XML 42 R28.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Debt (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2018
Debt Disclosure [Abstract] |
Schedule of carrying amount and fair value of long-term debt instruments | Long-term debt is as follows:
|  | December 31, 2017 |  |  | December 31, 2018
|  | Debt (inclusive of discount) |  | Unamortized Deferred Financing Costs |  | Carrying Amount |  | Fair Value |  |  | Debt (inclusive of discount) |  | Unamortized Deferred Financing Costs |  | Carrying Amount |  | Fair Value
Revolving Credit Facility(1) |  | 466,593 |  |  | (14,407 | ) |  | 452,186 |  |  | 466,593 |  |  |  | 793,832 |  |  | (14,117 | ) |  | 779,715 |  |  | 793,832 |
Term Loan A(1) |  | 243,750 |  |  | — |  |  | 243,750 |  |  | 243,750 |  |  |  | 240,625 |  |  | — |  |  | 240,625 |  |  | 240,625 |
Term Loan B(1)(2) |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 693,169 |  |  | (8,742 | ) |  | 684,427 |  |  | 660,013 |
Australian Dollar Term Loan (the "AUD Term Loan")(3)(4) |  | 187,504 |  |  | (3,382 | ) |  | 184,122 |  |  | 189,049 |  |  |  | 233,955 |  |  | (3,084 | ) |  | 230,871 |  |  | 235,645 |
UK Bilateral Revolving Credit Facility ("UK Bilateral Facility")(4) |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 178,299 |  |  | (2,357 | ) |  | 175,942 |  |  | 178,299 |
4 3/8% Senior Notes due 2021 (the "4 3/8% Notes")(5)(6)(7) |  | 500,000 |  |  | (5,874 | ) |  | 494,126 |  |  | 507,500 |  |  |  | 500,000 |  |  | (4,155 | ) |  | 495,845 |  |  | 488,750 |
6% Senior Notes due 2023 (the "6% Notes due 2023")(5)(6) |  | 600,000 |  |  | (6,224 | ) |  | 593,776 |  |  | 625,500 |  |  |  | 600,000 |  |  | (5,126 | ) |  | 594,874 |  |  | 606,000 |
5 3/8% CAD Senior Notes due 2023 (the "CAD Notes due 2023")(5)(7)(8) |  | 199,171 |  |  | (3,295 | ) |  | 195,876 |  |  | 208,631 |  |  |  | 183,403 |  |  | (2,506 | ) |  | 180,897 |  |  | 186,154 |
5 3/4% Senior Subordinated Notes due 2024 (the "5 3/4% Notes")(5)(6) |  | 1,000,000 |  |  | (9,156 | ) |  | 990,844 |  |  | 1,012,500 |  |  |  | 1,000,000 |  |  | (7,782 | ) |  | 992,218 |  |  | 940,000 |
3% Euro Senior Notes due 2025 (the "Euro Notes")(5)(6)(7) |  | 359,386 |  |  | (4,691 | ) |  | 354,695 |  |  | 364,776 |  |  |  | 343,347 |  |  | (4,098 | ) |  | 339,249 |  |  | 321,029 |
3 7/8% GBP Senior Notes due 2025 (the "GBP Notes due 2025")(5)(7)(9) |  | 539,702 |  |  | (7,718 | ) |  | 531,984 |  |  | 527,559 |  |  |  | 509,425 |  |  | (6,573 | ) |  | 502,852 |  |  | 453,811 |
5 3/8% Senior Notes due 2026 (the "5 3/8% Notes")(5)(7)(10) |  | 250,000 |  |  | (3,615 | ) |  | 246,385 |  |  | 256,875 |  |  |  | 250,000 |  |  | (3,185 | ) |  | 246,815 |  |  | 224,375 |
4 7/8% Senior Notes due 2027 (the "4 7/8% Notes")(5)(6)(7) |  | 1,000,000 |  |  | (13,866 | ) |  | 986,134 |  |  | 1,000,000 |  |  |  | 1,000,000 |  |  | (12,442 | ) |  | 987,558 |  |  | 855,000 |
5 1/4% Senior Notes due 2028 (the "5 1/4% Notes")(5)(6)(7) |  | 825,000 |  |  | (11,817 | ) |  | 813,183 |  |  | 826,031 |  |  |  | 825,000 |  |  | (10,923 | ) |  | 814,077 |  |  | 713,625 |
Real Estate Mortgages, Capital Leases and Other(11) |  | 649,432 |  |  | (566 | ) |  | 648,866 |  |  | 649,432 |  |  |  | 606,702 |  |  | (171 | ) |  | 606,531 |  |  | 606,702 |
