IRON MOUNTAIN INC, DEF 14A filed on 4/19/2024
Proxy Statement (definitive)
v3.24.1.u1
Cover
 12 Months Ended
Dec. 31, 2023
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name Iron Mountain Inc
Entity Central Index Key 0001020569
v3.24.1.u1
Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table
AVERAGE
SUMMARY
COMPENSATION
TABLE TOTAL
FOR NON-PEO
NEOs(3)
AVERAGE
COMPENSATION
ACTUALLY PAID
TO NON-PEO
NEOs(4)
VALUE OF INITIAL FIXED $100
INVESTMENT BASED ON:
YEAR
SUMMARY
COMPENSATION
TABLE
TOTAL FOR PEO(1)
COMPENSATION
ACTUALLY
PAID TO PEO(2)
TOTAL
SHAREHOLDER
RETURN
PEER GROUP
TOTAL
SHAREHOLDER
RETURN(5)    
NET INCOME
(MILLIONS)(6)
REVENUE
(MILLIONS)(7)
(a)(b)(c)(d)(e)(f)(g)(h)(i)
2023$14,867,140 $48,784,130 $3,760,209 $8,587,954 $277.56 $113.54 $187.26 $5,480 
2022$15,102,071 $14,437,479 $3,737,416 $4,268,522 $189.43 $99.82 $562.15 $5,104 
2021$17,046,118 $59,232,411 $3,562,277 $7,434,654 $189.58 $132.23 $452.73 $4,492 
2020$12,281,609 $13,757,847 $3,744,539 $3,807,249 $100.98 $92.43 $343.10 $4,147 
      
Company Selected Measure Name Revenue      
Named Executive Officers, Footnote The dollar amounts reported in column (b) are the amounts of total compensation reported for our CEO, William L. Meaney, in the Summary Compensation Table for fiscal years ended December 31, 2023, December 31, 2022, December 31, 2021, and December 31, 2020. Mr. Meaney was the CEO for each of the fiscal years presented.The dollar amounts reported in column (d) represent the average of the amounts of total compensation reported for our NEOs as a group (excluding our CEO) for the applicable fiscal years. The names of the NEOs (excluding our CEO) included for purposes of calculating the average amounts in each applicable fiscal year are as follows:
NAMED EXECUTIVE OFFICER2023202220212020
Barry HytinenIncludedIncludedIncludedIncluded
Ernest CloutierNot IncludedNot IncludedIncludedIncluded
Deirdre EvensNot IncludedIncludedIncludedIncluded
Gregory McIntoshIncludedIncludedNot IncludedNot Included
John TomovcsikIncludedIncludedIncludedIncluded
Mark KiddIncludedNot includedNot IncludedNot Included
      
Peer Group Issuers, Footnote The dollar amounts reported in column (g) represent the weighted peer group cumulative TSR of the MSCI US REIT Index as discussed in the Relative TSR Performance section on page 35.      
PEO Total Compensation Amount $ 14,867,140 $ 15,102,071 $ 17,046,118 $ 12,281,609
PEO Actually Paid Compensation Amount $ 48,784,130 14,437,479 59,232,411 13,757,847
Adjustment To PEO Compensation, Footnote The dollar amounts reported in column (c) represent the amounts of compensation actually paid to our CEO for the applicable fiscal year, as computed in accordance with applicable SEC rules. The dollar amounts reported may not reflect the actual amount of compensation earned by or paid to our CEO during the applicable fiscal year. In accordance with applicable SEC rules, the following adjustments were made to our CEO’s total compensation for each applicable fiscal year to determine the compensation actually paid to our CEO:
PEO
YEARSUMMARY
COMPENSATION
TABLE TOTAL		EXCLUSION OF
CHANGE IN
PENSION VALUE		EXCLUSION OF
STOCK AWARDS
AND OPTION
AWARDS		INCLUSION OF
PENSION
SERVICE COST		INCLUSION OF
EQUITY VALUES		COMPENSATION
ACTUALLY
PAID
2023$14,867,140 — $(11,181,861)— $45,098,851 $48,784,130 
2022$15,102,071 — $(11,423,262)— $10,758,670 $14,437,479 
2021$17,046,118 — $(12,622,305)— $54,808,598 $59,232,411 
2020$12,281,609 — $(9,265,643)— $10,741,881 $13,757,847 
The amounts in the Inclusion of Equity Values in the table above are derived from the amounts set forth in the following table.
YEARYEAR END
FAIR VALUE
OF EQUITY
AWARDS		YEAR OVER
YEAR CHANGE
IN FAIR
VALUE OF
OUTSTANDING
AND UNVESTED
EQUITY
AWARDS 		FAIR VALUE
AS OF
VESTING DATE
OF EQUITY
AWARDS
GRANTED
AND VESTED
IN THE YEAR		YEAR OVER YEAR
CHANGE IN FAIR
VALUE OF EQUITY
AWARDS GRANTED
IN PRIOR YEARS
THAT VESTED IN
THE YEAR		FAIR VALUE AT
THE END OF THE
PRIOR YEAR OF
EQUITY AWARDS
THAT FAILED TO
MEET VESTING
CONDITIONS IN
THE YEAR		VALUE OF DIVIDENDS
OR OTHER EARNINGS
PAID ON STOCK OR
OPTION AWARDS
NOT OTHERWISE
REFLECTED IN FAIR
VALUE OR TOTAL
COMPENSATION		TOTAL EQUITY
AWARD
ADJUSTMENTS
2023$17,248,412 $23,789,603— $2,039,360 — $2,021,476$45,098,851 
2022$15,180,077 $(1,385,555)— $(4,530,733)— $1,494,881 $10,758,670 
2021$30,532,123 $22,647,626 — $1,052,694 — $576,154 $54,808,598 
2020$9,042,239 $536,799 — $355,676 — $807,166 $10,741,881 
      
