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Segment Information | 6 Months Ended
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Jun. 30, 2020
Segment Reporting [Abstract] |
Segment Information | Our three reportable operating segments as of December 31, 2019 are described in Note 9 to Notes to Consolidated Financial Statements included in our Annual Report and are as follows:
• | Global Records and Information Management ("Global RIM") Business
• | Global Data Center Business
• | Corporate and Other Business
There have been no changes made to our reportable operating segments since December 31, 2019. The operations associated with acquisitions completed during the first six months of 2020 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:
| Global RIM Business |  | Global Data Center Business |  | Corporate and Other Business |  | Total Consolidated
For the Three Months Ended June 30, 2020 |  |  |  |  |  |  |
Total Revenues | $ | 877,102 |  |  | $ | 66,768 |  |  | $ | 38,369 |  |  | $ | 982,239 |
Storage Rental | 584,402 |  |  | 63,812 |  |  | 28,742 |  |  | 676,956 |
Service | 292,700 |  |  | 2,956 |  |  | 9,627 |  |  | 305,283 |
Depreciation and Amortization | 113,352 |  |  | 34,850 |  |  | 15,648 |  |  | 163,850 |
Depreciation | 76,589 |  |  | 22,412 |  |  | 13,927 |  |  | 112,928 |
Amortization | 36,763 |  |  | 12,438 |  |  | 1,721 |  |  | 50,922 |
Adjusted EBITDA | 383,816 |  |  | 30,558 |  |  | (71,490 | ) |  | 342,884 |
Expenditures for Segment Assets | 37,892 |  |  | 68,823 |  |  | 8,131 |  |  | 114,846 |
Capital Expenditures | 26,377 |  |  | 68,506 |  |  | 8,131 |  |  | 103,014 |
Cash Paid for Acquisitions, Net of Cash Acquired | 443 |  |  | — |  |  | — |  |  | 443 |
Acquisitions of Customer Relationships, Customer Inducements and Contract Fulfillment Costs | 11,072 |  |  | 317 |  |  | — |  |  | 11,389 |
For the Three Months Ended June 30, 2019 |  |  |  |  |  |  |
Total Revenues | $ | 954,856 |  |  | $ | 62,291 |  |  | $ | 49,760 |  |  | $ | 1,066,907 |
Storage Rental | 579,575 |  |  | 60,582 |  |  | 29,131 |  |  | 669,288 |
Service | 375,281 |  |  | 1,709 |  |  | 20,629 |  |  | 397,619 |
Depreciation and Amortization | 117,873 |  |  | 32,671 |  |  | 13,787 |  |  | 164,331 |
Depreciation | 82,776 |  |  | 19,027 |  |  | 11,919 |  |  | 113,722 |
Amortization | 35,097 |  |  | 13,644 |  |  | 1,868 |  |  | 50,609 |
Adjusted EBITDA | 395,579 |  |  | 27,641 |  |  | (72,278 | ) |  | 350,942 |
Expenditures for Segment Assets | 94,836 |  |  | 102,477 |  |  | 12,931 |  |  | 210,244 |
Capital Expenditures | 68,403 |  |  | 101,032 |  |  | 12,931 |  |  | 182,366 |
Cash Paid for Acquisitions, Net of Cash Acquired | 5,228 |  |  | — |  |  | — |  |  | 5,228 |
Acquisitions of Customer Relationships, Customer Inducements and Contract Fulfillment Costs and third-party commissions | 21,205 |  |  | 1,445 |  |  | — |  |  | 22,650 |
| Global RIM Business |  | Global Data Center Business |  | Corporate and Other Business |  | Total Consolidated
For the Six Months Ended June 30, 2020 |  |  |  |  |  |  |
Total Revenues | $ | 1,833,521 |  |  | $ | 134,125 |  |  | $ | 83,324 |  |  | $ | 2,050,970 |
Storage Rental | 1,174,415 |  |  | 128,407 |  |  | 57,681 |  |  | 1,360,503 |
Service | 659,106 |  |  | 5,718 |  |  | 25,643 |  |  | 690,467 |
Depreciation and Amortization | 225,564 |  |  | 70,117 |  |  | 30,753 |  |  | 326,434 |
Depreciation | 155,628 |  |  | 44,320 |  |  | 26,680 |  |  | 226,628 |
Amortization | 69,936 |  |  | 25,797 |  |  | 4,073 |  |  | 99,806 |
Adjusted EBITDA | 775,787 |  |  | 61,454 |  |  | (131,280 | ) |  | 705,961 |
Total Assets(1) | 10,576,969 |  |  | 2,561,441 |  |  | 1,229,143 |  |  | 14,367,553 |
Expenditures for Segment Assets | 214,392 |  |  | 112,383 |  |  | 20,488 |  |  | 347,263 |
Capital Expenditures | 68,075 |  |  | 111,595 |  |  | 20,488 |  |  | 200,158 |
