10-Q 1 irm-20220630.htm 10-Q irm-20220630
000102056912/312022Q2falsehttp://fasb.org/us-gaap/2022#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortizationhttp://fasb.org/us-gaap/2022#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortizationhttp://fasb.org/us-gaap/2022#AccountsPayableAndOtherAccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2022#AccountsPayableAndOtherAccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2022#LongTermDebtAndCapitalLeaseObligationsCurrenthttp://fasb.org/us-gaap/2022#LongTermDebtAndCapitalLeaseObligationsCurrenthttp://fasb.org/us-gaap/2022#LongTermDebtAndCapitalLeaseObligationshttp://fasb.org/us-gaap/2022#LongTermDebtAndCapitalLeaseObligations3.8754.8755.2554.8755.254.555.62500010205692022-01-012022-06-3000010205692022-07-29xbrli:shares00010205692022-06-30iso4217:USD00010205692021-12-31iso4217:USDxbrli:shares00010205692022-04-012022-06-3000010205692021-04-012021-06-3000010205692021-01-012021-06-3000010205692022-03-310001020569us-gaap:CommonStockMember2022-03-310001020569us-gaap:AdditionalPaidInCapitalMember2022-03-310001020569us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2022-03-310001020569us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001020569us-gaap:NoncontrollingInterestMember2022-03-310001020569irm:RedeemableNoncontrollingInterestsMember2022-03-310001020569us-gaap:CommonStockMember2022-04-012022-06-300001020569us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300001020569us-gaap:NoncontrollingInterestMember2022-04-012022-06-300001020569irm:RedeemableNoncontrollingInterestsMember2022-04-012022-06-300001020569us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2022-04-012022-06-300001020569us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001020569us-gaap:CommonStockMember2022-06-300001020569us-gaap:AdditionalPaidInCapitalMember2022-06-300001020569us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2022-06-300001020569us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001020569us-gaap:NoncontrollingInterestMember2022-06-300001020569irm:RedeemableNoncontrollingInterestsMember2022-06-300001020569us-gaap:CommonStockMember2021-12-310001020569us-gaap:AdditionalPaidInCapitalMember2021-12-310001020569us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2021-12-310001020569us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001020569us-gaap:NoncontrollingInterestMember2021-12-310001020569irm:RedeemableNoncontrollingInterestsMember2021-12-310001020569us-gaap:CommonStockMember2022-01-012022-06-300001020569us-gaap:AdditionalPaidInCapitalMember2022-01-012022-06-300001020569us-gaap:NoncontrollingInterestMember2022-01-012022-06-300001020569irm:RedeemableNoncontrollingInterestsMember2022-01-012022-06-300001020569us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2022-01-012022-06-300001020569us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-06-3000010205692021-03-310001020569us-gaap:CommonStockMember2021-03-310001020569us-gaap:AdditionalPaidInCapitalMember2021-03-310001020569us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2021-03-310001020569us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001020569irm:RedeemableNoncontrollingInterestsMember2021-03-310001020569us-gaap:CommonStockMember2021-04-012021-06-300001020569us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001020569us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2021-04-012021-06-300001020569us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001020569irm:RedeemableNoncontrollingInterestsMember2021-04-012021-06-3000010205692021-06-300001020569us-gaap:CommonStockMember2021-06-300001020569us-gaap:AdditionalPaidInCapitalMember2021-06-300001020569us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2021-06-300001020569us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001020569irm:RedeemableNoncontrollingInterestsMember2021-06-3000010205692020-12-310001020569us-gaap:CommonStockMember2020-12-310001020569us-gaap:AdditionalPaidInCapitalMember2020-12-310001020569us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2020-12-310001020569us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001020569irm:RedeemableNoncontrollingInterestsMember2020-12-310001020569us-gaap:CommonStockMember2021-01-012021-06-300001020569us-gaap:AdditionalPaidInCapitalMember2021-01-012021-06-300001020569irm:RedeemableNoncontrollingInterestsMember2021-01-012021-06-300001020569us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2021-01-012021-06-300001020569us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300001020569us-gaap:AllowanceForCreditLossMember2021-12-310001020569us-gaap:AllowanceForCreditLossMember2022-01-012022-06-300001020569us-gaap:AllowanceForCreditLossMember2022-06-300001020569irm:MENATAndMENATRIMMember2022-01-012022-06-300001020569irm:APACRIMMember2022-01-012022-06-30irm:unit0001020569irm:GlobalRecordsandInformationManagementBusinessMember2021-12-310001020569irm:GlobalDataCenterBusinessMember2021-12-310001020569us-gaap:CorporateAndOtherMember2021-12-310001020569irm:GlobalRecordsandInformationManagementBusinessMember2022-01-012022-06-300001020569irm:GlobalDataCenterBusinessMember2022-01-012022-06-300001020569us-gaap:CorporateAndOtherMember2022-01-012022-06-300001020569irm:GlobalRecordsandInformationManagementBusinessMember2022-06-300001020569irm:GlobalDataCenterBusinessMember2022-06-300001020569us-gaap:CorporateAndOtherMember2022-06-300001020569us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001020569us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001020569us-gaap:FairValueInputsLevel2Memberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001020569us-gaap:FairValueInputsLevel3Memberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001020569us-gaap:BankTimeDepositsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001020569us-gaap:BankTimeDepositsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001020569us-gaap:FairValueInputsLevel2Memberus-gaap:BankTimeDepositsMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001020569us-gaap:FairValueInputsLevel3Memberus-gaap:BankTimeDepositsMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001020569us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001020569us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001020569us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001020569us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001020569us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001020569us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001020569us-gaap:FairValueInputsLevel2Memberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001020569us-gaap:FairValueInputsLevel3Memberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001020569us-gaap:BankTimeDepositsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001020569us-gaap:BankTimeDepositsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001020569us-gaap:FairValueInputsLevel2Memberus-gaap:BankTimeDepositsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001020569us-gaap:FairValueInputsLevel3Memberus-gaap:BankTimeDepositsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001020569us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001020569us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001020569us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001020569us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001020569us-gaap:AccumulatedTranslationAdjustmentMember2022-03-310001020569irm:AccumulatedGainLossNetDerivativesParentMember2022-03-310001020569us-gaap:AccumulatedTranslationAdjustmentMember2021-03-310001020569irm:AccumulatedGainLossNetDerivativesParentMember2021-03-310001020569us-gaap:AccumulatedTranslationAdjustmentMember2022-04-012022-06-300001020569irm:AccumulatedGainLossNetDerivativesParentMember2022-04-012022-06-300001020569us-gaap:AccumulatedTranslationAdjustmentMember2021-04-012021-06-300001020569irm:AccumulatedGainLossNetDerivativesParentMember2021-04-012021-06-300001020569us-gaap:AccumulatedTranslationAdjustmentMember2022-06-300001020569irm:AccumulatedGainLossNetDerivativesParentMember2022-06-300001020569us-gaap:AccumulatedTranslationAdjustmentMember2021-06-300001020569irm:AccumulatedGainLossNetDerivativesParentMember2021-06-300001020569us-gaap:AccumulatedTranslationAdjustmentMember2021-12-310001020569irm:AccumulatedGainLossNetDerivativesParentMember2021-12-310001020569us-gaap:AccumulatedTranslationAdjustmentMember2020-12-310001020569irm:AccumulatedGainLossNetDerivativesParentMember2020-12-310001020569us-gaap:AccumulatedTranslationAdjustmentMember2022-01-012022-06-300001020569irm:AccumulatedGainLossNetDerivativesParentMember2022-01-012022-06-300001020569us-gaap:AccumulatedTranslationAdjustmentMember2021-01-012021-06-300001020569irm:AccumulatedGainLossNetDerivativesParentMember2021-01-012021-06-300001020569irm:IntakeCostsMember2022-06-300001020569irm:IntakeCostsMember2021-12-310001020569irm:CommissionsMember2022-06-300001020569irm:CommissionsMember2021-12-310001020569irm:GlobalDataCenterBusinessMember2022-04-012022-06-300001020569irm:GlobalDataCenterBusinessMember2021-04-012021-06-300001020569irm:GlobalDataCenterBusinessMember2021-01-012021-06-300001020569irm:GlobalDataCenterBusinessMemberirm:StorageRentalPowerAndConnectivityMember2022-04-012022-06-300001020569irm:GlobalDataCenterBusinessMemberirm:StorageRentalPowerAndConnectivityMember2022-01-012022-06-300001020569irm:GlobalDataCenterBusinessMemberirm:StorageRentalPowerAndConnectivityMember2021-04-012021-06-300001020569irm:GlobalDataCenterBusinessMemberirm:StorageRentalPowerAndConnectivityMember2021-01-012021-06-30utr:Y0001020569srt:MinimumMember2022-06-300001020569us-gaap:RestrictedStockUnitsRSUMember2022-04-012022-06-300001020569us-gaap:RestrictedStockUnitsRSUMember2021-04-012021-06-300001020569us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-06-300001020569us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-06-300001020569us-gaap:PerformanceSharesMember2022-04-012022-06-300001020569us-gaap:PerformanceSharesMember2021-04-012021-06-300001020569us-gaap:PerformanceSharesMember2022-01-012022-06-300001020569us-gaap:PerformanceSharesMember2021-01-012021-06-300001020569irm:FacilitiesAndParcelsOfLandInTheUnitedStatesMember2022-04-012022-06-300001020569irm:FacilitiesAndParcelsOfLandInTheUnitedStatesMember2022-01-012022-06-300001020569irm:FacilitiesInTheUnitedKingdomMember2021-04-012021-06-300001020569irm:FacilitiesInTheUnitedKingdomMember2021-01-012021-06-30iso4217:EUR0001020569irm:OSGRecordsManagementEuropeLimitedMember2022-01-012022-03-310001020569irm:ClutterJVMember2022-01-012022-03-310001020569irm:IPMDivestmentMember2021-01-012021-06-300001020569irm:IPMDivestmentMember2021-04-012021-06-3000010205692021-05-182021-05-18xbrli:pure0001020569irm:ITRenewMember2022-01-250001020569irm:ITRenewMember2022-01-252022-01-250001020569irm:ITRenewMemberirm:SecondAnniversaryMembersrt:ScenarioForecastMember2024-01-250001020569irm:ITRenewMemberirm:ThirdAnniversaryMembersrt:ScenarioForecastMember2025-01-250001020569irm:ITRenewMembersrt:MinimumMember2022-01-250001020569irm:ITRenewMembersrt:MaximumMember2022-01-250001020569irm:ITRenewMember2022-01-012022-06-300001020569irm:ITRenewMember2022-04-012022-06-300001020569irm:ITRenewMember2021-04-012021-06-300001020569irm:ITRenewMember2021-01-012021-06-30irm:business0001020569us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember2022-01-012022-06-300001020569us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember2022-06-300001020569us-gaap:CustomerRelationshipsMemberus-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember2022-06-300001020569us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMemberus-gaap:OtherIntangibleAssetsMember2022-06-300001020569irm:GlobalRecordsandInformationManagementBusinessMember2022-01-012022-06-300001020569irm:MakeSpaceJVMember2022-02-280001020569irm:ClutterJVMember2022-02-280001020569irm:MakeSpaceJVMember2022-02-012022-02-280001020569irm:WebWerksIndiaPrivateLimitedMember2022-06-300001020569irm:WebWerksIndiaPrivateLimitedMember2021-12-310001020569irm:FrankfurtJVMember2022-06-300001020569irm:FrankfurtJVMember2021-12-310001020569irm:MakeSpaceJVMember2022-06-300001020569irm:MakeSpaceJVMember2021-12-310001020569irm:ClutterJVMember2022-06-300001020569irm:ClutterJVMember2021-12-310001020569us-gaap:InterestRateSwapMember2022-06-300001020569us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMember2019-08-310001020569us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMember2020-09-300001020569us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMember2022-05-310001020569us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2022-06-300001020569us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2021-12-310001020569us-gaap:NetInvestmentHedgingMemberirm:August2023CrossCurrencySwapAgreementsMember2022-06-300001020569us-gaap:NetInvestmentHedgingMemberirm:August2023CrossCurrencySwapAgreementsMember2021-12-310001020569us-gaap:NetInvestmentHedgingMemberirm:February2026CrossCurrencySwapAgreementsMember2022-06-300001020569us-gaap:NetInvestmentHedgingMemberirm:February2026CrossCurrencySwapAgreementsMember2021-12-310001020569us-gaap:OtherAssetsMember2022-06-300001020569us-gaap:OtherAssetsMember2021-12-310001020569irm:AccruedExpensesAndOtherCurrentLiabilitiesMember2021-12-310001020569us-gaap:OtherNoncurrentLiabilitiesMember2021-12-310001020569us-gaap:NetInvestmentHedgingMember2022-06-300001020569us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2022-04-012022-06-300001020569us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2021-04-012021-06-300001020569us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2022-01-012022-06-300001020569us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2021-01-012021-06-300001020569us-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberirm:August2023CrossCurrencySwapAgreementsMember2022-04-012022-06-300001020569us-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberirm:August2023CrossCurrencySwapAgreementsMember2021-04-012021-06-300001020569us-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberirm:August2023CrossCurrencySwapAgreementsMember2022-01-012022-06-300001020569us-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberirm:August2023CrossCurrencySwapAgreementsMember2021-01-012021-06-300001020569irm:February2026CrossCurrencySwapAgreementsMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-04-012022-06-300001020569irm:February2026CrossCurrencySwapAgreementsMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-04-012021-06-300001020569irm:February2026CrossCurrencySwapAgreementsMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-01-012022-06-300001020569irm:February2026CrossCurrencySwapAgreementsMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-01-012021-06-300001020569irm:NewCreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2022-06-300001020569irm:NewCreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2021-12-310001020569irm:TermLoanFacilityMemberirm:TermLoanAMember2022-06-300001020569irm:TermLoanFacilityMemberirm:TermLoanAMember2021-12-310001020569irm:TermLoanFacilityMemberirm:TermLoanBMember2022-06-300001020569irm:TermLoanFacilityMemberirm:TermLoanBMember2021-12-310001020569irm:AustralianDollarTermLoanMember2022-06-300001020569irm:AustralianDollarTermLoanMember2021-12-310001020569irm:UKBilateralRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2022-06-300001020569irm:UKBilateralRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2021-12-310001020569us-gaap:SeniorNotesMemberirm:GBPSeniorNotes3.875Percentdue2025Member2022-06-300001020569us-gaap:SeniorNotesMemberirm:GBPSeniorNotes3.875Percentdue2025Member2021-12-310001020569irm:SeniorNotes4.875Percentdue2027Memberus-gaap:SeniorNotesMember2022-06-300001020569irm:SeniorNotes4.875Percentdue2027Memberus-gaap:SeniorNotesMember2021-12-310001020569irm:SeniorNotes5.25Percentdue2028Memberus-gaap:SeniorNotesMember2022-06-300001020569irm:SeniorNotes5.25Percentdue2028Memberus-gaap:SeniorNotesMember2021-12-310001020569irm:SeniorNotes5PercentDue2028MemberMemberus-gaap:SeniorNotesMember2022-06-300001020569irm:SeniorNotes5PercentDue2028MemberMemberus-gaap:SeniorNotesMember2021-12-310001020569