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Segment Information | 6 Months Ended
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Jun. 30, 2018
Segment Reporting [Abstract] |
Segment Information | Our six reportable operating segments as of December 31, 2017 are described in Note 9 to Notes to Consolidated Financial Statements included in our Annual Report and are as follows:
• | North American Records and Information Management Business
• | North American Data Management Business
• | Western European Business
• | Other International Business
• | Global Data Center Business
• | Corporate and Other Business
There have been no changes made to our reportable operating segments since December 31, 2017. All previously reported segment information has been restated to conform to the current presentation and reflects the changes to our reportable operating segments that occurred in fourth quarter of 2017. The operations associated with acquisitions completed during the first half of 2018 (for which noteworthy acquisitions are described in Note 4) have been incorporated into our existing reportable operating segments. An analysis of our business segment information and reconciliation to the accompanying Condensed Consolidated Financial Statements is as follows:
|  | North American Records and Information Management Business |  | North American Data Management Business |  | Western European Business |  | Other International Business |  | Global Data Center Business |  | Corporate and Other Business |  | Total Consolidated
For the Three Months Ended June 30, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Revenues |  | $ | 509,597 |  |  | $ | 99,677 |  |  | $ | 121,866 |  |  | $ | 192,405 |  |  | $ | 10,360 |  |  | $ | 15,901 |  |  | $ | 949,806 |
Storage Rental |  | 305,168 |  |  | 68,735 |  |  | 74,535 |  |  | 121,317 |  |  | 9,931 |  |  | 10,553 |  |  | 590,239 |
Service |  | 204,429 |  |  | 30,942 |  |  | 47,331 |  |  | 71,088 |  |  | 429 |  |  | 5,348 |  |  | 359,567 |
Depreciation and Amortization |  | 58,628 |  |  | 8,272 |  |  | 16,124 |  |  | 30,203 |  |  | 1,595 |  |  | 13,277 |  |  | 128,099 |
Depreciation |  | 50,119 |  |  | 6,091 |  |  | 12,366 |  |  | 20,518 |  |  | 1,531 |  |  | 11,690 |  |  | 102,315 |
Amortization |  | 8,509 |  |  | 2,181 |  |  | 3,758 |  |  | 9,685 |  |  | 64 |  |  | 1,587 |  |  | 25,784 |
Adjusted EBITDA |  | 220,768 |  |  | 55,448 |  |  | 36,528 |  |  | 56,166 |  |  | 5,991 |  |  | (56,847 | ) |  | 318,054 |
Expenditures for Segment Assets |  | 52,640 |  |  | 7,174 |  |  | 2,079 |  |  | 43,084 |  |  | 8,797 |  |  | 11,374 |  |  | 125,148 |
Capital Expenditures |  | 46,235 |  |  | 7,174 |  |  | 1,723 |  |  | 16,702 |  |  | 8,797 |  |  | 11,374 |  |  | 92,005 |
Cash Paid (Received) for Acquisitions, Net of Cash Acquired |  | — |  |  | — |  |  | — |  |  | 26,036 |  |  | — |  |  | — |  |  | 26,036 |
Acquisitions of Customer Relationships and Customer Inducements |  | 6,405 |  |  | — |  |  | 356 |  |  | 346 |  |  | — |  |  | — |  |  | 7,107 |
For the Three Months Ended June 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Revenues |  | 539,080 |  |  | 100,031 |  |  | 136,215 |  |  | 204,752 |  |  | 54,895 |  |  | 25,850 |  |  | 1,060,823 |
Storage Rental |  | 305,895 |  |  | 68,808 |  |  | 82,439 |  |  | 129,611 |  |  | 51,945 |  |  | 16,741 |  |  | 655,439 |
Service |  | 233,185 |  |  | 31,223 |  |  | 53,776 |  |  | 75,141 |  |  | 2,950 |  |  | 9,109 |  |  | 405,384 |
Depreciation and Amortization |  | 60,970 |  |  | 9,538 |  |  | 17,700 |  |  | 30,164 |  |  | 22,503 |  |  | 15,345 |  |  | 156,220 |
Depreciation |  | 48,252 |  |  | 7,217 |  |  | 11,958 |  |  | 18,062 |  |  | 13,120 |  |  | 12,892 |  |  | 111,501 |
Amortization |  | 12,718 |  |  | 2,321 |  |  | 5,742 |  |  | 12,102 |  |  | 9,383 |  |  | 2,453 |  |  | 44,719 |
