,014 
UK Bilateral Revolving Credit Facility (the “UK Bilateral Facility”)192,732 (1,147)191,585 192,732 191,101 (1,307)189,794 191,101 
37/8% GBP Senior Notes due 2025 (the “GBP Notes”)
550,662 (4,765)545,897 556,180 546,003 (4,983)541,020 553,101 
47/8% Senior Notes due 2027 (the “47/8% Notes due 2027”)(2)
1,000,000 (9,243)990,757 1,025,000 1,000,000 (9,598)990,402 1,046,250 
51/4% Senior Notes due 2028 (the “51/4% Notes due 2028”)(2)
825,000 (8,266)816,734 856,969 825,000 (8,561)816,439 868,313 
5% Senior Notes due 2028 (the “5% Notes”)(2)
500,000 (5,306)494,694 511,250 500,000 (5,486)494,514 523,125 
47/8% Senior Notes due 2029 (the “47/8% Notes due 2029”)(2)
1,000,000 (12,296)987,704 1,011,250 1,000,000 (12,658)987,342 1,050,000 
51/4% Senior Notes due 2030 (the “51/4 Notes due 2030”)(2)
1,300,000 (14,040)1,285,960 1,335,750 1,300,000 (14,416)1,285,584 1,400,750 
41/2% Senior Notes due 2031 (the “41/2% Notes”)(2)
1,100,000 (12,337)1,087,663 1,080,750 1,100,000 (12,648)1,087,352 1,138,500 
55/8% Senior Notes due 2032 (the “55/8% Notes”)(2)
600,000 (6,582)593,418 625,500 600,000 (6,727)593,273 660,000 
Real Estate Mortgages, Financing Lease Liabilities and Other492,256 (1,003)491,253 492,256 511,922 (1,086)510,836 511,922 
Accounts Receivable Securitization Program(3)
257,000 (135)256,865 257,000 85,000 (152)84,848 85,000 
Total Long-term Debt9,006,510 (90,184)8,916,326  8,797,424 (94,110)8,703,314 
Less Current Portion(363,911)— (363,911) (193,759)— (193,759) 
Long-term Debt, Net of Current Portion$8,642,599 $(90,184)$8,552,415  $8,603,665 $(94,110)$8,509,555  
(1)Collectively, the “Credit Agreement”. The Credit Agreement consists of a revolving credit facility (the “Revolving Credit Facility”) and a term loan (the “Term Loan A”). The Credit Agreement is scheduled to mature on June 3, 2023. All of the outstanding borrowings under the Revolving Credit Facility as of March 31, 2021 were denominated in United States dollars. In addition, we also had various outstanding letters of credit totaling $3,219. The remaining amount available for borrowing under the Revolving Credit Facility as of March 31, 2021 was $1,686,781 (which amount represents the maximum availability as of such date). The average interest rate in effect under the Credit Agreement was 1.9% as of March 31, 2021 and December 31, 2020.
(2)Collectively, the “Parent Notes”.
(3)The full amount outstanding under the Accounts Receivable Securitization Program is classified within the current portion of long-term debt in our Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020.
Schedule of Net Cash Position in Cash Pool Agreements The approximate amount of the net cash position for the QRS Cash Pool and the TRS Cash Pool and the approximate amount of the gross position and outstanding debit balances for each of these pools as of March 31, 2021 and December 31, 2020 are as follows:
MARCH 31, 2021DECEMBER 31, 2020
 
GROSS CASH
POSITION
OUTSTANDING
DEBIT BALANCES
NET CASH
POSITION
GROSS CASH
POSITION
OUTSTANDING
DEBIT BALANCES
NET CASH
POSITION
QRS Cash Pool$567,300 $(566,700)$600 $448,700 $(447,400)$1,300 
TRS Cash Pool512,700 (510,200)2,500 555,500 (553,500)2,000 
v3.21.1
Stockholders' Equity Matters (Tables)
 3 Months Ended
Mar. 31, 2021
Equity [Abstract]  
Schedule of dividend declared and payments
In fiscal year 2020 and the first three months of 2021, our board of directors declared the following dividends:
DECLARATION DATEDIVIDEND
PER SHARE		RECORD DATETOTAL
AMOUNT		PAYMENT DATE
February 13, 2020$0.6185 March 16, 2020$178,047 April 6, 2020
May 5, 20200.6185 June 15, 2020178,212 July 2, 2020
August 5, 20200.6185 September 15, 2020178,224 October 2, 2020
November 4, 20200.6185 December 15, 2020178,290 January 6, 2021
February 24, 20210.6185 March 15, 2021178,569 April 6, 2021
v3.21.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Schedule of analysis of business segment information
An analysis of our business segment information and reconciliation to the accompanying Condensed Consolidated Financial Statements is as follows:
THREE MONTHS ENDED
MARCH 31,
20212020
Global RIM Business
Total Revenues$967,294 $956,419 
Adjusted EBITDA408,562 391,972 
Global Data Center Business
Total Revenues$71,108 $67,357 
Adjusted EBITDA30,432 30,895 
Corporate and Other Business
Total Revenues$43,638 $44,955 
Adjusted EBITDA(58,429)(56,868)
Total Consolidated
Total Revenues$1,082,040 $1,068,731 
Adjusted EBITDA380,565 365,999 
Schedule of Reconciliation Of Profit (loss) To Adjusted EBITDA
A reconciliation of Net Income (Loss) to Adjusted EBITDA on a consolidated basis for the three months ended March 31, 2021 and 2020 is as follows:
