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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from                        to                       
Commission file number 1-13045
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IRON MOUNTAIN INCORPORATED
(Exact Name of Registrant as Specified in Its Charter)
Delaware23-2588479
(State or other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
One Federal Street, Boston, Massachusetts 02110
(Address of Principal Executive Offices, Including Zip Code)
(617535-4766
(Registrant's Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.01 par valueIRMNYSE
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒    No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒    No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes     No ☒
As of October 29, 2021, the registrant had 289,549,498 outstanding shares of common stock, $.01 par value.


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IRON MOUNTAIN INCORPORATED
2021 FORM 10-Q QUARTERLY REPORT
TABLE OF CONTENTS
6
7
55
56



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PART I. FINANCIAL INFORMATION
ITEM 1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
IRON MOUNTAIN SEPTEMBER 30, 2021 FORM 10-Q
1

Part I. Financial Information
IRON MOUNTAIN INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) (UNAUDITED)
 SEPTEMBER 30, 2021DECEMBER 31, 2020
ASSETS 
Current Assets: 
Cash and cash equivalents$161,439 $205,063 
Accounts receivable (less allowances of $60,214 and $56,981 as of September 30, 2021 and December 31, 2020, respectively)
884,348 859,344 
Prepaid expenses and other223,266 205,380 
Total Current Assets1,269,053 1,269,787 
Property, Plant and Equipment: 
Property, plant and equipment8,503,171 8,246,337 
Less—Accumulated depreciation(3,914,553)(3,743,894)
Property, Plant and Equipment, Net4,588,618 4,502,443 
Other Assets, Net: 
Goodwill4,472,641 4,557,609 
Customer relationships, customer inducements and data center lease-based intangibles1,230,330 1,326,977 
Operating lease right-of-use assets 2,308,047 2,196,502 
Other365,706 295,949 
Total Other Assets, Net8,376,724 8,377,037 
Total Assets$14,234,395 $14,149,267 
LIABILITIES AND EQUITY 
Current Liabilities: 
Current portion of long-term debt$318,144 $193,759 
Accounts payable324,210 359,863 
Accrued expenses and other current liabilities (includes current portion of operating lease liabilities)926,360 1,146,288 
Deferred revenue257,593 295,785 
Total Current Liabilities1,826,307 1,995,695 
Long-term Debt, net of current portion8,815,273 8,509,555 
Long-term Operating Lease Liabilities, net of current portion 2,164,449 2,044,598 
Other Long-term Liabilities155,048 204,508 
Deferred Income Taxes236,782 198,377 
Commitments and Contingencies
Redeemable Noncontrolling Interests61,390 59,805 
Equity:  
Preferred stock (par value $0.01; authorized 10,000,000 shares; none issued and outstanding)
  
Common stock (par value $0.01; authorized 400,000,000 shares; issued and outstanding 289,546,146 and 288,273,049 shares as of September 30, 2021 and December 31, 2020, respectively)
2,895 2,883 
Additional paid-in capital4,407,253 4,340,078 
(Distributions in excess of earnings) Earnings in excess of distributions(3,101,813)(2,950,339)
Accumulated other comprehensive items, net(334,453)(255,893)
Total Iron Mountain Incorporated Stockholders' Equity973,882 1,136,729 
Noncontrolling Interests1,264  
Total Equity975,146 1,136,729 
Total Liabilities and Equity$14,234,395 $14,149,267 



The accompanying notes are an integral part of these condensed consolidated financial statements.
2
IRON MOUNTAIN SEPTEMBER 30, 2021 FORM 10-Q

Part I. Financial Information
IRON MOUNTAIN INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)
 THREE MONTHS ENDED
SEPTEMBER 30,
 20212020
Revenues:  
Storage rental$718,614 $696,294 
Service411,534 340,353 
Total Revenues1,130,148 1,036,647 
Operating Expenses:
Cost of sales (excluding depreciation and amortization)481,663 434,505 
Selling, general and administrative241,596 232,095 
Depreciation and amortization174,818 157,252 
Acquisition and Integration Costs1,138  
Restructuring Charges 50,432 48,371 
(Gain) Loss on disposal/write-down of property, plant and equipment, net (935)(75,840)
Total Operating Expenses948,712 796,383 
Operating Income (Loss)181,436 240,264 
Interest Expense, Net (includes Interest Income of $2,160 and $2,476 for the three months ended
September 30, 2021 and 2020, respectively)
103,809 104,303 
Other (Income) Expense, Net(18,501)83,465 
Net Income (Loss) Before Provision (Benefit) for Income Taxes96,128 52,496 
Provision (Benefit) for Income Taxes28,017 13,934 
Net Income (Loss)68,111 38,562 
Less: Net Income (Loss) Attributable to Noncontrolling Interests428 168 
Net Income (Loss) Attributable to Iron Mountain Incorporated$67,683 $38,394 
Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated:  
Basic$0.23 $0.13 
Diluted$0.23 $0.13 
Weighted Average Common Shares Outstanding—Basic289,762 288,403 
Weighted Average Common Shares Outstanding—Diluted291,482 288,811 


