Accounts Receivable Securitization Program(12) |  | 258,973 |  |  | (356 | ) |  | 258,617 |  |  | 258,973 |  |  |  | 221,673 |  |  | (218 | ) |  | 221,455 |  |  | 221,673 |
Mortgage Securitization Program(13) |  | 50,000 |  |  | (1,273 | ) |  | 48,727 |  |  | 50,000 |  |  |  | 50,000 |  |  | (1,128 | ) |  | 48,872 |  |  | 50,000 |
Total Long-term Debt |  | 7,129,511 |  |  | (86,240 | ) |  | 7,043,271 |  |  |  |  |  |  | 8,229,430 |  |  | (86,607 | ) |  | 8,142,823 |  |  |
Less Current Portion |  | (146,300 | ) |  | — |  |  | (146,300 | ) |  |  |  |  |  | (126,406 | ) |  | — |  |  | (126,406 | ) |  |  |
Long-term Debt, Net of Current Portion |  | $ | 6,983,211 |  |  | $ | (86,240 | ) |  | $ | 6,896,971 |  |  |  |  |  |  | $ | 8,103,024 |  |  | $ | (86,607 | ) |  | $ | 8,016,417 |  |  |  |
______________________________________________________________
(1) | The capital stock or other equity interests of most of our United States subsidiaries, and up to 66% of the capital stock or other equity interests of most of our first-tier foreign subsidiaries, are pledged to secure these debt instruments, together with all intercompany obligations (including promissory notes) of subsidiaries owed to us or to one of our United States subsidiary guarantors. In addition, Iron Mountain Canada Operations ULC ("Canada Company") has pledged 66% of the capital stock of its subsidiaries, and all intercompany obligations (including promissory notes) owed to or held by it, to secure the Canadian dollar subfacility under the Revolving Credit Facility. The fair value (Level 3 of fair value hierarchy described at Note 2.s.) of these debt instruments approximates the carrying value (as borrowings under these debt instruments are based on current variable market interest rates (plus a margin that is subject to change based on our consolidated leverage ratio)), as of December 31, 2017 and 2018, respectively.
(2) | The amount of debt for the Term Loan B (as defined below) reflects an unamortized original issue discount of $1,581 as of December 31, 2018.
(3) | The amount of debt for the AUD Term Loan reflects an unamortized original issue discount of $1,545 and $1,690 as of December 31, 2017 and 2018, respectively.
(4) | The fair value (Level 3 of fair value hierarchy described at Note 2.s.) of this debt instrument approximates the carrying value as borrowings under this debt instrument are based on a current variable market interest rate.
(5) | The fair values (Level 1 of fair value hierarchy described at Note 2.s.) of these debt instruments are based on quoted market prices for these notes on December 31, 2017 and 2018, respectively.
(6) | Collectively, the "Parent Notes". IMI is the direct obligor on the Parent Notes, which are fully and unconditionally guaranteed, on a senior or senior subordinated basis, as the case may be, by IMI's direct and indirect 100% owned United States subsidiaries that represent the substantial majority of our United States operations (the "Guarantors"). These guarantees are joint and several obligations of the Guarantors. The remainder of our subsidiaries do not guarantee the Parent Notes. See Note 5.