 THREE MONTHS ENDED MARCH 31,
20212020
Net Income (Loss)$46,631 $64,892 
Add/(Deduct):
Interest expense, net104,422 105,649 
Provision (benefit) for income taxes14,640 9,687 
Depreciation and amortization165,642 162,584 
Restructuring Charges39,811 41,046 
Intangible impairments— 23,000 
(Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate)(4,451)(1,055)
Other expense (income), net, excluding our share of losses (gains) from our unconsolidated joint ventures2,121 (45,031)
Stock-based compensation expense10,733 5,111 
Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures1,016 116 
Adjusted EBITDA$380,565 $365,999 
Schedule of revenues by product and service lines by segment
Information as to our revenues by product and service lines by segment for the three months ended March 31, 2021 and 2020 are as follows:
THREE MONTHS ENDED MARCH 31,
20212020
Global RIM Business
Records Management(1)
$752,123 $727,616 
Data Management(1)
118,414 125,898 
Information Destruction(1)(2)
96,757 102,905 
Data Center — — 
Global Data Center Business
Records Management(1)
$— $— 
Data Management(1)
— — 
Information Destruction(1)(2)
— — 
Data Center 71,108 67,357 
Corporate and Other Business
Records Management(1)
$26,967 $28,876 
Data Management(1)
16,671 16,079 
Information Destruction(1)(2)
— — 
Data Center — — 
Total Consolidated
Records Management(1)
$779,090 $756,492 
Data Management(1)
135,085 141,977 
Information Destruction(1)(2)
96,757 102,905 
Data Center 71,108 67,357 
(1)Each of the offerings within our product and service lines has a component of revenue that is storage rental related and a component that is service revenues, except for information destruction, which does not have a storage rental component.
(2)Includes secure shredding services.
v3.21.1
Project Summit (Tables)
 3 Months Ended
Mar. 31, 2021
Restructuring and Related Activities [Abstract]  
Schedule of restructuring charges and restructuring liability rollforward
Restructuring Charges included in the accompanying Condensed Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020, and from the inception of Project Summit through March 31, 2021, are as follows:
 THREE MONTHS ENDED MARCH 31, 2021THREE MONTHS ENDED MARCH 31, 2020FROM THE INCEPTION
OF PROJECT SUMMIT
THROUGH
MARCH 31, 2021
Employee severance costs$3,808 $6,108 $72,007 
Professional fees and other costs36,003 34,938 210,797 
Restructuring Charges$39,811 $41,046 $282,804 
Restructuring Charges by segment for the three months ended March 31, 2021 and 2020, and from the inception of Project Summit through March 31, 2021, are as follows:
 THREE MONTHS ENDED MARCH 31, 2021THREE MONTHS ENDED MARCH 31, 2020FROM THE INCEPTION
OF PROJECT SUMMIT
THROUGH
MARCH 31, 2021
Global RIM Business$8,224 $8,288 $97,264 
Global Data Center Business454 187 2,392 
Corporate and Other Business31,133 32,571 183,148 
Restructuring Charges$39,811 $41,046 $282,804 
A rollforward of the accrued Restructuring Charges, which is included as a component of Accrued expenses and other current liabilities in our Condensed Consolidated Balance Sheets, from December 31, 2019 through March 31, 2021, is as follows:
EMPLOYEE SEVERANCE COSTSPROFESSIONAL FEES AND OTHERTOTAL ACCRUED RESTRUCTURING CHARGES
Balance as of December 31, 2019$4,823 $12,954 $17,777 
Amounts accrued47,349 147,047 194,396 
Payments(32,455)(136,222)(168,677)
Other, including currency translation adjustments(3,439)(4)(3,443)
Balance as of December 31, 202016,278 23,775 40,053 
Amounts accrued3,808 36,003 39,811 
Payments(17,087)(13,849)(30,936)
Other, including currency translation adjustments(220)— (220)
Balance as of March 31, 2021$2,779 $45,929 $48,708 
v3.21.1
Summary of Significant Accounting Policies - Allowance for Doubtful Accounts and Credit Memo Reserves (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]  
Balance as of December 31, 2020 $ 56,981
Credit memos charged to revenue 13,026
Allowance for bad debts charged to expense 9,850
Deductions and other (19,114)
Balance as of March 31, 2021 $ 60,743
v3.21.1
Summary of Significant Accounting Policies - Supplemental Balance Sheet (Details) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Accounting Policies [Abstract]    
Operating lease right-of-use assets $ 2,205,299 $ 2,196,502
Financing lease right-of-use assets, net of accumulated depreciation 300,399 310,534
Current    
Operating lease liabilities 248,319 250,239
Finance lease liabilities 42,692 43,149
Long-term    
Operating lease liabilities 2,061,140 2,044,598
Finance lease liabilities $ 311,448 $ 323,162