Adjusted EBITDA |  | 244,861 |  |  | 55,280 |  |  | 46,413 |  |  | 60,633 |  |  | 24,901 |  |  | (62,634 | ) |  | 369,454 |
Expenditures for Segment Assets |  | 41,364 |  |  | 3,643 |  |  | 27,799 |  |  | 30,047 |  |  | 265,173 |  |  | 11,052 |  |  | 379,078 |
Capital Expenditures |  | 25,122 |  |  | 3,643 |  |  | 25,336 |  |  | 13,681 |  |  | 43,162 |  |  | 11,052 |  |  | 121,996 |
Cash Paid (Received) for Acquisitions, Net of Cash Acquired |  | — |  |  | — |  |  | — |  |  | 16,188 |  |  | 221,707 |  |  | — |  |  | 237,895 |
Acquisitions of Customer Relationships, Customer Inducements and Contract Fulfillment Costs |  | 16,242 |  |  | — |  |  | 2,463 |  |  | 178 |  |  | 304 |  |  | — |  |  | 19,187 |
|  | North American Records and Information Management Business |  | North American Data Management Business |  | Western European Business |  | Other International Business |  | Global Data Center Business |  | Corporate and Other Business |  | Total Consolidated
As of and for the Six Months Ended June 30, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Revenues |  | $ | 1,017,194 |  |  | $ | 200,511 |  |  | $ | 241,938 |  |  | $ | 381,646 |  |  | $ | 16,583 |  |  | $ | 30,810 |  |  | $ | 1,888,682 |
Storage Rental |  | 603,351 |  |  | 137,559 |  |  | 146,102 |  |  | 238,932 |  |  | 15,789 |  |  | 20,785 |  |  | 1,162,518 |
Service |  | 413,843 |  |  | 62,952 |  |  | 95,836 |  |  | 142,714 |  |  | 794 |  |  | 10,025 |  |  | 726,164 |
Depreciation and Amortization |  | 119,163 |  |  | 16,523 |  |  | 30,421 |  |  | 57,879 |  |  | 3,019 |  |  | 25,801 |  |  | 252,806 |
Depreciation |  | 102,071 |  |  | 12,154 |  |  | 23,254 |  |  | 39,823 |  |  | 2,891 |  |  | 21,714 |  |  | 201,907 |
Amortization |  | 17,092 |  |  | 4,369 |  |  | 7,167 |  |  | 18,056 |  |  | 128 |  |  | 4,087 |  |  | 50,899 |
Adjusted EBITDA |  | 430,298 |  |  | 110,718 |  |  | 70,670 |  |  | 111,513 |  |  | 7,497 |  |  | (120,068 | ) |  | 610,628 |
Total Assets (1) |  | 4,987,060 |  |  | 826,868 |  |  | 983,797 |  |  | 2,215,589 |  |  | 207,777 |  |  | 593,602 |  |  | 9,814,693 |
Expenditures for Segment Assets |  | 104,528 |  |  | 15,080 |  |  | 7,104 |  |  | 61,704 |  |  | 17,692 |  |  | 25,832 |  |  | 231,940 |
Capital Expenditures |  | 72,813 |  |  | 15,080 |  |  | 6,621 |  |  | 29,169 |  |  | 17,692 |  |  | 23,832 |  |  | 165,207 |
Cash (Received) Paid for Acquisitions, Net of Cash Acquired |  | 4,379 |  |  | — |  |  | — |  |  | 31,844 |  |  | — |  |  | 2,000 |  |  | 38,223 |
Acquisitions of Customer Relationships and Customer Inducements |  | 27,336 |  |  | — |  |  | 483 |  |  | 691 |  |  | — |  |  | — |  |  | 28,510 |
As of and for the Six Months Ended June 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Revenues |  | 1,065,923 |  |  | 199,995 |  |  | 273,087 |  |  | 412,722 |  |  | 101,498 |  |  | 50,056 |  |  | 2,103,281 |
Storage Rental |  | 610,714 |  |  | 138,054 |  |  | 166,391 |  |  | 261,358 |  |  | 97,440 |  |  | 32,631 |  |  | 1,306,588 |
Service |  | 455,209 |  |  | 61,941 |  |  | 106,696 |  |  | 151,364 |  |  | 4,058 |  |  | 17,425 |  |  | 796,693 |
Depreciation and Amortization |  | 123,722 |  |  | 19,642 |  |  | 35,470 |  |  | 61,823 |  |  | 44,771 |  |  | 31,370 |  |  | 316,798 |
Depreciation |  | 97,390 |  |  | 15,240 |  |  | 24,863 |  |  | 36,979 |  |  | 24,500 |  |  | 25,961 |  |  | 224,933 |
Amortization |  | 26,332 |  |  | 4,402 |  |  | 10,607 |  |  | 24,844 |  |  | 20,271 |  |  | 5,409 |  |  | 91,865 |
Adjusted EBITDA |  | 470,599 |  |  | 109,132 |  |  | 90,495 |  |  | 121,264 |  |  | 45,691 |  |  | (124,712 | ) |  | 712,469 |
Total Assets (1) |  | 5,010,186 |  |  | 829,682 |  |  | 1,355,980 |  |  | 2,235,790 |  |  | 1,909,088 |  |  | 471,808 |  |  | 11,812,534 |