(7) | The 4 3/8% Notes, the CAD Notes due 2023, the Euro Notes, the GBP Notes due 2025, the 5 3/8% Notes, the 4 7/8% Notes and the 5 1/4% Notes (collectively, the "Unregistered Notes") have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or under the securities laws of any other jurisdiction. Unless they are registered, the Unregistered Notes may be offered only in transactions that are exempt from registration under the Securities Act or the securities laws of any other jurisdiction.
(8) | Canada Company is the direct obligor on the CAD Notes due 2023, which are fully and unconditionally guaranteed, on a senior basis, by IMI and the Guarantors. These guarantees are joint and several obligations of IMI and the Guarantors. See Note 5.
(9) | Iron Mountain (UK) PLC ("IM UK") is the direct obligor on the GBP Notes due 2025, which are fully and unconditionally guaranteed, on a senior basis, by IMI and the Guarantors. These guarantees are joint and several obligations of IMI and the Guarantors. See Note 5.
(10) | Iron Mountain US Holdings, Inc. ("IM US Holdings"), one of the Guarantors, is the direct obligor on the 5 3/8% Notes, which are fully and unconditionally guaranteed, on a senior basis, by IMI and the other Guarantors. These guarantees are joint and several obligations of IMI and such Guarantors. See Note 5.
(11) | Includes (i) real estate mortgages of $20,183 and $18,576 as of December 31, 2017 and 2018, respectively, which bear interest at approximately 4.3% as of December 31, 2017 and 4.1% as of December 31, 2018 and are payable in various installments through 2021, (ii) capital lease obligations of $436,285 and $447,173 as of December 31, 2017 and 2018, respectively, which bear a weighted average interest rate of 4.9% at December 31, 2017 and 5.7% at December 31, 2018, and (iii) other notes and other obligations, which were assumed by us as a result of certain acquisitions, of $192,964 and $140,953 as of December 31, 2017 and 2018, respectively, and bear a weighted average interest rate of 11.2% at December 31, 2017 and 11.1% at December 31, 2018, respectively. We believe the fair value (Level 3 of fair value hierarchy described at Note 2.s.) of this debt approximates its carrying value.
(12) | The Accounts Receivable Securitization Special Purpose Subsidiaries are the obligors under this program. We believe the fair value (Level 3 of fair value hierarchy described at Note 2.s.) of this debt approximates its carrying value.
(13) | The Mortgage Securitization Special Purpose Subsidiary is the obligor under this program. We believe the fair value (Level 3 of fair value hierarchy described at Note 2.s.) of this debt approximates its carrying value.
Schedule of redemption dates and prices of the senior or senior subordinated notes | The following table presents the various redemption dates and prices of the senior or senior subordinated notes. The redemption dates reflect the date at or after which the notes may be redeemed at our option at a premium redemption price. After these dates, the notes may be redeemed at 100% of face value:
Redemption Date |  | 4 3/8% Notes June 1, |  | 6% Notes due 2023 August 15, |  | CAD Notes due 2023 September 15, |  | 5 3/4% Notes August 15, |  | Euro Notes January 15, |  | GBP Notes due 2025 November 15, |  | 5 3/8% Notes June 1, |  | 4 7/8% Notes September 15, |  | 5 1/4% Notes March 15, |
2019 |  | 101.094 | % | (1) | 102.000 | % | (1) | 104.031 | % | (1) | 100.958 | % | (1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
2020 |  | 100.000 | % |  | 101.000 | % |  | 102.688 | % |  | 100.000 | % |  | 101.500 | % | (1) | 101.938 | % | (1) | — |  |  | — |  |  | — |  |
2021 |  | 100.000 | % |  | 100.000 | % |  | 101.344 | % |  | 100.000 | % |  | 100.750 | % |  | 100.969 | % |  | 102.688 | % | (1) | — |  |  | — |  |
2022 |  | — |  |  | 100.000 | % |  | 100.000 | % |  | 100.000 | % |  | 100.000 | % |  | 100.000 | % |  | 101.792 | % |  | 102.438 | % | (1) | 102.625 | % | (1)
2023 |  | — |  |  | 100.000 | % |  | 100.000 | % |  | 100.000 | % |  | 100.000 | % |  | 100.000 | % |  | 100.896 | % |  | 101.625 | % |  | 101.750 | % |
2024 |  | — |  |  | — |  |  | — |  |  | 100.000 | % |  | 100.000 | % |  | 100.000 | % |  | 100.000 | % |  | 100.813 | % |  | 100.875 | % |
2025 |  | — |  |  | — |  |  | — |  |  | — |  |  | 100.000 | % |  | 100.000 | % |  | 100.000 | % |  | 100.000 | % |  | 100.000 | % |
2026 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 100.000 | % |  | 100.000 | % |  | 100.000 | % |
2027 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 100.000 | % |  | 100.000 | % |
2028 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 100.000 | % |
_______________________________________________________________________________
(1) | Prior to this date, the relevant notes are redeemable, at our option, in whole or in part, at a specified redemption price or make-whole price, as the case may be.