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Accrued expenses and other current liabilities (includes current portion of operating lease liabilities) Accrued expenses and other current liabilities (includes current portion of operating lease liabilities)
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] Current portion of long-term debt Current portion of long-term debt
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Long-term Debt, net of current portion Long-term Debt, net of current portion
v3.21.1
Summary of Significant Accounting Policies - Leases Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Accounting Policies [Abstract]    
Operating lease cost $ 132,675 $ 123,289
Depreciation of financing lease right-of-use assets 12,648 12,955
Interest expense for financing lease liabilities 4,975 4,844
Variable lease costs $ 28,368 $ 27,805
v3.21.1
Summary of Significant Accounting Policies - Supplemental Cash Flows (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Accounting Policies [Abstract]    
Operating cash flows used in operating leases $ 93,645 $ 86,418
Operating cash flows used in financing leases (interest) 4,975 4,844
Financing cash flows used in financing leases 12,441 12,739
Operating lease modifications and reassessments 31,994 34,916
New operating leases (including acquisitions and sale-leaseback transactions) $ 48,200 $ 110,609
v3.21.1
Summary of Significant Accounting Policies - Schedule of Changes in Carrying Value of Goodwill (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
USD ($)
Gross amount of goodwill [Roll Forward]  
Goodwill beginning balance $ 4,557,609
Fair value and other adjustments (5,804)
Currency effects (31,030)
Goodwill ending balance 4,520,775
Accumulated goodwill impairment 158,420
GLOBAL RIM BUSINESS  
Gross amount of goodwill [Roll Forward]  
Goodwill beginning balance 4,024,182
Fair value and other adjustments (5,804)
Currency effects (24,298)
Goodwill ending balance 3,994,080
Accumulated goodwill impairment 132,409
GLOBAL DATA CENTER BUSINESS  
Gross amount of goodwill [Roll Forward]  
Goodwill beginning balance 436,987
Fair value and other adjustments 0
Currency effects (6,359)
Goodwill ending balance 430,628
Accumulated goodwill impairment 0
CORPORATE AND OTHER BUSINESS  
Gross amount of goodwill [Roll Forward]  
Goodwill beginning balance 96,440
Fair value and other adjustments 0
Currency effects (373)
Goodwill ending balance 96,067
Accumulated goodwill impairment $ 26,011
v3.21.1
Summary of Significant Accounting Policies - Investments Narrative (Details) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Frankfurt JV    
Schedule of Equity Method Investments [Line Items]    
Equity investments $ 26,257 $ 26,500
Ownership percentage 20.00% 20.00%
Makespace    
Schedule of Equity Method Investments [Line Items]    
Equity investments $ 21,075 $ 16,924
Ownership percentage 42.00% 39.00%
v3.21.1
Summary of Significant Accounting Policies - Fair Value Measurements (Details) - Fair value measured on recurring basis - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1)    
Assets and Liabilities Carried at Fair Value Measured on a Recurring Basis [Line Items]    
Trading securities $ 11,067 $ 10,636
Derivative Liabilities 0 0
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2)    
Assets and Liabilities Carried at Fair Value Measured on a Recurring Basis [Line Items]    
Trading securities 256 256
Derivative Liabilities 34,497 49,703
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)    
Assets and Liabilities Carried at Fair Value Measured on a Recurring Basis [Line Items]    
Trading securities 0 0
Derivative Liabilities 0 0
Estimate of Fair Value Measurement    
Assets and Liabilities Carried at Fair Value Measured on a Recurring Basis [Line Items]    
Trading securities 11,323 10,892
Derivative Liabilities 34,497 49,703
Money Market Funds | QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1)    
Assets and Liabilities Carried at Fair Value Measured on a Recurring Basis [Line Items]    
Money market funds 0 0
Money Market Funds | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2)    
Assets and Liabilities Carried at Fair Value Measured on a Recurring Basis [Line Items]    
Money market funds 7,673 62,657
Money Market Funds | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)    
Assets and Liabilities Carried at Fair Value Measured on a Recurring Basis [Line Items]    
Money market funds 0 0
Money Market Funds | Estimate of Fair Value Measurement    
Assets and Liabilities Carried at Fair Value Measured on a Recurring Basis [Line Items]    
Money market funds 7,673 62,657
Bank Time Deposits | QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1)    
Assets and Liabilities Carried at Fair Value Measured on a Recurring Basis [Line Items]    