us-gaap:SeniorNotesMemberirm:SeniorNotes4.875PercentDue2029Member2022-06-300001020569us-gaap:SeniorNotesMemberirm:SeniorNotes4.875PercentDue2029Member2021-12-310001020569irm:SeniorNotes525PercentDue2030Memberus-gaap:SeniorNotesMember2022-06-300001020569irm:SeniorNotes525PercentDue2030Memberus-gaap:SeniorNotesMember2021-12-310001020569us-gaap:SeniorNotesMemberirm:SeniorNotes45PercentDue2031Member2022-06-300001020569us-gaap:SeniorNotesMemberirm:SeniorNotes45PercentDue2031Member2021-12-310001020569us-gaap:SeniorNotesMemberirm:SeniorNotes5PercentDue2032Member2022-06-300001020569us-gaap:SeniorNotesMemberirm:SeniorNotes5PercentDue2032Member2021-12-310001020569us-gaap:SeniorNotesMemberirm:SeniorNotes5625PercentDue2032Member2022-06-300001020569us-gaap:SeniorNotesMemberirm:SeniorNotes5625PercentDue2032Member2021-12-310001020569irm:RealEstateMortgagesFinanceLeaseLiabilitiesAndOtherMember2022-06-300001020569irm:RealEstateMortgagesFinanceLeaseLiabilitiesAndOtherMember2021-12-310001020569irm:AccountsReceivablesSecuritizationProgramMember2022-06-300001020569irm:AccountsReceivablesSecuritizationProgramMember2021-12-310001020569irm:NewCreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2022-03-1700010205692022-03-17irm:measurement00010205692022-03-180001020569irm:TermLoanFacilityMemberirm:TermBLoanFacilityMember2022-06-300001020569us-gaap:RevolvingCreditFacilityMember2022-06-300001020569irm:BBSYMemberirm:AustralianDollarTermLoanMember2021-01-012021-12-310001020569irm:BBSYMemberirm:AustralianDollarTermLoanMember2022-03-182022-03-180001020569irm:BBSYMemberirm:AustralianDollarTermLoanMember2022-06-300001020569irm:BBSYMemberirm:AustralianDollarTermLoanMember2021-12-31iso4217:AUD0001020569irm:AccountsReceivablesSecuritizationProgramMember2022-06-280001020569irm:AccountsReceivablesSecuritizationProgramMember2022-06-290001020569srt:MaximumMemberirm:AccountsReceivablesSecuritizationProgramMember2022-06-290001020569us-gaap:LondonInterbankOfferedRateLIBORMemberirm:AccountsReceivablesSecuritizationProgramMember2022-06-292022-06-290001020569us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberirm:AccountsReceivablesSecuritizationProgramMember2022-06-292022-06-290001020569irm:AccountsReceivablesSecuritizationProgramMember2022-06-292022-06-290001020569irm:AccountsReceivablesSecuritizationProgramMember2022-06-30irm:cash_pool0001020569irm:BankMendesGansMember2022-06-300001020569irm:BankMendesGansMemberirm:QRSCashPoolMember2022-06-300001020569irm:BankMendesGansMemberirm:TRSCashPoolMember2022-06-300001020569irm:JPMorganChaseBankMember2022-06-300001020569irm:JPMorganChaseBankMemberirm:QRSCashPoolMember2022-06-300001020569irm:JPMorganChaseBankMemberirm:TRSCashPoolMember2022-06-300001020569irm:BankMendesGansMemberirm:QRSCashPoolMember2021-12-310001020569irm:BankMendesGansMemberirm:TRSCashPoolMember2021-12-310001020569irm:JPMorganChaseBankMemberirm:QRSCashPoolMember2021-12-310001020569irm:JPMorganChaseBankMemberirm:TRSCashPoolMember2021-12-310001020569us-gaap:LineOfCreditMember2022-06-300001020569us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2022-06-300001020569us-gaap:InsuranceSettlementMember2022-06-3000010205692021-02-242021-02-2400010205692021-04-062021-04-0600010205692021-05-062021-05-0600010205692021-07-062021-07-0600010205692021-08-052021-08-0500010205692021-10-062021-10-0600010205692021-11-042021-11-0400010205692022-01-062022-01-0600010205692022-02-242022-02-2400010205692022-04-062022-04-0600010205692022-04-282022-04-280001020569us-gaap:SubsequentEventMember2022-07-062022-07-060001020569us-gaap:SubsequentEventMember2022-08-042022-08-04irm:country0001020569irm:GlobalRecordsandInformationManagementBusinessMember2022-04-012022-06-300001020569us-gaap:CorporateAndOtherMember2022-04-012022-06-300001020569irm:GlobalRecordsandInformationManagementBusinessMember2021-04-012021-06-300001020569us-gaap:CorporateAndOtherMember2021-04-012021-06-300001020569irm:GlobalRecordsandInformationManagementBusinessMember2021-01-012021-06-300001020569us-gaap:CorporateAndOtherMember2021-01-012021-06-300001020569irm:GlobalRecordsandInformationManagementBusinessMemberirm:RecordsManagementMember2022-04-012022-06-300001020569irm:GlobalRecordsandInformationManagementBusinessMemberirm:RecordsManagementMember2021-04-012021-06-300001020569irm:GlobalRecordsandInformationManagementBusinessMemberirm:RecordsManagementMember2022-01-012022-06-300001020569irm:GlobalRecordsandInformationManagementBusinessMemberirm:RecordsManagementMember2021-01-012021-06-300001020569irm:DataManagementMemberirm:GlobalRecordsandInformationManagementBusinessMember2022-04-012022-06-300001020569irm:DataManagementMemberirm:GlobalRecordsandInformationManagementBusinessMember2021-04-012021-06-300001020569irm:DataManagementMemberirm:GlobalRecordsandInformationManagementBusinessMember2022-01-012022-06-300001020569irm:DataManagementMemberirm:GlobalRecordsandInformationManagementBusinessMember2021-01-012021-06-300001020569irm:InformationDestructionMemberirm:GlobalRecordsandInformationManagementBusinessMember2022-04-012022-06-300001020569irm:InformationDestructionMemberirm:GlobalRecordsandInformationManagementBusinessMember2021-04-012021-06-300001020569irm:InformationDestructionMemberirm:GlobalRecordsandInformationManagementBusinessMember2022-01-012022-06-300001020569irm:InformationDestructionMemberirm:GlobalRecordsandInformationManagementBusinessMember2021-01-012021-06-300001020569irm:DataCenterMemberirm:GlobalRecordsandInformationManagementBusinessMember2022-04-012022-06-300001020569irm:DataCenterMemberirm:GlobalRecordsandInformationManagementBusinessMember2021-04-012021-06-300001020569irm:DataCenterMemberirm:GlobalRecordsandInformationManagementBusinessMember2022-01-012022-06-300001020569irm:DataCenterMemberirm:GlobalRecordsandInformationManagementBusinessMember2021-01-012021-06-300001020569irm:GlobalDataCenterBusinessMemberirm:RecordsManagementMember2022-04-012022-06-300001020569irm:GlobalDataCenterBusinessMemberirm:RecordsManagementMember2021-04-012021-06-300001020569irm:GlobalDataCenterBusinessMemberirm:RecordsManagementMember2022-01-012022-06-300001020569irm:GlobalDataCenterBusinessMemberirm:RecordsManagementMember2021-01-012021-06-300001020569irm:GlobalDataCenterBusinessMemberirm:DataManagementMember2022-04-012022-06-300001020569irm:GlobalDataCenterBusinessMemberirm:DataManagementMember2021-04-012021-06-300001020569irm:GlobalDataCenterBusinessMemberirm:DataManagementMember2022-01-012022-06-300001020569irm:GlobalDataCenterBusinessMemberirm:DataManagementMember2021-01-012021-06-300001020569irm:GlobalDataCenterBusinessMemberirm:InformationDestructionMember2022-04-012022-06-300001020569irm:GlobalDataCenterBusinessMemberirm:InformationDestructionMember2021-04-012021-06-300001020569irm:GlobalDataCenterBusinessMemberirm:InformationDestructionMember2022-01-012022-06-300001020569irm:GlobalDataCenterBusinessMemberirm:InformationDestructionMember2021-01-012021-06-300001020569irm:DataCenterMemberirm:GlobalDataCenterBusinessMember2022-04-012022-06-300001020569irm:DataCenterMemberirm:GlobalDataCenterBusinessMember2021-04-012021-06-300001020569irm:DataCenterMemberirm:GlobalDataCenterBusinessMember2022-01-012022-06-300001020569irm:DataCenterMemberirm:GlobalDataCenterBusinessMember2021-01-012021-06-300001020569us-gaap:CorporateAndOtherMemberirm:RecordsManagementMember2022-04-012022-06-300001020569us-gaap:CorporateAndOtherMemberirm:RecordsManagementMember2021-04-012021-06-300001020569us-gaap:CorporateAndOtherMemberirm:RecordsManagementMember2022-01-012022-06-300001020569us-gaap:CorporateAndOtherMemberirm:RecordsManagementMember2021-01-012021-06-300001020569irm:DataManagementMemberus-gaap:CorporateAndOtherMember2022-04-012022-06-300001020569irm:DataManagementMemberus-gaap:CorporateAndOtherMember2021-04-012021-06-300001020569irm:DataManagementMemberus-gaap:CorporateAndOtherMember2022-01-012022-06-300001020569irm:DataManagementMemberus-gaap:CorporateAndOtherMember2021-01-012021-06-300001020569irm:InformationDestructionMemberus-gaap:CorporateAndOtherMember2022-04-012022-06-300001020569irm:InformationDestructionMemberus-gaap:CorporateAndOtherMember2021-04-012021-06-300001020569irm:InformationDestructionMemberus-gaap:CorporateAndOtherMember2022-01-012022-06-300001020569irm:InformationDestructionMemberus-gaap:CorporateAndOtherMember2021-01-012021-06-300001020569irm:DataCenterMemberus-gaap:CorporateAndOtherMember2022-04-012022-06-300001020569irm:DataCenterMemberus-gaap:CorporateAndOtherMember2021-04-012021-06-300001020569irm:DataCenterMemberus-gaap:CorporateAndOtherMember2022-01-012022-06-300001020569irm:DataCenterMemberus-gaap:CorporateAndOtherMember2021-01-012021-06-300001020569irm:RecordsManagementMember2022-04-012022-06-300001020569irm:RecordsManagementMember2021-04-012021-06-300001020569irm:RecordsManagementMember2022-01-012022-06-300001020569irm:RecordsManagementMember2021-01-012021-06-300001020569irm:DataManagementMember2022-04-012022-06-300001020569irm:DataManagementMember2021-04-012021-06-300001020569irm:DataManagementMember2022-01-012022-06-300001020569irm:DataManagementMember2021-01-012021-06-300001020569irm:InformationDestructionMember2022-04-012022-06-300001020569irm:InformationDestructionMember2021-04-012021-06-300001020569irm:InformationDestructionMember2022-01-012022-06-300001020569irm:InformationDestructionMember2021-01-012021-06-300001020569irm:DataCenterMember2022-04-012022-06-300001020569irm:DataCenterMember2021-04-012021-06-300001020569irm:DataCenterMember2022-01-012022-06-300001020569irm:DataCenterMember2021-01-012021-06-300001020569irm:FrankfurtJVMember2022-04-012022-06-300001020569irm:FrankfurtJVMember2022-01-012022-06-300001020569irm:FrankfurtJVMember2021-04-012021-06-300001020569irm:FrankfurtJVMember2021-01-012021-06-300001020569irm:MakespaceAndClutterMember2022-04-012022-06-300001020569irm:MakespaceAndClutterMember2022-01-012022-06-300001020569irm:MakespaceAndClutterMember2021-04-012021-06-300001020569irm:MakespaceAndClutterMember2021-01-012021-06-300001020569irm:ProjectSummitMember2019-10-012021-12-310001020569irm:ProjectSummitMember2022-01-012022-06-300001020569irm:ProjectSummitMember2021-04-012021-06-300001020569irm:ProjectSummitMember2021-01-012021-06-300001020569us-gaap:EmployeeSeveranceMemberirm:ProjectSummitMember2021-04-012021-06-300001020569us-gaap:EmployeeSeveranceMemberirm:ProjectSummitMember2021-01-012021-06-300001020569irm:ProjectSummitMemberirm:AccruedProfessionalFeesMember2021-04-012021-06-300001020569irm:ProjectSummitMemberirm:AccruedProfessionalFeesMember2021-01-012021-06-30
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 June 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
irm-20220630_g1.jpg
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 July 29, 2022, the registrant had 290,684,926 outstanding shares of common stock, $.01 par value.


