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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, 2022
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 an 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 28, 2022, the registrant had 290,714,037 outstanding shares of common stock, $.01 par value.


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IRON MOUNTAIN INCORPORATED
2022 FORM 10-Q QUARTERLY REPORT
TABLE OF CONTENTS
    





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PART I. FINANCIAL INFORMATION
ITEM 1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
IRON MOUNTAIN SEPTEMBER 30, 2022 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, 2022DECEMBER 31, 2021
ASSETS 
Current Assets: 
Cash and cash equivalents$155,223 $255,828 
Accounts receivable (less allowances of $52,695 and $62,009 as of September 30, 2022 and December 31, 2021, respectively)
1,133,596 961,419 
Prepaid expenses and other268,030 224,020 
Total Current Assets1,556,849 1,441,267 
Property, Plant and Equipment: 
Property, plant and equipment8,794,078 8,647,303 
Less—Accumulated depreciation(4,063,636)(3,979,159)
Property, Plant and Equipment, Net4,730,442 4,668,144 
Other Assets, Net: 
Goodwill4,831,306 4,463,531 
Customer and supplier relationships and other intangible assets1,444,924 1,181,043 
Operating lease right-of-use assets 2,556,253 2,314,422 
Other574,942 381,624 
Total Other Assets, Net9,407,425 8,340,620 
Total Assets$15,694,716 $14,450,031 
LIABILITIES AND EQUITY 
Current Liabilities: 
Current portion of long-term debt$81,275 $309,428 
Accounts payable432,384 369,145 
Accrued expenses and other current liabilities (includes current portion of operating lease liabilities)929,566 1,032,537 
Deferred revenue282,687 307,470 
Total Current Liabilities1,725,912 2,018,580 
Long-term Debt, net of current portion10,228,846 8,962,513 
Long-term Operating Lease Liabilities, net of current portion 2,405,751 2,171,472 
Other Long-term Liabilities398,830 144,053 
Deferred Income Taxes307,717 223,934 
Commitments and Contingencies
Redeemable Noncontrolling Interests93,821 72,411 
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 290,687,942 and 289,757,061 shares as of September 30, 2022 and December 31, 2021, respectively)
2,907 2,898 
Additional paid-in capital4,445,988 4,412,553 
(Distributions in excess of earnings) Earnings in excess of distributions(3,330,213)(3,221,152)
Accumulated other comprehensive items, net(589,481)(338,347)
Total Iron Mountain Incorporated Stockholders' Equity529,201 855,952 
Noncontrolling Interests4,638 1,116 
Total Equity533,839 857,068 
Total Liabilities and Equity$15,694,716 $14,450,031 


The accompanying notes are an integral part of these condensed consolidated financial statements.
IRON MOUNTAIN SEPTEMBER 30, 2022 FORM 10-Q
2

Part I. Financial Information
IRON MOUNTAIN INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)
 THREE MONTHS ENDED SEPTEMBER 30,
 20222021
Revenues:  
Storage rental$760,370 $718,614 
Service526,575 411,534 
Total Revenues1,286,945 1,130,148 
Operating Expenses:
Cost of sales (excluding depreciation and amortization)546,041 481,663 
Selling, general and administrative285,299 241,596 
Depreciation and amortization175,077 174,818 
Acquisition and Integration Costs5,554 1,138 
Restructuring charges 3,382 50,432 
(Gain) Loss on disposal/write-down of property, plant and equipment, net (14,170)(935)
Total Operating Expenses1,001,183 948,712 
Operating Income (Loss)285,762 181,436 
Interest Expense, Net (includes Interest Income of $2,176 and $2,160 for the three months ended
September 30, 2022 and 2021, respectively)
121,767 103,809 
Other (Income) Expense, Net(52,870)(18,501)
Net Income (Loss) Before Provision (Benefit) for Income Taxes216,865 96,128 
Provision (Benefit) for Income Taxes23,934 28,017 
Net Income (Loss)192,931 68,111 
Less: Net Income (Loss) Attributable to Noncontrolling Interests767 428 
Net Income (Loss) Attributable to Iron Mountain Incorporated$192,164 $67,683 
Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated:  
Basic$0.66 $0.23 
Diluted$0.66 $0.23 
Weighted Average Common Shares Outstanding—Basic290,937 289,762 
Weighted Average Common Shares Outstanding—Diluted292,552 291,482 


















