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Segment Information | 9 Months Ended
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Sep. 30, 2019
Segment Reporting [Abstract] |
Segment Information | Our six reportable operating segments as of December 31, 2018 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, 2018, other than the impact of the Consumer Storage Transaction (as defined in Note 10). Prior to the Consumer Storage Transaction, our consumer storage business was a component of our Corporate and Other Business Segment. The 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 2018 as described in Note 9 to Notes to Consolidated Financial Statements included in our Annual Report. The operations associated with acquisitions completed during the first nine months of 2019 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 September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Revenues |  | $ | 542,044 |  |  | $ | 96,552 |  |  | $ | 121,437 |  |  | $ | 197,728 |  |  | $ | 64,418 |  |  | $ | 40,045 |  |  | $ | 1,062,224 |
Storage Rental |  | 317,820 |  |  | 66,497 |  |  | 78,009 |  |  | 128,715 |  |  | 62,001 |  |  | 20,276 |  |  | 673,318 |
Service |  | 224,224 |  |  | 30,055 |  |  | 43,428 |  |  | 69,013 |  |  | 2,417 |  |  | 19,769 |  |  | 388,906 |
Depreciation and Amortization |  | 58,801 |  |  | 6,709 |  |  | 13,257 |  |  | 30,008 |  |  | 34,067 |  |  | 14,719 |  |  | 157,561 |
Depreciation |  | 45,394 |  |  | 4,620 |  |  | 9,137 |  |  | 17,512 |  |  | 20,193 |  |  | 11,296 |  |  | 108,152 |
Amortization |  | 13,407 |  |  | 2,089 |  |  | 4,120 |  |  | 12,496 |  |  | 13,874 |  |  | 3,423 |  |  | 49,409 |
Adjusted EBITDA |  | 246,415 |  |  | 54,378 |  |  | 38,639 |  |  | 62,120 |  |  | 32,261 |  |  | (58,112 | ) |  | 375,701 |
Expenditures for Segment Assets |  | 64,098 |  |  | 2,822 |  |  | 18,125 |  |  | 43,290 |  |  | 58,060 |  |  | 14,883 |  |  | 201,278 |
Capital Expenditures (see Liquidity and Capital Resources section of Management's Discussion & Analysis of Financial Condition and Results of Operations) |  | 46,376 |  |  | 2,822 |  |  | 16,191 |  |  | 28,944 |  |  | 57,267 |  |  | 14,883 |  |  | 166,483 |
Cash Paid for Acquisitions, Net of Cash Acquired |  | — |  |  | — |  |  | — |  |  | 11,848 |  |  | — |  |  | — |  |  | 11,848 |
Acquisitions of Customer Relationships, Customer Inducements and Contract Fulfillment Costs and third-party commissions |  | 17,722 |  |  | — |  |  | 1,934 |  |  | 2,498 |  |  | 793 |  |  | — |  |  | 22,947 |
For the Three Months Ended September 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Revenues |  | $ | 539,603 |  |  | $ | 97,477 |  |  | $ | 126,354 |  |  | $ | 200,639 |  |  | $ | 63,380 |  |  | $ | 33,538 |  |  | $ | 1,060,991 |
Storage Rental |  | 306,633 |  |  | 67,779 |  |  | 79,492 |  |  | 124,920 |  |  | 60,039 |  |  | 18,110 |  |  | 656,973 |
Service |  | 232,970 |  |  | 29,698 |  |  | 46,862 |  |  | 75,719 |  |  | 3,341 |  |  | 15,428 |  |  | 404,018 |
Depreciation and Amortization |  | 59,869 |  |  | 9,472 |  |  | 14,316 |  |  | 31,487 |  |  | 27,965 |  |  | 14,688 |  |  | 157,797 |
Depreciation |  | 46,756 |  |  | 7,277 |  |  | 9,996 |  |  | 19,272 |  |  | 16,431 |  |  | 13,258 |  |  | 112,990 |