irm-20220630_g2.jpg
IRON MOUNTAIN INCORPORATED
2022 FORM 10-Q QUARTERLY REPORT
TABLE OF CONTENTS
5
6
7
8
9
    





irm-20220630_g3.jpg


PART I. FINANCIAL INFORMATION
ITEM 1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
IRON MOUNTAIN JUNE 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)
 JUNE 30, 2022DECEMBER 31, 2021
ASSETS 
Current Assets: 
Cash and cash equivalents$144,746 $255,828 
Accounts receivable (less allowances of $55,715 and $62,009 as of June 30, 2022 and December 31, 2021, respectively)
1,116,329 961,419 
Prepaid expenses and other280,944 224,020 
Total Current Assets1,542,019 1,441,267 
Property, Plant and Equipment: 
Property, plant and equipment8,690,956 8,647,303 
Less—Accumulated depreciation(4,072,787)(3,979,159)
Property, Plant and Equipment, Net4,618,169 4,668,144 
Other Assets, Net: 
Goodwill4,923,691 4,463,531 
Customer and supplier relationships and other intangible assets1,508,526 1,181,043 
Operating lease right-of-use assets 2,512,377 2,314,422 
Other517,537 381,624 
Total Other Assets, Net9,462,131 8,340,620 
Total Assets$15,622,319 $14,450,031 
LIABILITIES AND EQUITY 
Current Liabilities: 
Current portion of long-term debt$86,790 $309,428 
Accounts payable435,475 369,145 
Accrued expenses and other current liabilities (includes current portion of operating lease liabilities)957,507 1,032,537 
Deferred revenue302,494 307,470 
Total Current Liabilities1,782,266 2,018,580 
Long-term Debt, net of current portion9,993,126 8,962,513 
Long-term Operating Lease Liabilities, net of current portion 2,371,270 2,171,472 
Other Long-term Liabilities404,703 144,053 
Deferred Income Taxes325,222 223,934 
Commitments and Contingencies
Redeemable Noncontrolling Interests93,957 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 290,679,958 and 289,757,061 shares as of June 30, 2022 and December 31, 2021, respectively)
2,907 2,898 
Additional paid-in capital4,432,009 4,412,553 
(Distributions in excess of earnings) Earnings in excess of distributions(3,340,992)(3,221,152)
Accumulated other comprehensive items, net(446,975)(338,347)
Total Iron Mountain Incorporated Stockholders' Equity646,949 855,952 
Noncontrolling Interests4,826 1,116 
Total Equity651,775 857,068 
Total Liabilities and Equity$15,622,319 $14,450,031 


The accompanying notes are an integral part of these condensed consolidated financial statements.
IRON MOUNTAIN JUNE 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 JUNE 30,
 20222021
Revenues:  
Storage rental$753,126 $718,272 
Service536,408 401,484 
Total Revenues1,289,534 1,119,756 
Operating Expenses:
Cost of sales (excluding depreciation and amortization)556,476 474,579 
Selling, general and administrative295,394 259,779 
Depreciation and amortization178,254 166,685 
Acquisition and Integration Costs16,878 2,277 
Restructuring Charges  39,443 
(Gain) Loss on disposal/write-down of property, plant and equipment, net (51,249)(128,935)
Total Operating Expenses995,753 813,828 
Operating Income (Loss)293,781 305,928 
Interest Expense, Net (includes Interest Income of $2,171 and $1,127 for the three months ended
June 30, 2022 and 2021, respectively)
115,057 105,220 
Other (Income) Expense, Net(41,217)(186,230)
Net Income (Loss) Before Provision (Benefit) for Income Taxes219,941 386,938 
Provision (Benefit) for Income Taxes18,083 110,416 
Net Income (Loss)201,858 276,522 
Less: Net Income (Loss) Attributable to Noncontrolling Interests1,777 1,237 
Net Income (Loss) Attributable to Iron Mountain Incorporated$200,081 $275,285 
Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated:  
Basic$0.69 $0.95 
Diluted$0.68 $0.95 
Weighted Average Common Shares Outstanding—Basic290,756 289,247 
Weighted Average Common Shares Outstanding—Diluted292,487 291,079 


















The accompanying notes are an integral part of these condensed consolidated financial statements.
IRON MOUNTAIN JUNE 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)
 SIX MONTHS ENDED JUNE 30,
 20222021
Revenues:  
Storage rental$1,504,196 $1,426,328 
Service1,033,384 775,468 
Total Revenues2,537,580 2,201,796 
Operating Expenses:
Cost of sales (excluding depreciation and amortization)1,103,098 926,488 
Selling, general and administrative576,117 518,502 
Depreciation and amortization361,869 332,327 
Acquisition and Integration Costs32,539 2,277 
Restructuring Charges  79,254 
(Gain) Loss on disposal/write-down of property, plant and equipment, net (51,954)(133,386)
Total Operating Expenses2,021,669 1,725,462 
Operating Income (Loss)515,911 476,334 
Interest Expense, Net (includes Interest Income of $3,819 and $3,698 for the six months ended
June 30, 2022 and 2021, respectively)
229,499 209,642 
Other Expense (Income), Net14,684 (181,517)
Net Income (Loss) Before Provision (Benefit) for Income Taxes271,728 448,209 
Provision (Benefit) for Income Taxes28,163 125,056 
Net Income (Loss)243,565 323,153 
Less: Net Income (Loss) Attributable to Noncontrolling Interests1,185 2,265 
Net Income (Loss) Attributable to Iron Mountain Incorporated$242,380 $320,888 
Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated:  
Basic$0.83 $1.11 
Diluted$0.83 $1.11 
Weighted Average Common Shares Outstanding—Basic290,542 289,001 
Weighted Average Common Shares Outstanding—Diluted292,166 290,303 












The accompanying notes are an integral part of these condensed consolidated financial statements.