Non-PEO NEO Average Total Compensation Amount $ 3,760,209 3,737,416 3,562,277 3,744,539
Non-PEO NEO Average Compensation Actually Paid Amount $ 8,587,954 4,268,522 7,434,654 3,807,249
Adjustment to Non-PEO NEO Compensation Footnote The dollar amounts reported in column (e) represent the average amount of compensation actually paid to our NEOs as a group (excluding our CEO), as computed in accordance with applicable SEC rules. The dollar amounts reported may not reflect the actual average amount of compensation earned by or paid to the NEOs as a group (excluding our CEO) during the applicable fiscal year. The names of the NEOs (excluding our CEO) included for purposes of calculating the average amounts in each applicable year are as described in footnote (3) above. In accordance with applicable SEC rules, the following adjustments were made to average total compensation for the NEOs as a group (excluding our CEO) for each fiscal year to determine the compensation actually paid, using the same methodology described above in footnote (2) above:
NON-PEO NEOs
YEARSUMMARY
COMPENSATION
TABLE TOTAL		EXCLUSION OF
CHANGE IN
PENSION VALUE		EXCLUSION OF
STOCK AWARDS
AND OPTION
AWARDS		INCLUSION OF
PENSION
SERVICE COST		INCLUSION OF
EQUITY VALUES		COMPENSATION
ACTUALLY PAID
2023$3,760,209 — $(2,290,842)— $7,118,587 $8,587,954 
2022$3,737,416 — $(2,325,406)— $2,856,512 $4,268,522 
2021$3,562,277 — $(1,993,553)— $5,865,930 $7,434,654 
2020$3,744,539 — $(1,949,486)— $2,012,196 $3,807,249 
The amounts in the Inclusion of Equity Values in the table above are derived from the amounts set forth in the following table.
YEARYEAR END
FAIR VALUE
OF EQUITY
AWARDS		YEAR OVER
YEAR CHANGE
IN FAIR
VALUE OF
OUTSTANDING
AND UNVESTED
EQUITY
AWARDS 		FAIR VALUE
AS OF
VESTING DATE
OF EQUITY
AWARDS
GRANTED
AND VESTED
IN THE YEAR		YEAR OVER YEAR
CHANGE IN FAIR
VALUE OF EQUITY
AWARDS GRANTED
IN PRIOR YEARS
THAT VESTED IN
THE YEAR		FAIR VALUE AT
THE END OF THE
PRIOR YEAR OF
EQUITY AWARDS
THAT FAILED TO
MEET VESTING
CONDITIONS IN
THE YEAR		VALUE OF DIVIDENDS
OR OTHER EARNINGS
PAID ON STOCK OR
OPTION AWARDS
NOT OTHERWISE
REFLECTED IN FAIR
VALUE OR TOTAL
COMPENSATION		TOTAL EQUITY
AWARD
ADJUSTMENTS
2023$3,353,612 $3,340,849 — $109,007 — $315,119 $7,118,587 
2022$2,983,946 $(101,015)— $(185,430)— $159,011 $2,856,512 
2021$3,433,602 $2,317,677 — $58,121 — $56,530 $5,865,930 
2020$1,860,816 $52,562 — $27,686 — $71,132 $2,012,196 
      
Compensation Actually Paid vs. Total Shareholder Return
►
CAP VERSUS TOTAL SHAREHOLDER RETURN (TSR)
03_426711-3_line_cap_CAP vs TSR.jpg
►
CAP VERSUS NET INCOME
03_426711-3_line_cap_CAP vs net income.jpg
►
CAP VERSUS REVENUE
03_426711-3_line_cap_CAP vs. revenue.jpg
      
Compensation Actually Paid vs. Net Income
►
CAP VERSUS TOTAL SHAREHOLDER RETURN (TSR)
03_426711-3_line_cap_CAP vs TSR.jpg
►
CAP VERSUS NET INCOME
03_426711-3_line_cap_CAP vs net income.jpg
►
CAP VERSUS REVENUE
03_426711-3_line_cap_CAP vs. revenue.jpg
      