The accompanying notes are an integral part of these condensed consolidated financial statements.
IRON MOUNTAIN SEPTEMBER 30, 2022 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,
 20222021
Revenues:  
Storage rental$2,264,566 $2,144,942 
Service1,559,959 1,187,002 
Total Revenues3,824,525 3,331,944 
Operating Expenses:
Cost of sales (excluding depreciation and amortization)1,649,139 1,408,151 
Selling, general and administrative861,416 760,098 
Depreciation and amortization536,946 507,145 
Acquisition and Integration Costs38,093 3,415 
Restructuring charges 3,382 129,686 
(Gain) Loss on disposal/write-down of property, plant and equipment, net (66,124)(134,321)
Total Operating Expenses3,022,852 2,674,174 
Operating Income (Loss)801,673 657,770 
Interest Expense, Net (includes Interest Income of $5,995 and $5,858 for the nine months ended
September 30, 2022 and 2021, respectively)
351,266 313,451 
Other (Income) Expense, Net(38,186)(200,018)
Net Income (Loss) Before Provision (Benefit) for Income Taxes488,593 544,337 
Provision (Benefit) for Income Taxes52,097 153,073 
Net Income (Loss)436,496 391,264 
Less: Net Income (Loss) Attributable to Noncontrolling Interests1,952 2,693 
Net Income (Loss) Attributable to Iron Mountain Incorporated$434,544 $388,571 
Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated:  
Basic$1.49 $1.34 
Diluted$1.49 $1.34 
Weighted Average Common Shares Outstanding—Basic290,673 289,255 
Weighted Average Common Shares Outstanding—Diluted292,294 290,697 











The accompanying notes are an integral part of these condensed consolidated financial statements.
IRON MOUNTAIN SEPTEMBER 30, 2022 FORM 10-Q
4

Part I. Financial Information
IRON MOUNTAIN INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(IN THOUSANDS) (UNAUDITED)
 THREE MONTHS ENDED SEPTEMBER 30,
 20222021
Net Income (Loss)$192,931 $68,111 
Other Comprehensive (Loss) Income:  
Foreign Currency Translation Adjustment(175,098)(91,263)
Change in Fair Value of Derivative Instruments32,233 14,665 
Total Other Comprehensive (Loss) Income:(142,865)(76,598)
Comprehensive Income (Loss)50,066 (8,487)
Comprehensive Income (Loss) Attributable to Noncontrolling Interests408 (370)
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated$49,658 $(8,117)
 NINE MONTHS ENDED SEPTEMBER 30,
 20222021
Net Income (Loss)$436,496 $391,264 
Other Comprehensive (Loss) Income:  
Foreign Currency Translation Adjustment(335,431)(115,075)
Change in Fair Value of Derivative Instruments83,210 35,505 
Total Other Comprehensive (Loss) Income(252,221)(79,570)
Comprehensive Income (Loss)184,275 311,694 
Comprehensive Income (Loss) Attributable to Noncontrolling Interests865 1,683 
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated$183,410 $310,011 
