Amortization |  | 13,113 |  |  | 2,195 |  |  | 4,320 |  |  | 12,215 |  |  | 11,534 |  |  | 1,430 |  |  | 44,807 |
Adjusted EBITDA |  | 248,600 |  |  | 53,484 |  |  | 40,817 |  |  | 60,106 |  |  | 27,299 |  |  | (67,976 | ) |  | 362,330 |
Expenditures for Segment Assets |  | 53,665 |  |  | 5,033 |  |  | 2,774 |  |  | 49,330 |  |  | 42,585 |  |  | 29,435 |  |  | 182,822 |
Capital Expenditures (see Liquidity and Capital Resources section of Management's Discussion & Analysis of Financial Condition and Results of Operations) |  | 31,373 |  |  | 5,033 |  |  | 551 |  |  | 21,929 |  |  | 41,896 |  |  | 11,570 |  |  | 112,352 |
Cash Paid for Acquisitions, Net of Cash Acquired |  | — |  |  | — |  |  | — |  |  | 26,277 |  |  | — |  |  | 17,865 |  |  | 44,142 |
Acquisitions of Customer Relationships, Customer Inducements and Contract Fulfillment Costs |  | 22,292 |  |  | — |  |  | 2,223 |  |  | 1,124 |  |  | 689 |  |  | — |  |  | 26,328 |
|  | 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 Nine Months Ended September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Revenues |  | $ | 1,608,697 |  |  | $ | 289,714 |  |  | $ | 377,517 |  |  | $ | 598,507 |  |  | $ | 188,245 |  |  | $ | 120,314 |  |  | $ | 3,182,994 |
Storage Rental |  | 938,161 |  |  | 199,819 |  |  | 237,258 |  |  | 387,086 |  |  | 182,301 |  |  | 60,955 |  |  | 2,005,580 |
Service |  | 670,536 |  |  | 89,895 |  |  | 140,259 |  |  | 211,421 |  |  | 5,944 |  |  | 59,359 |  |  | 1,177,414 |
Depreciation and Amortization |  | 181,494 |  |  | 27,011 |  |  | 42,842 |  |  | 91,367 |  |  | 98,370 |  |  | 43,291 |  |  | 484,375 |
Depreciation |  | 137,801 |  |  | 20,451 |  |  | 30,560 |  |  | 53,563 |  |  | 58,233 |  |  | 35,877 |  |  | 336,485 |
Amortization |  | 43,693 |  |  | 6,560 |  |  | 12,282 |  |  | 37,804 |  |  | 40,137 |  |  | 7,414 |  |  | 147,890 |
Adjusted EBITDA |  | 715,683 |  |  | 157,998 |  |  | 122,011 |  |  | 178,993 |  |  | 85,913 |  |  | (209,449 | ) |  | 1,051,149 |
Total Assets(1) |  | 5,742,593 |  |  | 860,101 |  |  | 1,319,442 |  |  | 2,620,709 |  |  | 2,349,917 |  |  | 684,405 |  |  | 13,577,167 |
Expenditures for Segment Assets |  | 166,908 |  |  | 13,708 |  |  | 72,560 |  |  | 93,373 |  |  | 314,242 |  |  | 42,831 |  |  | 703,622 |
Capital Expenditures (see Liquidity and Capital Resources section of Management's Discussion & Analysis of Financial Condition and Results of Operations) |  | 103,660 |  |  | 13,708 |  |  | 41,031 |  |  | 56,048 |  |  | 279,856 |  |  | 39,311 |  |  | 533,614 |
Cash Paid for Acquisitions, Net of Cash Acquired |  | 9,876 |  |  | — |  |  | 11,850 |  |  | 31,253 |  |  | — |  |  | 3,520 |  |  | 56,499 |
Acquisitions of Customer Relationships and Customer Inducements and Contract Fulfillment Costs and third-party commissions |  | 53,372 |  |  | — |  |  | 19,679 |  |  | 6,072 |  |  | 34,386 |  |  | — |  |  | 113,509 |
As of and for the Nine Months Ended September 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Revenues |  | $ | 1,605,526 |  |  | $ | 297,472 |  |  | $ | 393,869 |  |  | $ | 618,933 |  |  | $ | 164,878 |  |  | $ | 83,594 |  |  | $ | 3,164,272 |
Storage Rental |  | 917,347 |  |  | 205,833 |  |  | 245,883 |  |  | 386,278 |  |  | 157,479 |  |  | 50,741 |  |  | 1,963,561 |