Money market funds 0 0
Bank Time Deposits | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2)    
Assets and Liabilities Carried at Fair Value Measured on a Recurring Basis [Line Items]    
Money market funds 1,291 2,121
Bank Time Deposits | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)    
Assets and Liabilities Carried at Fair Value Measured on a Recurring Basis [Line Items]    
Money market funds 0 0
Bank Time Deposits | Estimate of Fair Value Measurement    
Assets and Liabilities Carried at Fair Value Measured on a Recurring Basis [Line Items]    
Money market funds $ 1,291 $ 2,121
v3.21.1
Summary of Significant Accounting Policies - Accumulated Other Comprehensive Income and Other Expenses (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
AOCI Rollforward    
Beginning of Period $ 1,136,729 $ 1,464,227
Other comprehensive (loss) income:    
Foreign currency translation and other adjustments (66,224) (222,305)
Change in fair value of derivative instruments 15,206 (8,362)
Total other comprehensive (loss) income (51,018) (230,667)
End of period 959,707 1,123,841
FOREIGN CURRENCY TRANSLATION AND OTHER ADJUSTMENTS    
AOCI Rollforward    
Beginning of Period (206,190) (252,825)
Other comprehensive (loss) income:    
Foreign currency translation and other adjustments (66,224) (222,305)
Change in fair value of derivative instruments 0 0
Total other comprehensive (loss) income (66,224) (222,305)
End of period (272,414) (475,130)
CHANGE IN FAIR VALUE OF DERIVATIVE INSTRUMENTS    
AOCI Rollforward    
Beginning of Period (49,703) (9,756)
Other comprehensive (loss) income:    
Foreign currency translation and other adjustments 0 0
Change in fair value of derivative instruments 15,206 (8,362)
Total other comprehensive (loss) income 15,206 (8,362)
End of period (34,497) (18,118)
TOTAL    
AOCI Rollforward    
Beginning of Period (255,893) (262,581)
Other comprehensive (loss) income:    
End of period $ (306,911) $ (493,248)
v3.21.1
Summary of Significant Accounting Policies - Contract Fulfillment Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Intake Costs    
Contract With Customer, Asset And Liabilities [Line Items]    
GROSS CARRYING AMOUNT $ 66,337 $ 63,721
ACCUMULATED AMORTIZATION (35,904) (33,352)
NET CARRYING AMOUNT 30,433 30,369
Commissions    
Contract With Customer, Asset And Liabilities [Line Items]    
GROSS CARRYING AMOUNT 99,721 91,069
ACCUMULATED AMORTIZATION (43,125) (38,787)
NET CARRYING AMOUNT $ 56,596 $ 52,282
v3.21.1
Summary of Significant Accounting Policies - Summary of Deferred Revenue Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Accounting Policies [Abstract]    
Deferred revenue - Current $ 284,974 $ 295,785
Deferred revenue - Long-term $ 36,581 $ 35,612
v3.21.1
Summary of Significant Accounting Policies - Storage Rental (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Lessor, Lease, Description [Line Items]    
Storage rental $ 708,056 $ 683,547
GLOBAL DATA CENTER BUSINESS    
Lessor, Lease, Description [Line Items]    
Storage rental 67,157 64,595
Storage Rental, Power and Connectivity | GLOBAL DATA CENTER BUSINESS    
Lessor, Lease, Description [Line Items]    
Storage rental $ 13,133 $ 11,413
v3.21.1
Summary of Significant Accounting Policies - Stock-Based Compensation Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation expense $ 10,953 $ 6,527
Unrecognized compensation cost $ 80,625  
Two Thousand Twenty One    
Performance Units Disclosure    
Percentage of achievement of the predefined revenue and ROIC targets 100.00%  
Two Thousand Twenty    
Performance Units Disclosure    
Percentage of achievement of the predefined revenue and ROIC targets 100.00%  
Two Thousand Nineteen    
Performance Units Disclosure    
Percentage of achievement of the predefined revenue and ROIC targets 100.00%  
Restricted Stock Units    
Summary of Option Activity    
Total fair value of shares or units vested $ 19,861 18,379
Performance units    
Summary of Option Activity    
Total fair value of shares or units vested $ 5,591 $ 10,890
v3.21.1
Summary of Significant Accounting Policies - Other Expense (Income), Net / Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Accounting Policies [Abstract]    
Foreign currency transaction losses (gains), net $ 2,314 $ (37,399)
Other, net 2,399 (5,327)
Other Expense (Income), Net $ 4,713 $ (42,726)
Effective Tax Rate 23.90% 13.00%
OSG Investment    
Schedule of Equity Method Investments [Line Items]    
Ownership percentage 25.00%  
v3.21.1
Summary of Significant Accounting Policies - Income Per Share, Allowance for Doubtful Accounts, Income Taxes, and Concentration of Credit Risk (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Income (Loss) Per Share-Basic and Diluted    