Schedule of maturities of long-term debt | Maturities of long-term debt (gross of discounts) are as follows:
Year |  | Amount
2019 |  | $ | 126,406 |
2020 |  | 381,741 |
2021 |  | 583,759 |
2022 |  | 447,153 |
2023 |  | 1,800,128 |
Thereafter |  | 4,893,514 |
|  | 8,232,701 |
Net Discounts |  | (3,271 | )
Net Deferred Financing Costs |  | (86,607 | )
Total Long-term Debt (including current portion) |  | $ | 8,142,823 |
Schedule of leverage and fixed charge ratios | Our leverage and fixed charge coverage ratios under the Credit Agreement as of December 31, 2017 and 2018, as well as our leverage ratio under our indentures as of December 31, 2017 and 2018 are as follows:
| December 31, 2017 |  | December 31, 2018 |  | Maximum/Minimum Allowable
Net total lease adjusted leverage ratio | 5.0 |  |  | 5.6 |  |  | Maximum allowable of 6.5
Net secured debt lease adjusted leverage ratio | 1.6 |  |  | 2.6 |  |  | Maximum allowable of 4.0
Bond leverage ratio (not lease adjusted) | 5.8 |  |  | 5.8 |  |  | Maximum allowable of 6.5-7.0(1)(2)
Fixed charge coverage ratio | 2.1 |  |  | 2.2 |  |  | Minimum allowable of 1.5
______________________________________________________________
(1) | The maximum allowable leverage ratio under our indentures for the 4 7/8% Notes, the GBP Notes due 2025 and the 5 1/4% Notes is 7.0, while the maximum allowable leverage ratio under the indentures pertaining to our remaining senior and senior subordinated notes is 6.5. In certain instances as provided in our indentures, we have the ability to incur additional indebtedness that would result in our bond leverage ratio exceeding the maximum allowable ratio under our indentures and still remain in compliance with the covenant.
(2) | At December 31, 2017, a portion of the net proceeds from the 5 1/4% Notes, together with a portion of the net proceeds of the Equity Offering (as defined in Note 12), were used to temporarily repay approximately $807,000 of outstanding indebtedness under our Revolving Credit Facility until the closing of the IODC Transaction, which occurred on January 10, 2018 (as described in Note 6). The bond leverage ratio at December 31, 2017 is calculated based on our outstanding indebtedness at this date, which reflects the temporary payment of the Revolving Credit Facility.

X
- Definition [Table Text Block] for Schedule of Leverage and Fixed Charge Ratios [Table] + References No definition available. + Details
Name: | irm_ScheduleofLeverageandFixedChargeRatiosTableTextBlock
Namespace Prefix: | irm_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of debt instruments or arrangements with redemption features. Includes, but is not limited to, description of debt redemption features, percentage price at which debt can be redeemed by the issuer, and period start and end for debt maturity or redemption. + References No definition available. + Details
Name: | us-gaap_DebtInstrumentRedemptionTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration