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Debt (Tables)
 6 Months Ended
Jun. 30, 2019
Debt Disclosure [Abstract]  
Schedule of Carrying Amount and Fair Value of Long-Term Debt Instruments
Long-term debt is as follows:
 
 
June 30, 2019
 
 
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)
 
$
1,181,376

 
$
(12,548
)

$
1,168,828

 
$
1,181,376

 
 
$
793,832


$
(14,117
)

$
779,715

 
$
793,832

Term Loan A(1)
 
234,375

 
—

 
234,375

 
234,375

 
 
240,625


—


240,625

 
240,625

Term Loan B(2)
 
689,782

 
(8,118
)
 
681,664

 
668,784

 
 
693,169

 
(8,742
)
 
684,427

 
660,013

Australian Dollar Term Loan (the "AUD Term Loan")(3)
 
230,048

 
(2,691
)
 
227,357

 
231,506

 
 
233,955


(3,084
)

230,871

 
235,645

UK Bilateral Revolving Credit Facility ("UK Bilateral Facility")(4)
 
177,762

 
(2,030
)
 
175,732

 
177,762

 
 
178,299

 
(2,357
)
 
175,942

 
178,299

43/8% Senior Notes due 2021 (the "43/8% Notes")(5)
 
500,000

 
(3,295
)
 
496,705

 
505,000

 
 
500,000


(4,155
)

495,845

 
488,750

6% Senior Notes due 2023 (the "6% Notes due 2023")(5)
 
600,000

 
(4,576
)
 
595,424

 
612,000

 
 
600,000


(5,126
)

594,874

 
606,000

53/8% CAD Senior Notes due 2023 (the "CAD Notes")
 
190,972

 
(2,335
)
 
188,637

 
192,882

 
 
183,403


(2,506
)

180,897

 
186,154

53/4% Senior Subordinated Notes due 2024 (the "53/4% Notes")(5)
 
1,000,000

 
(7,096
)
 
992,904

 
1,010,000

 
 
1,000,000


(7,782
)

992,218

 
940,000

3% Euro Senior Notes due 2025 (the "Euro Notes")(5)
 
341,128

 
(3,781
)
 
337,347

 
351,113

 
 
343,347


(4,098
)

339,249

 
321,029

37/8% GBP Senior Notes due 2025 (the "GBP Notes")
 
507,891

 
(6,074
)
 
501,817

 
502,192

 
 
509,425


(6,573
)

502,852

 
453,811

53/8% Senior Notes due 2026 (the "53/8% Notes")
 
250,000

 
(2,971
)
 
247,029

 
252,500

 
 
250,000


(3,185
)

246,815

 
224,375

47/8% Senior Notes due 2027 (the "47/8% Notes")(5)
 
1,000,000

 
(11,731
)
 
988,269

 
990,000

 
 
1,000,000


(12,442
)

987,558

 
855,000

51/4% Senior Notes due 2028 (the "51/4% Notes")(5)
 
825,000

 
(10,333
)
 
814,667

 
825,000

 
 
825,000


(10,923
)

814,077

 
713,625

Real Estate Mortgages, Financing Lease Liabilities and Other
 
559,622

 
(425
)
 
559,197

 
559,622

 
 
606,702


(171
)

606,531

 
606,702

Accounts Receivable Securitization Program(6)
 
254,962

 
(149
)
 
254,813

 
254,962

 
 
221,673


(218
)

221,455

 
221,673

Mortgage Securitization Program(7)
 
50,000

 
(1,055
)
 
48,945

 
50,000

 
 
50,000

 
(1,128
)
 
48,872

 
50,000

Total Long-term Debt
 
8,592,918

 
(79,208
)
 
8,513,710

 
 

 
 
8,229,430

 
(86,607
)
 
8,142,823

 
 
Less Current Portion
 
(123,527
)
 
—

 
(123,527
)
 
 

 
 
(126,406
)

—


(126,406
)
 
 

Long-term Debt, Net of Current Portion
 
$
8,469,391

 
$
(79,208
)
 
$
8,390,183

 
 

 
 
$
8,103,024


$
(86,607
)
 