Compensation Actually Paid vs. Company Selected Measure
►
CAP VERSUS TOTAL SHAREHOLDER RETURN (TSR)
03_426711-3_line_cap_CAP vs TSR.jpg
►
CAP VERSUS NET INCOME
03_426711-3_line_cap_CAP vs net income.jpg
►
CAP VERSUS REVENUE
03_426711-3_line_cap_CAP vs. revenue.jpg
      
Tabular List, Table
For the fiscal year ended December 31, 2023, the most important financial performance measures used by Iron Mountain to link executive compensation actually paid to the NEOs to our performance are as follows:

PERFORMANCE MEASURES
Adjusted EBITDA
AFFO
Revenue
ROIC
Total Shareholder Return
      
Total Shareholder Return Amount $ 277.56 189.43 189.58 100.98
Peer Group Total Shareholder Return Amount 113.54 99.82 132.23 92.43
Net Income (Loss) $ 187,260,000 $ 562,150,000 $ 452,730,000 $ 343,100,000
Company Selected Measure Amount 5,480,000,000 5,104,000,000 4,492,000,000 4,147,000,000
PEO Name William L. Meaney      
Additional 402(v) Disclosure The dollar amounts reported in column (h) represent the amount of net income (in millions) as reported in our audited consolidated financial statements on Form 10-K for the applicable fiscal year.The dollar amounts reported in column (i) represent the amount of revenue (in millions) as reported in our audited consolidated financial statements on Form 10-K for the applicable fiscal year. Revenue is our most important financial performance measure used to link compensation actually paid to our NEOs to company performance.      
Measure:: 1        
Pay vs Performance Disclosure        
Name Adjusted EBITDA      
Measure:: 2        
Pay vs Performance Disclosure        
Name AFFO      
Measure:: 3        
Pay vs Performance Disclosure        
Name Revenue      
Measure:: 4        
Pay vs Performance Disclosure        
Name ROIC      
Measure:: 5        
Pay vs Performance Disclosure        
Name Total Shareholder Return      
PEO | Equity Award Adjustments, Change In Pension Value [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ 0 $ 0 $ 0 $ 0
PEO | Equity Award Adjustments, Stock Awards And Option Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (11,181,861) (11,423,262) (12,622,305) (9,265,643)
PEO | Equity Award Adjustments, Pension Service Cost [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
PEO | Equity Award Adjustments [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 45,098,851 10,758,670 54,808,598 10,741,881
PEO | Equity Awards Granted During the Year, Unvested [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation Amount, Equity Awards 17,248,412 15,180,077 30,532,123 9,042,239
PEO | Equity Awards Granted in Prior Years, Unvested [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation Amount, Equity Awards 23,789,603 (1,385,555) 22,647,626 536,799
PEO | Equity Awards Granted During the Year, Vested [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation Amount, Equity Awards 0 0 0 0
PEO | Equity Awards Granted in Prior Years, Vested [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation Amount, Equity Awards 2,039,360 (4,530,733) 1,052,694 355,676
PEO | Equity Awards that Failed to Meet Vesting Conditions [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation Amount, Equity Awards 0 0 0 0
PEO | Equity Awards, Value of Dividends and Other Earnings Paid Adjustment [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation Amount, Equity Awards 2,021,476 1,494,881 576,154 807,166
Non-PEO NEO | Equity Award Adjustments, Change In Pension Value [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
Non-PEO NEO | Equity Award Adjustments, Stock Awards And Option Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (2,290,842) (2,325,406) (1,993,553) (1,949,486)
Non-PEO NEO | Equity Award Adjustments, Pension Service Cost [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
Non-PEO NEO | Equity Award Adjustments [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 7,118,587 2,856,512 5,865,930 2,012,196
Non-PEO NEO | Equity Awards Granted During the Year, Unvested [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation Amount, Equity Awards 3,353,612 2,983,946 3,433,602 1,860,816
Non-PEO NEO | Equity Awards Granted in Prior Years, Unvested [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation Amount, Equity Awards 3,340,849 (101,015) 2,317,677 52,562
Non-PEO NEO | Equity Awards Granted During the Year, Vested [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation Amount, Equity Awards 0 0 0 0
Non-PEO NEO | Equity Awards Granted in Prior Years, Vested [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation Amount, Equity Awards 109,007 (185,430) 58,121 27,686
Non-PEO NEO | Equity Awards that Failed to Meet Vesting Conditions [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation Amount, Equity Awards 0 0 0 0
Non-PEO NEO | Equity Awards, Value of Dividends and Other Earnings Paid Adjustment [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation Amount, Equity Awards $ 315,119 $ 159,011 $ 56,530 $ 71,132