The accompanying notes are an integral part of these condensed consolidated financial statements.
IRON MOUNTAIN SEPTEMBER 30, 2021 FORM 10-Q
3

Part I. Financial Information
IRON MOUNTAIN INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)
 NINE MONTHS ENDED
 SEPTEMBER 30,
 20212020
Revenues:  
Storage rental$2,144,942 $2,056,797 
Service1,187,002 1,030,820 
Total Revenues3,331,944 3,087,617 
Operating Expenses:
Cost of sales (excluding depreciation and amortization)1,408,151 1,308,119 
Selling, general and administrative760,098 712,775 
Depreciation and amortization507,145 483,686 
Acquisition and Integration Costs3,415  
Restructuring Charges 129,686 128,715 
Intangible impairments 23,000 
(Gain) Loss on disposal/write-down of property, plant and equipment, net (134,321)(78,170)
Total Operating Expenses2,674,174 2,578,125 
Operating Income (Loss)657,770 509,492 
Interest Expense, Net (includes Interest Income of $5,858 and $6,491 for the nine months ended
September 30, 2021 and 2020, respectively)
313,451 313,408 
Other (Income) Expense, Net(200,018)66,439 
Net Income (Loss) Before Provision (Benefit) for Income Taxes544,337 129,645 
Provision (Benefit) for Income Taxes153,073 33,304 
Net Income (Loss)391,264 96,341 
Less: Net Income (Loss) Attributable to Noncontrolling Interests2,693 1,058 
Net Income (Loss) Attributable to Iron Mountain Incorporated$388,571 $95,283 
Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated:  
Basic$1.34 $0.33 
Diluted$1.34 $0.33 
Weighted Average Common Shares Outstanding—Basic289,255 288,105 
Weighted Average Common Shares Outstanding—Diluted290,697 288,471 











The accompanying notes are an integral part of these condensed consolidated financial statements.
4
IRON MOUNTAIN SEPTEMBER 30, 2021 FORM 10-Q

Part I. Financial Information
IRON MOUNTAIN INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(IN THOUSANDS) (UNAUDITED)
 THREE MONTHS ENDED
SEPTEMBER 30,
 20212020
Net Income (Loss)$68,111 $38,562 
Other Comprehensive (Loss) Income:  
Foreign Currency Translation Adjustment(91,263)44,883 
Change in Fair Value of Derivative Instruments14,665 (184)
Total Other Comprehensive (Loss) Income(76,598)44,699 
Comprehensive (Loss) Income(8,487)83,261 
Comprehensive (Loss) Income Attributable to Noncontrolling Interests(370)522 
Comprehensive (Loss) Income Attributable to Iron Mountain Incorporated$(8,117)$82,739 
 NINE MONTHS ENDED
SEPTEMBER 30,
 20212020
Net Income (Loss)$391,264 $96,341 
Other Comprehensive (Loss) Income:
Foreign Currency Translation Adjustment(115,075)(109,742)
Change in Fair Value of Derivative Instruments35,505 (11,507)
Total Other Comprehensive (Loss) Income(79,570)(121,249)
Comprehensive Income (Loss)311,694 (24,908)
Comprehensive Income (Loss) Attributable to Noncontrolling Interests1,683 406 
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated$310,011 $(25,314)
















The accompanying notes are an integral part of these condensed consolidated financial statements.
IRON MOUNTAIN SEPTEMBER 30, 2021 FORM 10-Q
5