Net Income (Loss) $ 46,631 $ 64,892
Less: Net Income (Loss) Attributable to Noncontrolling Interests 1,028 917
Net Income (Loss) Attributable to Iron Mountain Incorporated $ 45,603 $ 63,975
Weighted-average shares—basic (in shares) 288,756,000 287,840,000
Effect of dilutive potential stock options (in shares) 56,437 51,799
Effect of dilutive potential restricted stock, RSUs and PUs (in shares) 715,850 467,334
Weighted-average shares—diluted (in shares) 289,528,287 288,359,133
Income (Loss) from Continuing Operations, Basic (in dollars per share) $ 0.16 $ 0.22
Income (Loss) from Continuing Operations, Diluted (in dollars per share) $ 0.16 $ 0.22
Antidilutive stock options, RSUs and PUs, excluded from the calculation (in shares) 4,708,068 5,513,714
v3.21.1
Derivative Instruments and Hedging Activities - Additional Information (Details)
Mar. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Sep. 30, 2020
USD ($)
Sep. 30, 2020
EUR (€)
Aug. 31, 2020
EUR (€)
Aug. 31, 2019
USD ($)
Aug. 31, 2019
EUR (€)
Jul. 31, 2019
USD ($)
Net Investment Hedges                
Derivative Instruments and Hedging Activities Disclosures [Line Items]                
Cumulative net gains $ (17,636,000)              
Net Investment Hedges | Designated as Hedging Instrument | Euro Notes                
Derivative Instruments and Hedging Activities Disclosures [Line Items]                
Hedged notes | €         € 300,000,000      
Cumulative net gains 3,256,000              
Interest Rate Swap Agreements                
Derivative Instruments and Hedging Activities Disclosures [Line Items]                
Notional amount $ 350,000,000 $ 350,000,000           $ 350,000,000
Cross-currency Swap Agreements | Net Investment Hedges                
Derivative Instruments and Hedging Activities Disclosures [Line Items]                
Notional amount     $ 359,200,000 € 300,000,000   $ 110,000,000 € 99,055,000  
Interest rate     4.50% 4.50%   6.00% 6.00%  
Weighted average interest rate     3.40% 3.40%   3.65% 3.65%  
v3.21.1
Derivative Instruments and Hedging Activities - Net Investment Hedges (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Net Investment Hedges      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Cumulative net losses in cross-currency swaps $ 17,636    
Interest Rate Swap Agreements      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Cumulative net losses in AOCI 16,861    
Interest Rate Swap Agreements | Cash Flow Hedging      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Derivative liabilities (16,861)   $ (21,062)
Interest Rate Swap Agreements | Designated as Hedging Instrument | Cash Flow Hedging      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Unrealized gains (losses) associated with interest rate swap agreements 4,201 $ (14,732)  
August 2023 Cross Currency Swap Agreements | Net Investment Hedges      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Derivative liabilities (3,478)   (8,229)
August 2023 Cross Currency Swap Agreements | Designated as Hedging Instrument | Net Investment Hedges      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Unrealized gains (losses) associated with cross-currency swaps 4,751 6,370  
February 2026 Cross Currency Swap Agreements | Net Investment Hedges      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Derivative liabilities (14,158)   $ (20,412)
February 2026 Cross Currency Swap Agreements | Designated as Hedging Instrument | Net Investment Hedges      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Unrealized gains (losses) associated with cross-currency swaps $ 6,254 $ 0  
v3.21.1
Derivative Instruments and Hedging Activities - Hedge of Net Investment (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Foreign exchange gains (losses) associated with net investment hedge $ 0 $ 6,453
v3.21.1
Debt - Schedule of Long Term Debt (Details) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Mar. 31, 2020
Debt Instrument [Line Items]      
DEBT (INCLUSIVE OF DISCOUNT) $ 9,006,510 $ 8,797,424  
UNAMORTIZED DEFERRED FINANCING COSTS (90,184) (94,110)  
CARRYING AMOUNT 8,916,326 8,703,314  
Long-term debt, gross, current maturities (363,911) (193,759)  
Long term debt, gross, net of current portion 8,642,599 8,603,665  
Unamortized debt issuance expense, net of current portion 0 0  
Unamortized debt issuance expense, net (90,184) (94,110)  
Carrying amount, current maturities (363,911) (193,759)  
Carrying amount, excluding current maturities 8,552,415 8,509,555  
Australian Dollar Term Loan (the AUD Term Loan)      