Cash Paid for Acquisitions, Net of Cash Acquired | 118,512 |  |  | — |  |  | — |  |  | 118,512 |
Acquisitions of Customer Relationships, Customer Inducements and Contract Fulfillment Costs | 27,805 |  |  | 788 |  |  | — |  |  | 28,593 |
For the Six Months Ended June 30, 2019 |  |  |  |  |  |  |
Total Revenues | $ | 1,900,739 |  |  | $ | 123,827 |  |  | $ | 96,204 |  |  | $ | 2,120,770 |
Storage Rental | 1,155,348 |  |  | 120,300 |  |  | 56,614 |  |  | 1,332,262 |
Service | 745,391 |  |  | 3,527 |  |  | 39,590 |  |  | 788,508 |
Depreciation and Amortization | 233,928 |  |  | 64,303 |  |  | 28,583 |  |  | 326,814 |
Depreciation | 165,701 |  |  | 38,040 |  |  | 24,592 |  |  | 228,333 |
Amortization | 68,227 |  |  | 26,263 |  |  | 3,991 |  |  | 98,481 |
Adjusted EBITDA | 761,415 |  |  | 53,652 |  |  | (139,619 | ) |  | 675,448 |
Total Assets(1) | 10,779,505 |  |  | 2,330,535 |  |  | 610,942 |  |  | 13,720,982 |
Expenditures for Segment Assets | 217,993 |  |  | 256,182 |  |  | 28,169 |  |  | 502,344 |
Capital Expenditures | 119,893 |  |  | 222,589 |  |  | 24,649 |  |  | 367,131 |
Cash Paid for Acquisitions, Net of Cash Acquired | 41,131 |  |  | — |  |  | 3,520 |  |  | 44,651 |
Acquisitions of Customer Relationships, Customer Inducements and Contract Fulfillment Costs and third-party commissions | 56,969 |  |  | 33,593 |  |  | — |  |  | 90,562 |
_______________________________________________________________
(1) | Excludes all intercompany receivables or payables and investment in subsidiary balances.
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 (loss) income 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: (1) (gain) loss on disposal/write-down of property, plant and equipment, net (including real estate); (2) intangible impairments; (3) other expense (income), net (which includes foreign currency transaction (gains) losses, net, and debt extinguishment expense); (4) Significant Acquisition Costs; (5) Restructuring Charges (as defined in Note 10); and (6) COVID-19 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 (Loss) Income from Continuing Operations to Adjusted EBITDA on a consolidated basis for the three and six months ended June 30, 2020 and 2019 is as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
(Loss) Income from Continuing Operations | $ | (7,113 | ) |  | $ | 92,347 |  |  | $ | 57,779 |  |  | $ | 122,823 |
Add/(Deduct): |  |  |  |  |  |  |
Provision (Benefit) for Income Taxes | 9,683 |  |  | 10,646 |  |  | 19,370 |  |  | 21,199 |
Other Expense (Income), Net | 25,700 |  |  | (15,192 | ) |  | (17,026 | ) |  | 18 |
Interest Expense, Net | 103,456 |  |  | 105,314 |  |  | 209,105 |  |  | 207,750 |
(Gain) Loss on disposal/write-down of property, plant and equipment, net | (1,275 | ) |  | (8,405 | ) |  | (2,330 | ) |  | (7,803 | )
Depreciation and amortization | 163,850 |  |  | 164,331 |  |  | 326,434 |  |  | 326,814 |
Significant Acquisition Costs | — |  |  | 1,901 |  |  | — |  |  | 4,647 |
Restructuring Charges | 39,298 |  |  | — |  |  | 80,344 |  |  | — |
COVID-19 Costs(1) | 9,285 |  |  | — |  |  | 9,285 |  |  | — |
Intangible impairments | — |  |  | — |  |  | 23,000 |  |  | — |
Adjusted EBITDA | $ | 342,884 |  |  | $ | 350,942 |  |  | $ | 705,961 |  |  | $ | 675,448 |
_______________________________________________________________
(1) | Costs that are incremental and directly attributable to the COVID-19 pandemic which are not expected to recur once the pandemic ends ("COVID-19 Costs"). For the three and six months ended June 30, 2020, approximately $7,600 and $1,600 of COVID-19 Costs are included within in Cost of sales and Selling, general and administrative expenses, respectively, on our Condensed Consolidated Statements of Operations. These costs primarily consist of incremental cleaning costs, the purchase of personal protective equipment for our employees and legal and professional fees.