Part I. Financial Information
IRON MOUNTAIN INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(IN THOUSANDS, EXCEPT SHARE DATA) (UNAUDITED)
THREE MONTHS ENDED SEPTEMBER 30, 2021
 IRON MOUNTAIN INCORPORATED STOCKHOLDERS' EQUITY
 COMMON STOCKADDITIONAL
PAID-IN
CAPITAL
(DISTRIBUTIONS
IN EXCESS OF
EARNINGS) EARNINGS IN
EXCESS OF
DISTRIBUTIONS
ACCUMULATED
OTHER
COMPREHENSIVE
ITEMS, NET
NONCONTROLLING
INTERESTS
REDEEMABLE
NONCONTROLLING
INTERESTS
 TOTALSHARESAMOUNTS
Balance, June 30, 2021$1,147,742 289,458,768 $2,895 $4,392,396 $(2,988,896)$(258,653)$ $64,660 
Issuance of shares under employee stock purchase plan and option plans and stock-based compensation14,857 87,378  14,857 — — — — 
Change in equity related to redeemable noncontrolling interests— — — — — — — 168
Parent cash dividends declared(180,600)— — — (180,600)— — — 
Foreign currency translation adjustment(90,512)— — — — (90,465)(47)(751)
Change in fair value of derivative instruments14,665 — — — — 14,665 — — 
Net income (loss)67,683 — — — 67,683 — — 428 
Noncontrolling interests dividends— — — — — — — (597)
Purchase of noncontrolling interests1,311 — — — — — 1,311 — 
Redemption of noncontrolling interests— — — — — — — (2,518)
Balance, September 30, 2021$975,146 289,546,146 $2,895 $4,407,253 $(3,101,813)$(334,453)$1,264 $61,390 
NINE MONTHS ENDED SEPTEMBER 30, 2021
 IRON MOUNTAIN INCORPORATED STOCKHOLDERS' EQUITY
 COMMON STOCKADDITIONAL
PAID-IN
CAPITAL
(DISTRIBUTIONS
IN EXCESS OF
EARNINGS) EARNINGS IN
EXCESS OF
DISTRIBUTIONS
ACCUMULATED
OTHER
COMPREHENSIVE
ITEMS, NET
NONCONTROLLING
INTERESTS
REDEEMABLE
NONCONTROLLING
INTERESTS
 TOTALSHARESAMOUNTS
Balance, December 31, 2020$1,136,729 288,273,049 $2,883 $4,340,078 $(2,950,339)$(255,893)$ $59,805 
Issuance of shares under employee stock purchase plan and option plans and stock-based compensation66,507 1,273,097 12 66,495 — — — — 
Change in equity related to redeemable noncontrolling interests680 — — 680 — — — (512)
Parent cash dividends declared (540,045)— — — (540,045)— — — 
Foreign currency translation adjustment(114,112)— — — — (114,065)(47)(963)
Change in fair value of derivative instruments35,505 — — — — 35,505 — — 
Net income (loss)388,571 — — — 388,571 —  2,693 
Noncontrolling interests equity contributions— — — — — — — 2,200 
Noncontrolling interests dividends— — — — — — — (1,882)
Purchase of noncontrolling interests1,311 — — — — — 1,311 2,567 
Redemption of noncontrolling interests— — — — — — — (2,518)
Balance, September 30, 2021$975,146 289,546,146 $2,895 $4,407,253 $(3,101,813)$(334,453)$1,264 $61,390 



The accompanying notes are an integral part of these condensed consolidated financial statements.
6
IRON MOUNTAIN SEPTEMBER 30, 2021 FORM 10-Q