Debt Instrument [Line Items]      
DEBT (INCLUSIVE OF DISCOUNT) 238,433 243,152  
UNAMORTIZED DEFERRED FINANCING COSTS (1,374) (1,624)  
CARRYING AMOUNT 237,059 241,528  
FAIR VALUE 239,162 244,014  
Real Estate Mortgages, Financing Lease Liabilities and Other      
Debt Instrument [Line Items]      
DEBT (INCLUSIVE OF DISCOUNT) 492,256 511,922  
UNAMORTIZED DEFERRED FINANCING COSTS (1,003) (1,086)  
CARRYING AMOUNT 491,253 510,836  
FAIR VALUE 492,256 511,922  
Accounts Receivable Securitization Program      
Debt Instrument [Line Items]      
DEBT (INCLUSIVE OF DISCOUNT) 257,000 85,000  
UNAMORTIZED DEFERRED FINANCING COSTS (135) (152)  
CARRYING AMOUNT 256,865 84,848  
FAIR VALUE 257,000 $ 85,000  
Credit Agreement      
Debt Instrument [Line Items]      
Letters of credit outstanding 38,160    
Revolving Credit Facility | Credit Agreement      
Debt Instrument [Line Items]      
Letters of credit outstanding 3,219    
Remaining capacity 1,686,781    
Weighted average interest rate   1.90% 1.90%
New Credit Agreement | Revolving Credit Facility      
Debt Instrument [Line Items]      
DEBT (INCLUSIVE OF DISCOUNT) 60,000 $ 0  
UNAMORTIZED DEFERRED FINANCING COSTS (7,758) (8,620)  
CARRYING AMOUNT 52,242 (8,620)  
FAIR VALUE 60,000 0  
Term Loan A | Term Loan Facility      
Debt Instrument [Line Items]      
DEBT (INCLUSIVE OF DISCOUNT) 212,500 215,625  
UNAMORTIZED DEFERRED FINANCING COSTS 0 0  
CARRYING AMOUNT 212,500 215,625  
FAIR VALUE 212,500 215,625  
Term Loan B | Term Loan Facility      
Debt Instrument [Line Items]      
DEBT (INCLUSIVE OF DISCOUNT) 677,927 679,621  
UNAMORTIZED DEFERRED FINANCING COSTS (5,932) (6,244)  
CARRYING AMOUNT 671,995 673,377  
FAIR VALUE 679,000 680,750  
UK Bilateral Revolving Credit Facility | Revolving Credit Facility      
Debt Instrument [Line Items]      
DEBT (INCLUSIVE OF DISCOUNT) 192,732 191,101  
UNAMORTIZED DEFERRED FINANCING COSTS (1,147) (1,307)  
CARRYING AMOUNT 191,585 189,794  
FAIR VALUE $ 192,732 191,101  
GBP Senior Notes due 2025 3.875 Percent | Senior Notes      
Debt Instrument [Line Items]      
Stated interest rate (as a percent) 3.875%    
DEBT (INCLUSIVE OF DISCOUNT) $ 550,662 546,003  
UNAMORTIZED DEFERRED FINANCING COSTS (4,765) (4,983)  
CARRYING AMOUNT 545,897 541,020  
FAIR VALUE $ 556,180 553,101  
Senior Notes 4.875 Percent due 2027 | Senior Notes      
Debt Instrument [Line Items]      
Stated interest rate (as a percent) 4.875%    
DEBT (INCLUSIVE OF DISCOUNT) $ 1,000,000 1,000,000  
UNAMORTIZED DEFERRED FINANCING COSTS (9,243) (9,598)  
CARRYING AMOUNT 990,757 990,402  
FAIR VALUE $ 1,025,000 1,046,250  
Senior Notes 5.25 Percent due 2028 | Senior Notes      
Debt Instrument [Line Items]      
Stated interest rate (as a percent) 5.25%    
DEBT (INCLUSIVE OF DISCOUNT) $ 825,000 825,000  
UNAMORTIZED DEFERRED FINANCING COSTS (8,266) (8,561)  
CARRYING AMOUNT 816,734 816,439  
FAIR VALUE $ 856,969 868,313  
Senior Notes 5 Percent Due 2028 Member | Senior Notes      
Debt Instrument [Line Items]      
Stated interest rate (as a percent) 5.00%    
DEBT (INCLUSIVE OF DISCOUNT) $ 500,000 500,000  
UNAMORTIZED DEFERRED FINANCING COSTS (5,306) (5,486)  
CARRYING AMOUNT 494,694 494,514  
FAIR VALUE $ 511,250 523,125  
Senior Notes 4.875 Percent due 2029 | Senior Notes      
Debt Instrument [Line Items]      
Stated interest rate (as a percent) 4.875%    
DEBT (INCLUSIVE OF DISCOUNT) $ 1,000,000 1,000,000  
UNAMORTIZED DEFERRED FINANCING COSTS (12,296) (12,658)  
CARRYING AMOUNT 987,704 987,342  
FAIR VALUE $ 1,011,250 1,050,000  
Senior Notes 5.25 Percent Due 2030 | Senior Notes      
Debt Instrument [Line Items]      
Stated interest rate (as a percent) 5.25%    
DEBT (INCLUSIVE OF DISCOUNT) $ 1,300,000 1,300,000  
UNAMORTIZED DEFERRED FINANCING COSTS (14,040) (14,416)  
CARRYING AMOUNT 1,285,960 1,285,584  
FAIR VALUE $ 1,335,750 1,400,750  
Senior Notes 4.5 Percent Due 2031 | Senior Notes      
Debt Instrument [Line Items]      
Stated interest rate (as a percent) 4.50%    
DEBT (INCLUSIVE OF DISCOUNT) $ 1,100,000 1,100,000  
UNAMORTIZED DEFERRED FINANCING COSTS (12,337) (12,648)  
CARRYING AMOUNT 1,087,663 1,087,352  
FAIR VALUE $ 1,080,750 1,138,500  
Senior Notes 5.625 Percent Due 2032 | Senior Notes      
Debt Instrument [Line Items]      
Stated interest rate (as a percent) 5.625%    
DEBT (INCLUSIVE OF DISCOUNT) $ 600,000 600,000  
UNAMORTIZED DEFERRED FINANCING COSTS (6,582) (6,727)  
CARRYING AMOUNT 593,418 593,273  
FAIR VALUE $ 625,500 $ 660,000  
v3.21.1
Debt - Cash Pool (Details)
$ in Thousands
Mar. 31, 2021
USD ($)
cash_pool
Dec. 31, 2020
USD ($)
Debt Instrument [Line Items]    
Number of cash pools | cash_pool 2  