The accompanying notes are an integral part of these condensed consolidated financial statements
IRON MOUNTAIN SEPTEMBER 30, 2022 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, 2022
 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, 2022$651,775 290,679,958 $2,907 $4,432,009 $(3,340,992)$(446,975)$4,826 $93,957 
Issuance and net settlement of shares under employee stock purchase plan and option plans and stock-based compensation13,979 7,984 — 13,979 — — — — 
Parent cash dividends declared(181,385)— — — (181,385)— — — 
Foreign currency translation adjustment(175,061)— — — — (174,739)(322)(37)
Change in fair value of derivative instruments32,233 — — — — 32,233 — — 
Net income (loss)192,298 — — — 192,164 — 134 633 
Noncontrolling interests dividends— — — — — — — (732)
Balance, September 30, 2022$533,839 290,687,942 $2,907 $4,445,988 $(3,330,213)$(589,481)$4,638 $93,821 
NINE MONTHS ENDED SEPTEMBER 30, 2022
 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, 2021$857,068 289,757,061 $2,898 $4,412,553 $(3,221,152)$(338,347)$1,116 $72,411 
Issuance and net settlement of shares under employee stock purchase plan and option plans and stock-based compensation36,939 930,881 9 36,930 — — — — 
Changes in equity related to noncontrolling interests2,626 — — (1,009)— — 3,635 1,009 
Parent cash dividends declared(543,605)— — — (543,605)— — — 
Foreign currency translation adjustment(334,825)— — — — (334,344)(481)(606)
Change in fair value of derivative instruments83,210 — — — — 83,210 — — 
Net income (loss)434,912 — — — 434,544 — 368 1,584 
Noncontrolling interests equity contributions and related costs(2,486)— — (2,486)— — — 21,547 
Noncontrolling interests dividends— — — — — — — (2,124)
Balance, September 30, 2022$533,839 290,687,942 $2,907 $4,445,988 $(3,330,213)$(589,481)$4,638 $93,821 














The accompanying notes are an integral part of these condensed consolidated financial statements.
IRON MOUNTAIN SEPTEMBER 30, 2022 FORM 10-Q
6

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 INTERESTSREDEEMABLE
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 INTERESTSREDEEMABLE
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.
IRON MOUNTAIN SEPTEMBER 30, 2022 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,
 20222021
Cash Flows from Operating Activities: 
Net income (loss)$436,496 $391,264 
Adjustments to reconcile net income (loss) to cash flows from operating activities:  
Depreciation350,626 347,269 
Amortization (includes amortization of deferred financing costs and discounts of $13,536 and $12,470 for the nine months ended September 30, 2022 and 2021, respectively)
199,856 172,346 
Revenue reduction associated with amortization of customer inducements and above- and below-market leases 5,532 6,578 
Stock-based compensation expense45,923 46,852 
(Benefit) provision for deferred income taxes(22,991)36,333 
Loss on early extinguishment of debt671  
Gain on IPM divestment (180,569)
(Gain) loss on disposal/write-down of property, plant and equipment, net (66,124)(134,321)
Loss associated with OSG deconsolidation 105,825  
Gain associated with Clutter Transaction(35,821) 
Foreign currency transactions and other, net(101,329)(13,239)
(Increase) decrease in assets(219,173)(112,753)
(Decrease) increase in liabilities(139,136)(96,423)
Cash Flows from Operating Activities560,355 463,337 
Cash Flows from Investing Activities:  
Capital expenditures (596,801)(418,976)
Cash paid for acquisitions, net of cash acquired(724,213)(203,752)
Acquisition of customer relationships(1,901)(4,800)
Customer inducements (4,288)(5,148)
Contract fulfillment costs(49,874)(43,699)
Investments in joint ventures and other investments(46,100)(72,153)
Net proceeds from IPM Divestment 213,878 
Proceeds from sales of property and equipment and other, net119,417 214,865 
Cash Flows from Investing Activities (1,303,760)(319,785)
Cash Flows from Financing Activities:  
Repayment of revolving credit facility, term loan facilities and other debt(8,038,964)(2,622,555)
Proceeds from revolving credit facility, term loan facilities and other debt9,240,478 3,037,476 
Debt financing and equity contribution from noncontrolling interests 21,547  
Debt repayment and equity distribution to noncontrolling interests (2,124)(1,882)
Repurchase of noncontrolling interest (75,000)
Parent cash dividends(544,069)(538,902)
Net (payments) proceeds associated with employee stock-based awards (8,984)19,655 
Other, net(9,437)3,621 
Cash Flows from Financing Activities658,447 (177,587)
Effect of Exchange Rates on Cash and Cash Equivalents(15,647)(9,589)
(Decrease) increase in Cash and Cash Equivalents(100,605)(43,624)
Cash and Cash Equivalents, Beginning of Period255,828 205,063 
Cash and Cash Equivalents, End of Period$155,223 $161,439 
Supplemental Information: 
Cash Paid for Interest$410,851 $395,355 
Cash Paid for Income Taxes, Net$77,765 $96,174 
Non-Cash Investing and Financing Activities:  
Financing Leases $18,774 $40,590 
Accrued Capital Expenditures$137,802 $60,418 
Deferred Purchase Obligation, Purchase Price Holdbacks and Other$279,734 $ 
Dividends Payable$190,095 $189,010 
The accompanying notes are an integral part of these condensed consolidated financial statements.
IRON MOUNTAIN SEPTEMBER 30, 2022 FORM 10-Q
8