Service |  | 688,179 |  |  | 91,639 |  |  | 147,986 |  |  | 232,655 |  |  | 7,399 |  |  | 32,853 |  |  | 1,200,711 |
Depreciation and Amortization |  | 183,591 |  |  | 29,114 |  |  | 49,372 |  |  | 93,724 |  |  | 72,736 |  |  | 46,058 |  |  | 474,595 |
Depreciation |  | 144,146 |  |  | 22,517 |  |  | 34,575 |  |  | 56,535 |  |  | 40,931 |  |  | 39,219 |  |  | 337,923 |
Amortization |  | 39,445 |  |  | 6,597 |  |  | 14,797 |  |  | 37,189 |  |  | 31,805 |  |  | 6,839 |  |  | 136,672 |
Adjusted EBITDA |  | 719,199 |  |  | 162,616 |  |  | 131,377 |  |  | 181,305 |  |  | 72,990 |  |  | (202,027 | ) |  | 1,065,460 |
Total Assets(1) |  | 4,961,149 |  |  | 823,868 |  |  | 1,104,221 |  |  | 2,328,574 |  |  | 2,159,955 |  |  | 433,103 |  |  | 11,810,870 |
Expenditures for Segment Assets |  | 138,210 |  |  | 15,529 |  |  | 37,813 |  |  | 111,777 |  |  | 1,745,770 |  |  | 55,426 |  |  | 2,104,525 |
Capital Expenditures (see Liquidity and Capital Resources section of Management's Discussion & Analysis of Financial Condition and Results of Operations) |  | 86,365 |  |  | 15,529 |  |  | 31,694 |  |  | 60,992 |  |  | 98,169 |  |  | 37,204 |  |  | 329,953 |
Cash Paid for Acquisitions, Net of Cash Acquired |  | 1,551 |  |  | — |  |  | — |  |  | 45,673 |  |  | 1,645,922 |  |  | 17,865 |  |  | 1,711,011 |
Acquisitions of Customer Relationships, Customer Inducements and Contract Fulfillment Costs |  | 50,294 |  |  | — |  |  | 6,119 |  |  | 5,112 |  |  | 1,679 |  |  | 357 |  |  | 63,561 |
______________________________________________________________
(1) | Excludes all intercompany receivables or payables and investment in subsidiary balances. Total assets as of September 30, 2019 reflects the adoption of ASU 2016-02.
The accounting policies of the reportable operating segments are the same as those described in Note 2 and in Note 2 to Notes to Consolidated Financial Statements included 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, net (including real estate); (ii) intangible impairments; (iii) other (income) expense, net (which includes foreign currency transaction (gains) losses, net); and (iv) 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 for the three and nine months ended September 30, 2019 and 2018 is as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
Adjusted EBITDA | $ | 375,701 |  |  | $ | 362,330 |  |  | $ | 1,051,149 |  |  | $ | 1,065,460 |
(Add)/Deduct: |  |  |  |  |  |  |
Provision (Benefit) for Income Taxes | 21,928 |  |  | 14,023 |  |  | 43,127 |  |  | 39,957 |
Other (Income) Expense, Net | (13,415 | ) |  | 325 |  |  | (13,397 | ) |  | 1,420 |
Interest Expense, Net | 106,677 |  |  | 103,938 |  |  | 314,427 |  |  | 303,836 |
(Gain) Loss on disposal/write-down of property, plant and equipment, net | (9,284 | ) |  | (388 | ) |  | (17,087 | ) |  | (2,064 | )
Depreciation and amortization | 157,561 |  |  | 157,797 |  |  | 484,375 |  |  | 474,595 |
Significant Acquisition Costs(1) | 3,950 |  |  | 9,286 |  |  | 8,597 |  |  | 38,715 |
Income (Loss) from Continuing Operations | $ | 108,284 |  |  | $ | 77,349 |  |  | $ | 231,107 |  |  | $ | 209,001 |
_______________________________________________________________________________
(1) | As defined in Note 9 to Notes to Consolidated Financial Statements included in our Annual Report.