QRS Cash Pool    
Debt Instrument [Line Items]    
Number of cash pools | cash_pool 1  
GROSS CASH POSITION $ 567,300 $ 448,700
OUTSTANDING DEBIT BALANCES (566,700) (447,400)
NET CASH POSITION $ 600 1,300
TRS Cash Pool    
Debt Instrument [Line Items]    
Number of cash pools | cash_pool 1  
GROSS CASH POSITION $ 512,700 555,500
OUTSTANDING DEBIT BALANCES (510,200) (553,500)
NET CASH POSITION $ 2,500 $ 2,000
v3.21.1
Debt - Letters of Credit (Details) - Credit Agreement
$ in Thousands
Mar. 31, 2021
USD ($)
Debt Instrument [Line Items]  
Letters of credit outstanding $ 38,160
Revolving Credit Facility  
Debt Instrument [Line Items]  
Letters of credit outstanding $ 3,219
v3.21.1
Stockholders' Equity Matters - Dividends Declared (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
May 06, 2021
Mar. 15, 2021
Feb. 24, 2021
Dec. 15, 2020
Nov. 04, 2020
Sep. 15, 2020
Aug. 05, 2020
Jun. 15, 2020
May 05, 2020
Mar. 16, 2020
Feb. 13, 2020
Mar. 31, 2021
Mar. 31, 2020
Class of Stock [Line Items]                          
DIVIDEND PER SHARE (in dollars per share)     $ 0.6185   $ 0.6185   $ 0.6185   $ 0.6185   $ 0.6185    
TOTAL AMOUNT   $ 178,569   $ 178,290   $ 178,224   $ 178,212   $ 178,047   $ 178,685 $ 179,512
Subsequent Event                          
Class of Stock [Line Items]                          
DIVIDEND PER SHARE (in dollars per share) $ 0.6185                        
v3.21.1
Segment Information - Additional Information (Details)
 12 Months Ended
Dec. 31, 2020
segment
Segment Reporting [Abstract]  
Number of operating segments 3
v3.21.1
Segment Information - Segment Reporting Information by Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Segment Reporting Information [Line Items]    
Total Revenues $ 1,082,040 $ 1,068,731
Adjusted EBITDA 380,565 365,999
GLOBAL RIM BUSINESS    
Segment Reporting Information [Line Items]    
Total Revenues 967,294 956,419
Adjusted EBITDA 408,562 391,972
GLOBAL DATA CENTER BUSINESS    
Segment Reporting Information [Line Items]    
Total Revenues 71,108 67,357
Adjusted EBITDA 30,432 30,895
CORPORATE AND OTHER BUSINESS    
Segment Reporting Information [Line Items]    
Total Revenues 43,638 44,955
Adjusted EBITDA $ (58,429) $ (56,868)
v3.21.1
Segment Information - Reconciliation to Income from Continuing Operations (Details) - USD ($)
$ in Thousands
 3 Months Ended 18 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Mar. 31, 2021
Reconciliation of Adjusted EBITDA to income from continuing operations      
Net Income (Loss) $ 46,631 $ 64,892  
Interest expense, net 104,422 105,649  
Provision (benefit) for income taxes 14,640 9,687  
Depreciation and amortization 165,642 162,584  
Restructuring Charges 39,811 41,046 $ 282,804
Intangible impairments 0 23,000  
(Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) (4,451) (1,055)  
Other expense (income), net, excluding our share of losses (gains) from our unconsolidated joint ventures 2,121 (45,031)  
Stock-based compensation expense 10,733 5,111  
Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures 1,016 116  
Adjusted EBITDA $ 380,565 $ 365,999  
v3.21.1
Segment Information - Revenues by Product and Service Lines by Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Segment Reporting Information [Line Items]    
Total Revenues $ 1,082,040 $ 1,068,731
GLOBAL RIM BUSINESS    
Segment Reporting Information [Line Items]    
Total Revenues 967,294 956,419
GLOBAL DATA CENTER BUSINESS    
Segment Reporting Information [Line Items]    
Total Revenues 71,108 67,357
CORPORATE AND OTHER BUSINESS    
Segment Reporting Information [Line Items]    
Total Revenues 43,638 44,955
Records management    
Segment Reporting Information [Line Items]    
Total Revenues 779,090 756,492
Records management | GLOBAL RIM BUSINESS    
Segment Reporting Information [Line Items]    
Total Revenues 752,123 727,616
Records management | GLOBAL DATA CENTER BUSINESS    
Segment Reporting Information [Line Items]    
Total Revenues 0 0
Records management | CORPORATE AND OTHER BUSINESS    
Segment Reporting Information [Line Items]    
Total Revenues 26,967 28,876
Data management    
Segment Reporting Information [Line Items]    
Total Revenues 135,085 141,977
Data management | GLOBAL RIM BUSINESS    
Segment Reporting Information [Line Items]    
Total Revenues 118,414 125,898
Data management | GLOBAL DATA CENTER BUSINESS    
Segment Reporting Information [Line Items]    
Total Revenues 0 0
Data management | CORPORATE AND OTHER BUSINESS    
Segment Reporting Information [Line Items]    
Total Revenues 16,671 16,079
Information destruction    
Segment Reporting Information [Line Items]    
Total Revenues 96,757 102,905