Expenditures for Segment Assets |  | 84,545 |  |  | 10,496 |  |  | 35,383 |  |  | 62,103 |  |  | 1,703,185 |  |  | 25,991 |  |  | 1,921,703 |
Capital Expenditures |  | 54,992 |  |  | 10,496 |  |  | 31,487 |  |  | 38,719 |  |  | 56,273 |  |  | 25,634 |  |  | 217,601 |
Cash Paid (Received) for Acquisitions, Net of Cash Acquired |  | 1,551 |  |  | — |  |  | — |  |  | 19,396 |  |  | 1,645,922 |  |  | — |  |  | 1,666,869 |
Acquisitions of Customer Relationships, Customer Inducements and Contract Fulfillment Costs |  | 28,002 |  |  | — |  |  | 3,896 |  |  | 3,988 |  |  | 990 |  |  | 357 |  |  | 37,233 |
________________________________________________________
(1) | Excludes all intercompany receivables or payables and investment in subsidiary balances.
The accounting policies of the reportable segments are the same as those described in Note 2 and in our Annual Report. Adjusted EBITDA for each segment is defined as income (loss) from continuing operations before interest expense, net, provision (benefit) for income taxes, depreciation and amortization, and also excludes certain items that we believe are not indicative of our core operating results, specifically: (i) (gain) loss on disposal/write-down of property, plant and equipment (excluding real estate), net; (ii) intangible impairments; (iii) other (income) expense, net; (iv) gain on sale of real estate, net of tax; and (v) Significant Acquisition Costs (as defined below). Internally, we use Adjusted EBITDA as the basis for evaluating the performance of, and allocating resources to, our operating segments. A reconciliation of Adjusted EBITDA to income (loss) from continuing operations on a consolidated basis is as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2017 |  | 2018 |  | 2017 |  | 2018
Adjusted EBITDA | $ | 318,054 |  |  | $ | 369,454 |  |  | $ | 610,628 |  |  | $ | 712,469 |
(Add)/Deduct: |  |  |  |  |  |  |
Gain on Sale of Real Estate, Net of Tax | (1,563 | ) |  | — |  |  | (1,563 | ) |  | — |
Provision (Benefit) for Income Taxes | 18,009 |  |  | 26,405 |  |  | 27,229 |  |  | 27,573 |
Other (Income) Expense, Net | (19,366 | ) |  | (19,056 | ) |  | (25,730 | ) |  | 1,095 |
Interest Expense, Net | 89,966 |  |  | 102,107 |  |  | 176,021 |  |  | 199,733 |
(Gain) loss on disposal/write-down of property, plant and equipment (excluding real estate), net | (216 | ) |  | (546 | ) |  | (675 | ) |  | (1,676 | )
Depreciation and Amortization | 128,099 |  |  | 156,220 |  |  | 252,806 |  |  | 316,798 |
Significant Acquisition Costs(1) | 19,977 |  |  | 10,421 |  |  | 40,548 |  |  | 29,429 |
Income (Loss) from Continuing Operations | $ | 83,148 |  |  | $ | 93,903 |  |  | $ | 141,992 |  |  | $ | 139,517 |
_______________________________________________________________________________
(1) | Represents operating expenditures associated with (1) the Recall Transaction (as defined in Note 1 to Notes to Consolidated Financial Statements included in our Annual Report), including: (i) advisory and professional fees to complete the Recall Transaction; (ii) costs associated with the Divestments (as defined in Note 14 to Notes to Consolidated Financial Statements included in our Annual Report) required in connection with receipt of regulatory approvals (including transitional services); and (iii) costs to integrate Recall Holdings Limited ("Recall") with our existing operations, including moving, severance, facility upgrade, REIT conversion and system upgrade costs, as well as certain costs associated with our shared service center initiative for our finance, human resources and information technology functions; and (2) the advisory and professional fees to complete the IODC Transaction (collectively, "Significant Acquisition Costs").

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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