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, 2021 included in Exhibit 99.1 of our Current Report on Form 8-K filed with the SEC on August 4, 2022 (our "Current 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.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. CASH AND CASH EQUIVALENTS
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, 2022 is as follows:
Balance as of December 31, 2021$62,009 
Credit memos charged to revenue41,722 
Allowance for bad debts charged to expense10,691 
Deductions and other(1)
(61,727)
Balance as of September 30, 2022$52,695 
(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, 2022 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. INVENTORY
Inventories are stated at the lower of cost or net realizable value, based on a first-in, first-out methodology. Our inventory primarily consists of information technology-related assets including memory, central processing units, hard drives, adaptors and networking. All of our inventory is considered finished goods. Inventory is included as a component of Prepaid expenses and other in our Condensed Consolidated Balance Sheets. At September 30, 2022, we have inventory of approximately $14,565, net of related reserves for obsolete, excess and slow-moving inventory, related to our asset lifecycle management ("ALM") business. We had no inventory as of December 31, 2021.
D. 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, 2022 and December 31, 2021 are as follows:
DESCRIPTIONSEPTEMBER 30, 2022DECEMBER 31, 2021
Assets:
Operating lease right-of-use assets$2,556,253 $2,314,422 
Financing lease right-of-use assets, net of accumulated depreciation(1)
250,627 298,049 
Liabilities:
Current
Operating lease liabilities$270,311 $259,597 
Financing lease liabilities(1)
34,622 41,168 
Long-term
Operating lease liabilities$2,405,751 $2,171,472 
Financing lease liabilities(1)
276,627 315,561 
(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, 2022 and 2021 are as follows:
THREE MONTHS ENDED SEPTEMBER 30,NINE MONTHS ENDED SEPTEMBER 30,
DESCRIPTION2022202120222021
Operating lease cost(1)
$145,293 $140,551 $428,686 $408,312 
Financing lease cost:
Depreciation of financing lease right-of-use assets$10,186 $14,006 $32,218 $39,062 
Interest expense for financing lease liabilities4,126 5,055 13,163 14,940 
(1)Operating lease cost, the majority of which is included in Cost of sales, includes variable lease costs of $30,730 and $89,647 for the three and nine months ended September 30, 2022, respectively, and $28,835 and $86,422 for the three and nine months ended September 30, 2021, respectively.
IRON MOUNTAIN SEPTEMBER 30, 2022 FORM 10-Q
10

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)
Other information: Supplemental cash flow information relating to our leases for the nine months ended September 30, 2022 and 2021 is as follows:
NINE MONTHS ENDED SEPTEMBER 30,
CASH PAID FOR AMOUNTS INCLUDED IN MEASUREMENT OF LEASE LIABILITIES:20222021
Operating cash flows used in operating leases$302,442 $291,535 
Operating cash flows used in financing leases (interest)13,163 14,940 
Financing cash flows used in financing leases29,254 35,360 
NON-CASH ITEMS:
Operating lease modific