Information as to our revenues by product and service lines by segment for the three and six months ended June 30, 2020 and 2019 are as follows:
| Global RIM Business |  | Global Data Center Business |  | Corporate and Other Business |  | Total Consolidated
For the Three Months Ended June 30, 2020 |  |  |  |  |  |  |
Records Management(1) | $ | 678,969 |  |  | $ | — |  |  | $ | 21,079 |  |  | $ | 700,048 |
Data Management(1) | 119,259 |  |  | — |  |  | 17,290 |  |  | 136,549 |
Information Destruction(1)(2) | 78,874 |  |  | — |  |  | — |  |  | 78,874 |
Data Center | — |  |  | 66,768 |  |  | — |  |  | 66,768 |
Total Revenues | $ | 877,102 |  |  | $ | 66,768 |  |  | $ | 38,369 |  |  | $ | 982,239 |
For the Three Months Ended June 30, 2019 |  |  |  |  |  |  |
Records Management(1) | $ | 716,605 |  |  | $ | — |  |  | $ | 34,177 |  |  | $ | 750,782 |
Data Management(1) | 128,847 |  |  | — |  |  | 15,583 |  |  | 144,430 |
Information Destruction(1)(2) | 109,404 |  |  | — |  |  | — |  |  | 109,404 |
Data Center | — |  |  | 62,291 |  |  | — |  |  | 62,291 |
Total Revenues | $ | 954,856 |  |  | $ | 62,291 |  |  | $ | 49,760 |  |  | $ | 1,066,907 |
For the Six Months Ended June 30, 2020 |  |  |  |  |  |  |
Records Management(1) | $ | 1,406,585 |  |  | $ | — |  |  | $ | 49,955 |  |  | $ | 1,456,540 |
Data Management(1) | 245,157 |  |  | — |  |  | 33,369 |  |  | 278,526 |
Information Destruction(1)(2) | 181,779 |  |  | — |  |  | — |  |  | 181,779 |
Data Center | — |  |  | 134,125 |  |  | — |  |  | 134,125 |
Total Revenues | $ | 1,833,521 |  |  | $ | 134,125 |  |  | $ | 83,324 |  |  | $ | 2,050,970 |
For the Six Months Ended June 30, 2019 |  |  |  |  |  |  |
Records Management(1) | $ | 1,417,703 |  |  | $ | — |  |  | $ | 66,475 |  |  | $ | 1,484,178 |
Data Management(1) | 261,949 |  |  | — |  |  | 29,729 |  |  | 291,678 |
Information Destruction(1)(2) | 221,087 |  |  | — |  |  | — |  |  | 221,087 |
Data Center | — |  |  | 123,827 |  |  | — |  |  | 123,827 |
Total Revenues | $ | 1,900,739 |  |  | $ | 123,827 |  |  | $ | 96,204 |  |  | $ | 2,120,770 |
_______________________________________________________________
(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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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