$
8,016,417

 
 

______________________________________________________________
(1)
Collectively, the credit agreement ("Credit Agreement"). The Credit Agreement consists of a revolving credit facility (the "Revolving Credit Facility") and a term loan (the "Term Loan A"). The Credit Agreement is scheduled to mature on June 3, 2023. Of the $1,181,376 of outstanding borrowings under the Revolving Credit Facility as of June 30, 2019, 1,028,900 was denominated in United States dollars, 76,800 was denominated in Canadian dollars and 82,500 was denominated in Euros. In addition, we also had various outstanding letters of credit totaling $35,250. The remaining amount available for borrowing under the Revolving Credit Facility as of June 30, 2019 was $533,374 (which amount represents the maximum availability as of such date). The average interest rate in effect under the Credit Agreement was 4.0% as of June 30, 2019. The average interest rate in effect under the Revolving Credit Facility as of June 30, 2019 was 4.0% and the interest rate in effect under Term Loan A as of June 30, 2019 was 4.2%.
(2)
In connection with the 2018 First Amendment (as defined in Note 5 to Notes to Consolidated Financial Statements included in our Annual Report), Iron Mountain Information Management, LLC ("IMIM") entered into an incremental term loan activation notice (the "Activation Notice") with certain lenders pursuant to which the lenders party to the Activation Notice agreed to provide commitments to fund an incremental term loan B in the amount of $700,000 (the "Term Loan B"). On March 26, 2018, IMIM borrowed the full amount of the Term Loan B. The Term Loan B is scheduled to mature on January 2, 2026. The interest rate in effect as of June 30, 2019 was 4.2%. The amount of debt for the Term Loan B reflects an unamortized original issue discount of $1,468 and $1,581 as of June 30, 2019 and December 31, 2018, respectively.
(3)
The interest rate in effect as of June 30, 2019 was 5.1%. We had 329,688 Australian dollars outstanding on the AUD Term Loan as of June 30, 2019. The amount of debt for the AUD Term Loan reflects an unamortized original issue discount of $1,458 and $1,690 as of June 30, 2019 and December 31, 2018, respectively.
(4)
The interest rate in effect as of June 30, 2019 was 3.1%.
(5)
Collectively, the "Parent Notes".
(6)
The interest rate in effect as of June 30, 2019 was 3.4%.
(7)
The interest rate in effect as of June 30, 2019 was 3.5%.
Schedule of Net Cash Position in Cash Pool Agreements
The approximate amount of the net cash position for our QRS Cash Pool and the TRS Cash Pool and the approximate amount of the gross position and outstanding debit balances for each of these pools as of June 30, 2019 and December 31, 2018 are as follows:
 
June 30, 2019
 
December 31, 2018
 
Gross Cash Position
 
Outstanding Debit Balances
 
Net Cash Position
 
Gross Cash Position
 
Outstanding Debit Balances
 
Net Cash Position
QRS Cash Pool
$
308,200

 
$
(306,500
)
 
$
1,700

 
$
300,800

 
$
(298,800
)
 
$
2,000

TRS Cash Pool
295,500

 
(292,700
)
 
2,800

 
281,500

 
(279,300
)
 
2,200
Schedule of Leverage and Fixed Charge Ratios
Our leverage and fixed charge coverage ratios under the Credit Agreement as of June 30, 2019 and December 31, 2018, as well as our leverage ratio under our indentures as of June 30, 2019 and December 31, 2018 are as follows:
 
June 30, 2019
 
December 31, 2018
 
Maximum/Minimum Allowable
Net total lease adjusted leverage ratio
5.8

 
5.6

 
Maximum allowable of 6.5
Net secured debt lease adjusted leverage ratio
2.8

 
2.6

 
Maximum allowable of 4.0
Bond leverage ratio (not lease adjusted)
6.1

 
5.8

 
Maximum allowable of 6.5-7.0(1)
Fixed charge coverage ratio
2.2

 
2.2

 
Minimum allowable of 1.5
______________________________________________________________
(1)
The maximum allowable leverage ratio under our indentures for the 47/8% Notes, the GBP Notes and the 51/4% 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.