Part I. Financial Information
IRON MOUNTAIN INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(IN THOUSANDS, EXCEPT SHARE DATA) (UNAUDITED)
THREE MONTHS ENDED SEPTEMBER 30, 2020
 IRON MOUNTAIN INCORPORATED STOCKHOLDERS' EQUITY
 COMMON STOCKADDITIONAL
PAID-IN
CAPITAL
(DISTRIBUTIONS
IN EXCESS OF
EARNINGS) EARNINGS IN
EXCESS OF
DISTRIBUTIONS
ACCUMULATED
OTHER
COMPREHENSIVE
ITEMS, NET
NONCONTROLLING
INTERESTS
REDEEMABLE
NONCONTROLLING
INTERESTS
 TOTALSHARESAMOUNTS
Balance, June 30, 2020$1,024,331 288,142,703 $2,881 $4,325,803 $(2,876,861)$(427,523)$31 $63,512 
Issuance of shares under employee stock purchase plan and option plans and stock-based compensation9,997 20,263 1 9,996 — — — — 
Parent cash dividends declared(179,677)— — — (179,677)— — — 
Foreign currency translation adjustment44,529 — — — — 44,529 — 354 
Change in fair value of derivative instruments(184)— — — — (184)— — 
Net income (loss)38,250 — — — 38,394 — (144)312 
Noncontrolling interests dividends— — — — — — — (512)
Balance, September 30, 2020$937,246 288,162,966 $2,882 $4,335,799 $(3,018,144)$(383,178)$(113)$63,666 
NINE MONTHS ENDED SEPTEMBER 30, 2020
 IRON MOUNTAIN INCORPORATED STOCKHOLDERS' EQUITY
 COMMON STOCKADDITIONAL
PAID-IN
CAPITAL
(DISTRIBUTIONS
IN EXCESS OF
EARNINGS) EARNINGS IN
EXCESS OF
DISTRIBUTIONS
ACCUMULATED
OTHER
COMPREHENSIVE
ITEMS, NET
NONCONTROLLING
INTERESTS
REDEEMABLE
NONCONTROLLING
INTERESTS
 TOTALSHARESAMOUNTS
Balance, December 31, 2019$1,464,227 287,299,645 $2,873 $4,298,566 $(2,574,896)$(262,581)$265 $67,682 
Issuance of shares under employee stock purchase plan and option plans and stock-based compensation34,639 863,321 9 34,630 — — — — 
Change in equity related to redeemable noncontrolling interests2,603 — — 2,603 — — — (2,603)
Parent cash dividends declared (538,531)— — — (538,531)— — — 
Foreign currency translation adjustment(109,090)— — — — (109,090)— (652)
Change in fair value of derivative instruments(11,507)— — — — (11,507)— — 
Net income (loss)94,905 — — — 95,283 — (378)1,436 
Noncontrolling interests dividends— — — — — — — (2,197)
Balance, September 30, 2020$937,246 288,162,966 $2,882 $4,335,799 $(3,018,144)$(383,178)$(113)$63,666 









The accompanying notes are an integral part of these condensed consolidated financial statements.
IRON MOUNTAIN SEPTEMBER 30, 2021 FORM 10-Q
7

Part I. Financial Information
IRON MOUNTAIN INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS) (UNAUDITED)
 NINE MONTHS ENDED SEPTEMBER 30,
 20212020
Cash Flows from Operating Activities: 
Net income (loss)$391,264 $96,341 
Adjustments to reconcile net income (loss) to cash flows from operating activities:  
Depreciation347,269 334,780 
Amortization (includes amortization of deferred financing costs and discounts of $12,470 and $13,150 for the nine months ended September 30, 2021 and 2020, respectively)
172,346 162,057 
Intangible impairments  23,000 
Revenue reduction associated with amortization of customer inducements and above- and below-market leases 6,578 7,612 
Stock-based compensation expense46,852 35,618 
Provision (benefit) for deferred income taxes36,333 (3,074)
Loss on early extinguishment of debt 68,300 
Gain on IPM Divestment (as defined in Note 4)(180,569) 
(Gain) loss on disposal/write-down of property, plant and equipment, net (134,321)(78,170)
Foreign currency transactions and other, net(13,239)4,043 
(Increase) decrease in assets(112,753)(10,219)
(Decrease) increase in liabilities(96,423)(13,070)
Cash Flows from Operating Activities 463,337 627,218 
Cash Flows from Investing Activities:  
Capital expenditures (418,976)(309,162)
Cash paid for acquisitions, net of cash acquired(203,752)(118,581)
Acquisition of customer relationships(4,800)(3,529)
Customer inducements (5,148)(8,269)
Contract fulfillment costs and third-party commissions(43,699)(30,705)
Investments in joint ventures and other investments(72,153)(6,850)
Net proceeds from IPM Divestment213,878  
Proceeds from sales of property and equipment and other, net214,865 116,965 
Cash Flows from Investing Activities (319,785)(360,131)
Cash Flows from Financing Activities:  
Repayment of revolving credit facility, term loan facilities and other debt(2,622,555)(7,354,790)
Proceeds from revolving credit facility, term loan facilities and other debt3,037,476 7,090,842 
Early redemption of senior notes, including call premiums (2,942,554)
Net proceeds from sales of senior notes 3,465,000 
Debt repayment and equity distribution to noncontrolling interests (1,882)(2,197)
Repurchase of noncontrolling interest(75,000) 
Parent cash dividends(538,902)(537,853)
Net proceeds (payments) associated with employee stock-based awards 19,655 (979)
Other, net3,621 (24,643)
Cash Flows from Financing Activities(177,587)(307,174)
Effect of Exchange Rates on Cash and Cash Equivalents(9,589)(1,496)
(Decrease) increase in Cash and Cash Equivalents(43,624)(41,583)
Cash and Cash Equivalents, including Restricted Cash, Beginning of Period205,063 193,555 
Cash and Cash Equivalents, including Restricted Cash, End of Period$161,439 $151,972 
Supplemental Information: 
Cash Paid for Interest$395,355 $357,897 
Cash Paid for Income Taxes, Net$96,174 $27,430 
Non-Cash Investing and Financing Activities:  
Financing Leases $40,590 $34,889 
Accrued Capital Expenditures$60,418 $58,175 
Fair Value of Investments Applied to Acquisitions $ $27,276 
Dividends Payable$189,010 $186,699 
The accompanying notes are an integral part of these condensed consolidated financial statements.
8
IRON MOUNTAIN SEPTEMBER 30, 2021 FORM 10-Q

Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share data) (Unaudited)
1. 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.
2. 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. The rollforward of the allowance for doubtful accounts and credit memo reserves for the nine months ended September 30, 2021 is as follows:
Balance as of December 31, 2020$56,981 
Credit memos charged to revenue29,996 
Allowance for bad debts charged to expense16,371 
Deductions and other(1)
(43,134)
Balance as of September 30, 2021$60,214 
(1)Primarily consists of the issuance of credit memos, the write-off of accounts receivable, allowances associated with businesses acquired and the impact associated with currency translation adjustments.
IRON MOUNTAIN SEPTEMBER 30, 2021 FORM 10-Q
9

Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
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 September 30, 2021 and December 31, 2020 are as follows:
DESCRIPTIONSEPTEMBER 30, 2021DECEMBER 31, 2020
Assets:
Operating lease right-of-use assets$2,308,047 $2,196,502 
Financing lease right-of-use assets, net of accumulated depreciation(1)
307,032 310,534 
Liabilities:
Current
Operating lease liabilities$257,884 $250,239 
Financing lease liabilities(1)
42,442 43,149 
Long-term
Operating lease liabilities$2,164,449 $2,044,598 
Financing lease liabilities(1)
321,682 323,162 
(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 and nine months ended September 30, 2021 and 2020 are as follows:
THREE MONTHS ENDED SEPTEMBER 30,NINE MONTHS ENDED SEPTEMBER 30,
DESCRIPTION2021202020212020
Operating lease cost(1)
$140,551 $122,737 $408,312 $365,303 
Financing lease cost:
Depreciation of financing lease right-of-use assets$14,006 $12,973 $39,062 $38,495 
Interest expense for financing lease liabilities5,055 4,891 14,940 14,664 
(1)Operating lease cost, the majority of which is included in Cost of sales, includes variable lease costs of $28,835 and $86,422 for the three and nine months ended September 30, 2021, respectively, and $27,486 and $82,287 for the three and nine months ended September 30, 2020, respectively.
Other information: Supplemental cash flow information relating to our leases for the nine months ended September 30, 2021 and 2020 is as follows:
NINE MONTHS ENDED SEPTEMBER 30,
CASH PAID FOR AMOUNTS INCLUDED IN MEASUREMENT OF LEASE LIABILITIES:20212020
Operating cash flows used in operating leases$291,535 $266,619 
Operating cash flows used in financing leases (interest)14,940 14,664 
Financing cash flows used in financing leases35,360 36,008 
NON-CASH ITEMS:
Operating lease modifications and reassessments$103,158 $89,727 
New operating leases (including acquisitions and sale-leaseback transactions)240,822 173,635 
10
IRON MOUNTAIN SEPTEMBER 30, 2021 FORM 10-Q

Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
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 goodwill associated with acquisitions completed during the first nine months of 2021 (as described in Note 3) has been incorporated into our reporting units as they existed as of December 31, 2020.
The changes in the carrying value of goodwill attributable to each reportable operating segment for the nine months ended September 30, 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 
Non-tax deductible goodwill acquired during the period17,180