Information as to our revenues by product and service lines by segment for the three and nine months ended September 30, 2019 and 2018 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 |  | Total Consolidated
For the Three Months Ended September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Records Management(1) |  | $ | 452,336 |  |  | $ | — |  |  | $ | 103,683 |  |  | $ | 169,748 |  |  | $ | — |  |  | $ | 23,837 |  |  | $ | 749,604 |
Data Management(1) |  | — |  |  | 93,016 |  |  | 17,551 |  |  | 18,884 |  |  | — |  |  | 16,208 |  |  | 145,659 |
Information Destruction(1)(2) |  | 89,708 |  |  | 3,536 |  |  | 203 |  |  | 9,096 |  |  | — |  |  | — |  |  | 102,543 |
Data Center |  | — |  |  | — |  |  | — |  |  | — |  |  | 64,418 |  |  | — |  |  | 64,418 |
Total Revenues |  | $ | 542,044 |  |  | $ | 96,552 |  |  | $ | 121,437 |  |  | $ | 197,728 |  |  | $ | 64,418 |  |  | $ | 40,045 |  |  | $ | 1,062,224 |
For the Three Months Ended September 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Records Management(1) |  | $ | 441,102 |  |  | $ | — |  |  | $ | 107,388 |  |  | $ | 173,426 |  |  | $ | — |  |  | $ | 19,183 |  |  | $ | 741,099 |
Data Management(1) |  | — |  |  | 94,917 |  |  | 18,914 |  |  | 18,541 |  |  | — |  |  | 14,355 |  |  | 146,727 |
Information Destruction(1)(2) |  | 98,501 |  |  | 2,560 |  |  | 52 |  |  | 8,672 |  |  | — |  |  | — |  |  | 109,785 |
Data Center |  | — |  |  | — |  |  | — |  |  | — |  |  | 63,380 |  |  | — |  |  | 63,380 |
Total Revenues |  | $ | 539,603 |  |  | $ | 97,477 |  |  | $ | 126,354 |  |  | $ | 200,639 |  |  | $ | 63,380 |  |  | $ | 33,538 |  |  | $ | 1,060,991 |
For the Nine Months Ended September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Records Management(1) |  | $ | 1,322,488 |  |  | $ | — |  |  | $ | 321,759 |  |  | $ | 515,158 |  |  | $ | — |  |  | $ | 74,377 |  |  | $ | 2,233,782 |
Data Management(1) |  | — |  |  | 280,157 |  |  | 54,345 |  |  | 56,898 |  |  | — |  |  | 45,937 |  |  | 437,337 |
Information Destruction(1)(2) |  | 286,209 |  |  | 9,557 |  |  | 1,413 |  |  | 26,451 |  |  | — |  |  | — |  |  | 323,630 |
Data Center |  | — |  |  | — |  |  | — |  |  | — |  |  | 188,245 |  |  | — |  |  | 188,245 |
Total Revenues |  | $ | 1,608,697 |  |  | $ | 289,714 |  |  | $ | 377,517 |  |  | $ | 598,507 |  |  | $ | 188,245 |  |  | $ | 120,314 |  |  | $ | 3,182,994 |
For the Nine Months Ended September 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Records Management(1) |  | $ | 1,317,505 |  |  | $ | — |  |  | $ | 335,072 |  |  | $ | 533,950 |  |  | $ | — |  |  | $ | 41,388 |  |  | $ | 2,227,915 |
Data Management(1) |  | — |  |  | 290,279 |  |  | 58,526 |  |  | 58,246 |  |  | — |  |  | 42,206 |  |  | 449,257 |
Information Destruction(1)(2) |  | 288,021 |  |  | 7,193 |  |  | 271 |  |  | 26,737 |  |  | — |  |  | — |  |  | 322,222 |
Data Center |  | — |  |  | — |  |  | — |  |  | — |  |  | 164,878 |  |  | — |  |  | 164,878 |
Total Revenues |  | $ | 1,605,526 |  |  | $ | 297,472 |  |  | $ | 393,869 |  |  | $ | 618,933 |  |  | $ | 164,878 |  |  | $ | 83,594 |  |  | $ | 3,164,272 |
____________________________________________________________________________
(1) | Each of the offerings within our product and service lines has a component of revenue that is storage rental related and a component that is service revenues, except for information destruction, which does not have a storage rental component.
(2) Includes secure shredding services.

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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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