Information destruction | GLOBAL RIM BUSINESS    
Segment Reporting Information [Line Items]    
Total Revenues 96,757 102,905
Information destruction | GLOBAL DATA CENTER BUSINESS    
Segment Reporting Information [Line Items]    
Total Revenues 0 0
Information destruction | CORPORATE AND OTHER BUSINESS    
Segment Reporting Information [Line Items]    
Total Revenues 0 0
Data Center    
Segment Reporting Information [Line Items]    
Total Revenues 71,108 67,357
Data Center | GLOBAL RIM BUSINESS    
Segment Reporting Information [Line Items]    
Total Revenues 0 0
Data Center | GLOBAL DATA CENTER BUSINESS    
Segment Reporting Information [Line Items]    
Total Revenues 71,108 67,357
Data Center | CORPORATE AND OTHER BUSINESS    
Segment Reporting Information [Line Items]    
Total Revenues $ 0 $ 0
v3.21.1
Related Parties - (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Frankfurt JV    
Related Party Transaction [Line Items]    
Revenue $ 1,060  
Makespace    
Related Party Transaction [Line Items]    
Revenue $ 7,500 $ 6,800
v3.21.1
Project Summit - Additional Information (Details)
$ in Thousands
 3 Months Ended 12 Months Ended 18 Months Ended 27 Months Ended
Mar. 31, 2021
USD ($)
Mar. 31, 2020
USD ($)
Dec. 31, 2020
USD ($)
Mar. 31, 2021
USD ($)
Dec. 31, 2021
USD ($)
employee
Restructuring Cost and Reserve [Line Items]          
Restructuring Charges $ 39,811 $ 41,046   $ 282,804  
Project Summit costs          
Restructuring Cost and Reserve [Line Items]          
Planned workforce reductions 80.00%     80.00%  
Restructuring Charges $ 39,811   $ 194,396    
Forecast | Project Summit costs          
Restructuring Cost and Reserve [Line Items]          
Percentage of positions eliminated         45.00%
Managerial and administrative workforce | employee         700
Restructuring Charges         $ 450,000
v3.21.1
Project Summit - Restructuring Charges (Details) - USD ($)
$ in Thousands
 3 Months Ended 18 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Mar. 31, 2021
Restructuring Cost and Reserve [Line Items]      
Restructuring Charges $ 39,811 $ 41,046 $ 282,804
GLOBAL RIM BUSINESS      
Restructuring Cost and Reserve [Line Items]      
Restructuring Charges 8,224 8,288 97,264
GLOBAL DATA CENTER BUSINESS      
Restructuring Cost and Reserve [Line Items]      
Restructuring Charges 454 187 2,392
Corporate and Other Business      
Restructuring Cost and Reserve [Line Items]      
Restructuring Charges 31,133 32,571 183,148
Employee severance costs      
Restructuring Cost and Reserve [Line Items]      
Restructuring Charges 3,808 6,108 72,007
Professional fees and other costs      
Restructuring Cost and Reserve [Line Items]      
Restructuring Charges $ 36,003 $ 34,938 $ 210,797
v3.21.1
Project Summit - Restructuring Rollforward (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended 18 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Mar. 31, 2021
Restructuring Reserve [Roll Forward]        
Amounts accrued $ 39,811 $ 41,046   $ 282,804
Project Summit costs        
Restructuring Reserve [Roll Forward]        
Beginning balance 40,053 17,777 $ 17,777  
Amounts accrued 39,811   194,396  
Payments (30,936)   (168,677)  
Other, including currency translation adjustments (220)   (3,443)  
Ending balance 48,708   40,053 48,708
Employee severance costs        
Restructuring Reserve [Roll Forward]        
Amounts accrued 3,808 6,108   72,007
Employee severance costs | Project Summit costs        
Restructuring Reserve [Roll Forward]        
Beginning balance 16,278 4,823 4,823  
Amounts accrued 3,808   47,349  
Payments (17,087)   (32,455)  
Other, including currency translation adjustments (220)   (3,439)  
Ending balance 2,779   16,278 2,779
Professional fees and other costs        
Restructuring Reserve [Roll Forward]        
Amounts accrued 36,003 34,938   210,797
Professional fees and other costs | Project Summit costs        
Restructuring Reserve [Roll Forward]        
Beginning balance 23,775 $ 12,954 12,954  
Amounts accrued 36,003   147,047  
Payments (13,849)   (136,222)  
Other, including currency translation adjustments 0   (4)  
Ending balance $ 45,929   $ 23,775 $ 45,929
v3.21.1
Subsequent Events (Details) - Web Werks JV
₨ in Thousands, $ in Thousands
 1 Months Ended 25 Months Ended
Apr. 30, 2021
INR (₨)
Apr. 30, 2021
USD ($)
Apr. 30, 2023
INR (₨)
Apr. 30, 2023
USD ($)
Forecast        
Subsequent Event [Line Items]        
Investment period     2 years 2 years
Additional investments     ₨ 7,500,000 $ 100,000
Subsequent Event        
Subsequent Event [Line Items]        
Payments to acquire equity investments ₨ 3,750,000 $ 50,100    
Ownership percentage 39.00% 39.00%