IRON MOUNTAIN JUNE 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 JUNE 30,
 20222021
Net Income (Loss)$201,858 $276,522 
Other Comprehensive (Loss) Income:  
Foreign Currency Translation Adjustment(187,786)42,543 
Change in Fair Value of Derivative Instruments34,211 5,634 
Total Other Comprehensive (Loss) Income:(153,575)48,177 
Comprehensive Income (Loss)48,283 324,699 
Comprehensive Income (Loss) Attributable to Noncontrolling Interests819 1,156 
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated$47,464 $323,543 
 SIX MONTHS ENDED JUNE 30,
 20222021
Net Income (Loss)$243,565 $323,153 
Other Comprehensive (Loss) Income:  
Foreign Currency Translation Adjustment(160,333)(23,812)
Change in Fair Value of Derivative Instruments50,977 20,840 
Total Other Comprehensive (Loss) Income(109,356)(2,972)
Comprehensive Income (Loss)134,209 320,181 
Comprehensive Income (Loss) Attributable to Noncontrolling Interests457 2,053 
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated$133,752 $318,128 

















The accompanying notes are an integral part of these condensed consolidated financial statements
IRON MOUNTAIN JUNE 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 JUNE 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, March 31, 2022$758,771 290,550,440 $2,906 $4,409,051 $(3,359,876)$(294,358)$1,048 $73,428 
Issuance and net settlement of shares under employee stock purchase plan and option plans and stock-based compensation24,462 129,518 1 24,461 — — — — 
Changes in equity related to noncontrolling interests4,618 — — 983 — — 3,635 (983)
Parent cash dividends declared(181,197)— — — (181,197)— — — 
Foreign currency translation adjustment(186,919)— — — — (186,828)(91)(867)
Change in fair value of derivative instruments34,211 — — — — 34,211 — — 
Net income (loss)200,315 — — — 200,081 — 234 1,543 
Noncontrolling interests equity contributions and related costs(2,486)— — (2,486)— — — 21,547 
Noncontrolling interests dividends— — — — — — — (711)
Balance, June 30, 2022$651,775 290,679,958 $2,907 $4,432,009 $(3,340,992)$(446,975)$4,826 $93,957 
SIX MONTHS ENDED JUNE 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 compensation22,960 922,897 9 22,951 — — — — 
Changes in equity related to noncontrolling interests2,626 — — (1,009)— — 3,635 1,009 
Parent cash dividends declared(362,220)— — — (362,220)— — — 
Foreign currency translation adjustment(159,764)— — — — (159,605)(159)(569)
Change in fair value of derivative instruments50,977 — — — — 50,977 — — 
Net income (loss)242,614 — — — 242,380 — 234 951 
Noncontrolling interests equity contributions and related costs(2,486)— — (2,486)— — — 21,547 
Noncontrolling interests dividends— — — — — — — (1,392)
Balance, June 30, 2022$651,775 290,679,958 $2,907 $4,432,009 $(3,340,992)$(446,975)$4,826 $93,957 










The accompanying notes are an integral part of these condensed consolidated financial statements.
IRON MOUNTAIN JUNE 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 JUNE 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
REDEEMABLE
NONCONTROLLING
INTERESTS
 TOTALSHARESAMOUNTS
Balance, March 31, 2021$959,707 288,727,747 $2,888 $4,347,151 $(3,083,421)$(306,911)$61,601 
Issuance of shares under employee stock purchase plan and option plans and stock-based compensation45,252 731,021 7 45,245 — — — 
Parent cash dividends declared(180,760)— — — (180,760)— — 
Foreign currency translation adjustment42,624 — — — — 42,624 (81)
Change in fair value of derivative instruments5,634 — — — — 5,634 — 
Net income (loss)275,285 — — — 275,285 — 1,237 
Noncontrolling interests dividends— — — — — — (664)
Purchase of noncontrolling interests— — — — — — 2,567 
Balance, June 30, 2021$1,147,742 289,458,768 $2,895 $4,392,396 $(2,988,896)$(258,653)$64,660 
SIX MONTHS ENDED JUNE 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
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 compensation51,650 1,185,719 12 51,638 — — — 
Change in equity related to redeemable noncontrolling interests680 — — 680 — — (680)
Parent cash dividends declared (359,445)— — — (359,445)— — 
Foreign currency translation adjustment(23,600)— — — — (23,600)(212)
Change in fair value of derivative instruments20,840 — — — — 20,840 — 
Net income (loss)320,888 — — — 320,888 — 2,265 
Noncontrolling interests equity contributions— — — — — — 2,200 
Noncontrolling interests dividends— — — — — — (1,285)
Purchase of noncontrolling interests— — — — — — 2,567 
Balance, June 30, 2021$1,147,742 289,458,768 $2,895 $4,392,396 $(2,988,896)$(258,653)$64,660 











The accompanying notes are an integral part of these condensed consolidated financial statements.
IRON MOUNTAIN JUNE 30, 2022 FORM 10-Q
7

Part I. Financial Information
IRON MOUNTAIN INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS) (UNAUDITED)
 SIX MONTHS ENDED JUNE 30,
 20222021
Cash Flows from Operating Activities: 
Net income (loss)$243,565 $323,153 
Adjustments to reconcile net income (loss) to cash flows from operating activities:  
Depreciation236,496 226,939 
Amortization (includes amortization of deferred financing costs and discounts of $9,064 and $8,443 for the six months ended June 30, 2022 and 2021, respectively)
134,437 113,831 
Revenue reduction associated with amortization of customer inducements and above- and below-market leases 3,681 4,327 
Stock-based compensation expense31,597 33,652 
(Benefit) provision for deferred income taxes(18,491)30,899 
Loss on early extinguishment of debt671  
Gain on IPM divestment (181,196)
(Gain) loss on disposal/write-down of property, plant and equipment, net (51,954)(133,386)
Loss associated with OSG deconsolidation 105,825  
Gain associated with Clutter Transaction(35,821) 
Foreign currency transactions and other, net(58,821)2,727 
(Increase) decrease in assets(194,756)(83,975)
(Decrease) increase in liabilities(50,505)52,231 
Cash Flows from Operating Activities345,924 389,202 
Cash Flows from Investing Activities:  
Capital expenditures (330,220)(295,586)
Cash paid for acquisitions, net of cash acquired(718,657)(35,723)
Acquisition of customer relationships(148)(3,641)
Customer inducements (4,624)(3,818)
Contract fulfillment costs(33,951)(29,023)
Investments in joint ventures and other investments (63,135)
Net proceeds from IPM Divestment 213,878 
Proceeds from sales of property and equipment and other, net96,497 209,697 
Cash Flows from Investing Activities (991,103)(7,351)
Cash Flows from Financing Activities:  
Repayment of revolving credit facility, term loan facilities and other debt(5,351,720)(1,620,167)
Proceeds from revolving credit facility, term loan facilities and other debt6,255,829 1,763,597 
Debt financing and equity contribution from noncontrolling interests 21,547  
Debt repayment and equity distribution to noncontrolling interests (1,392)(1,285)
Repurchase of noncontrolling interest (75,000)
Parent cash dividends(364,223)(359,824)
Net (payments) proceeds associated with employee stock-based awards (8,636)17,998 
Other, net(9,405)3,742 
Cash Flows from Financing Activities542,000 (270,939)
Effect of Exchange Rates on Cash and Cash Equivalents(7,903)(47)
(Decrease) increase in Cash and Cash Equivalents(111,082)110,865 
Cash and Cash Equivalents, Beginning of Period255,828 205,063 
Cash and Cash Equivalents, End of Period$144,746 $315,928 
Supplemental Information: 
Cash Paid for Interest$227,633 $217,687 
Cash Paid for Income Taxes, Net$57,135 $45,246 
Non-Cash Investing and Financing Activities:  
Financing Leases $12,878 $13,775 
Accrued Capital Expenditures$98,210 $45,665 
Deferred Purchase Obligation and Other$276,017 $ 
Dividends Payable$188,556 $187,488 
The accompanying notes are an integral part of these condensed consolidated financial statements.
IRON MOUNTAIN JUNE 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 our Annual Report on Form 10-K filed with the SEC on February 24, 2022 (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.
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 six months ended June 30, 2022 is as follows:
Balance as of December 31, 2021$62,009 
Credit memos charged to revenue26,091 
Allowance for bad debts charged to expense9,010 
Deductions and other(1)
(41,395)
Balance as of June 30, 2022$55,715 
(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 JUNE 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 June 30, 2022, we have inventory of approximately $22,400, net of related reserves for obsolete, excess and slow-moving inventory, which was acquired as part of the ITRenew Transaction (as defined in Note 3). 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 June 30, 2022 and December 31, 2021 are as follows:
DESCRIPTIONJUNE 30, 2022DECEMBER 31, 2021
Assets:
Operating lease right-of-use assets$2,512,377 $2,314,422 
Financing lease right-of-use assets, net of accumulated depreciation(1)
261,762 298,049 
Liabilities:
Current
Operating lease liabilities$262,044 $259,597 
Financing lease liabilities(1)
36,377 41,168 
Long-term
Operating lease liabilities$2,371,270 $2,171,472 
Financing lease liabilities(1)
286,548 315,561 
(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 six months ended June 30, 2022 and 2021 are as follows:
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
DESCRIPTION2022202120222021
Operating lease cost(1)
$139,863 $135,086 $283,393 $267,761 
Financing lease cost:
Depreciation of financing lease right-of-use assets$10,578 $12,408 $22,032 $25,056 
Interest expense for financing lease liabilities4,359 4,910 9,037 9,885 
(1)Operating lease cost, the majority of which is included in Cost of sales, includes variable lease costs of $28,788 and $59,296 for the three and six months ended June 30, 2022, respectively, and $29,219 and $57,587 for the three and six months ended June 30, 2021, respectively.
IRON MOUNTAIN JUNE 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 six months ended June 30, 2022 and 2021 is as follows:
SIX MONTHS ENDED JUNE 30,
CASH PAID FOR AMOUNTS INCLUDED IN MEASUREMENT OF LEASE LIABILITIES:20222021
Operating cash flows used in operating leases$200,958 $192,039 
Operating cash flows used in financing leases (interest)9,037 9,885 
Financing cash flows used in financing leases20,084 23,656 
NON-CASH ITEMS:
Operating lease modifications and reassessments$67,699 $63,047 
New operating leases (including acquisitions and sale-leaseback transactions)382,890 210,881 
IRON MOUNTAIN JUNE 30, 2022 FORM 10-Q
11

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)
E. GOODWILL
Our reporting units as of December 31, 2021 are described in detail in Note 2.k. to Notes to Consolidated Financial Statements included in our Annual Report. During the second quarter of 2022, as a result of the realignment of our global managerial structure, we reassessed the composition of our reportable segments (see Note 9 for a description and definition of our reportable segments) as well as our reporting units.
We note the following changes to our reporting units as a result of the reassessment described above:
our former Europe RIM reporting unit is now managed as two separate reporting units: (1) our Middle East, North Africa and Turkey ("MENAT") businesses will comprise our "MENAT RIM" reporting unit and (2) our other businesses in Europe and South Africa ("ESA") will comprise our “ESA RIM” reporting unit;
our former ANZ RIM and Asia RIM reporting units are now managed as one "APAC RIM" reporting unit; and
our asset lifecycle management ("ALM") business, which includes our legacy secure IT asset disposition business (which was primarily previously included in our North America RIM reporting unit) and the business acquired through our acquisition of Intercept Parent, Inc. ("ITRenew"), will comprise our newly formed "ALM" reporting unit.

There were no changes to our Latin America RIM, Global Data Center and Fine Arts reporting units. We have reassigned goodwill associated with the reporting units impacted by the reorganization on a relative fair value basis, where appropriate. The fair value of each of our new reporting units was determined based on the application of a combined weighted average approach of preliminary fair value multiples of revenue and earnings and discounted cash flow techniques. These fair values represent our best estimate and preliminary assessment of goodwill allocations to each of the new reporting units on a relative fair value basis. We have completed an interim goodwill impairment analysis before and after the reporting unit changes, and we have concluded that the goodwill associated with each of our reporting units was not impaired.
The goodwill associated with acquisitions completed during the six months of 2022 (as described in Note 3) has been incorporated into our current reporting units.
The changes in the carrying value of goodwill attributable to each reportable segment for the six months ended June 30, 2022 are as follows:
GLOBAL RIM BUSINESSGLOBAL DATA CENTER BUSINESSCORPORATE AND OTHER BUSINESSTOTAL CONSOLIDATED
Goodwill balance, net of accumulated amortization as of December 31, 2021$3,976,261 $426,074 $