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Debt (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Carrying Amount and Fair Value of Long-term Debt Instruments
6. DEBT
Long-term debt is as follows:
 DECEMBER 31, 2020DECEMBER 31, 2019
 DEBT (INCLUSIVE OF DISCOUNT)UNAMORTIZED DEFERRED FINANCING COSTSCARRYING AMOUNTFAIR
VALUE		DEBT (INCLUSIVE OF DISCOUNT)UNAMORTIZED DEFERRED FINANCING COSTSCARRYING AMOUNTFAIR
VALUE
Revolving Credit Facility(1)
$— $(8,620)$(8,620)$— $348,808 $(12,053)$336,755 $348,808 
Term Loan A(1)
215,625 — 215,625 215,625 228,125 — 228,125 228,125 
Term Loan B(1)(2)
679,621 (6,244)673,377 680,750 686,395 (7,493)678,902 686,890 
Australian Dollar Term Loan (the “AUD Term Loan”)(3)(4)
243,152 (1,624)241,528 244,014 226,924 (2,313)224,611 228,156 
UK Bilateral Revolving Credit Facility(4)
191,101 (1,307)189,794 191,101 184,601 (1,801)182,800 184,601 
43/8% Senior Notes due 2021 (the “43/8% Notes”)(5)(6)(7)
— — — — 500,000 (2,436)497,564 503,450 
6% Senior Notes due 2023 (the “6% Notes”)(5)(6)
— — — — 600,000 (4,027)595,973 613,500 
53/8% CAD Senior Notes due 2023 (the “CAD Notes”)(5)(7)(8)
— — — — 192,058 (2,071)189,987 199,380 
53/4% Senior Subordinated Notes due 2024 (the “53/4% Notes”)(5)(6)
— — — — 1,000,000 (6,409)993,591 1,010,625 
3% Euro Senior Notes due 2025 (the “Euro Notes”)(5)(6)(7)
— — — — 336,468 (3,462)333,006 345,660 
37/8% GBP Senior Notes due 2025 (the “GBP Notes “)(5)(7)(9)
546,003 (4,983)541,020 553,101 527,432 (5,809)521,623 539,892 
53/8% Senior Notes due 2026 (the “53/8% Notes”)(5)(7)(10)
— — — — 250,000 (2,756)247,244 261,641 
47/8% Senior Notes due 2027 (the “47/8% Notes due 2027”)(5)(6)(7)
1,000,000 (9,598)990,402 1,046,250 1,000,000 (11,020)988,980 1,029,475 
51/4% Senior Notes due 2028 (the “51/4% Notes due 2028”)(5)(6)(7)
825,000 (8,561)816,439 868,313 825,000 (9,742)815,258 859,598 
5% Senior Notes due 2028 (the “5% Notes”)(5)(6)(7)
500,000 (5,486)494,514 523,125 — — — — 
47/8% Senior Notes due 2029 (the “47/8% Notes due 2029”)(5)(6)(7)
1,000,000 (12,658)987,342 1,050,000 1,000,000 (14,104)985,896 1,015,640 
51/4% Senior Notes due 2030 (the “51/4% Notes due 2030”)(5)(6)(7)
1,300,000 (14,416)1,285,584 1,400,750 — — — — 
41/2% Senior Notes due 2031 (the “41/2% Notes”)(5)(6)(7)
1,100,000 (12,648)1,087,352 1,138,500 — — — — 
55/8% Senior Notes due 2032 (the “55/8% Notes”)(5)(6)(7)
600,000 (6,727)593,273 660,000 — — — — 
Real Estate Mortgages, Financing Lease Liabilities and Other(11)
511,922 (1,086)510,836 511,922 573,671 (1,388)572,283 623,671 
Accounts Receivable Securitization Program(12)
85,000 (152)84,848 85,000 272,062 (81)271,981 272,062 
Total Long-term Debt8,797,424 (94,110)8,703,314 8,751,544 (86,965)8,664,579 
Less Current Portion(193,759)— (193,759)(389,013)— (389,013)
Long-term Debt, Net of Current Portion$8,603,665 $(94,110)$8,509,555 $8,362,531 $(86,965)$8,275,566 
6. DEBT (CONTINUED)
(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.o.) 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, 2020 and 2019.
(2)The amount of debt for the Term Loan B (as defined below) reflects an unamortized original issue discount of $1,129 and $1,355 as of December 31, 2020 and 2019, respectively.
(3)The amount of debt for the AUD Term Loan reflects an unamortized original issue discount of $862 and $1,232 as of December 31, 2020 and 2019, respectively.
(4)The fair value (Level 3 of fair value hierarchy described at Note 2.o.) 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.o.) of these debt instruments are based on quoted market prices for these notes on December 31, 2020 and 2019, respectively.
(6)Collectively, the “Parent Notes". IMI is the direct obligor on the Parent Notes, which are fully and unconditionally guaranteed, on a senior basis, 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.
(7)Collectively, the “Unregistered Notes". 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 was the direct obligor on the CAD Notes, which were fully and unconditionally guaranteed, on a senior basis, by IMI and the Guarantors. These guarantees were joint and several obligations of IMI and the Guarantors.
(9)Iron Mountain (UK) PLC (“IM UK”) is the direct obligor on the GBP Notes, 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.
(10)Iron Mountain US Holdings, Inc., one of the Guarantors, was the direct obligor on the 53/8% Notes, which were fully and unconditionally guaranteed, on a senior basis, by IMI and the other Guarantors. These guarantees were joint and several obligations of IMI and such Guarantors.
(11)We believe the fair value (Level 3 of fair value hierarchy described at Note 2.o.) of this debt approximates its carrying value. This debt includes the following:
 DECEMBER 31, 2020DECEMBER 31, 2019
Real estate mortgages(i)
$71,673 $77,036 
Financing lease liabilities(ii)
366,311 367,182 
Other notes and other obligations(iii)
73,938 129,453 
 $511,922 $573,671 
(i)Bear interest at approximately 3.3% and 3.9% at December 31, 2020 and 2019, respectively, and includes $50,000 outstanding under our Mortgage Securitization Program at both December 31, 2020 and 2019.
(ii)Bear a weighted average interest rate of 5.9% and 5.7% at December 31, 2020 and 2019, respectively.
(iii)These notes and other obligations, which were assumed by us as a result of certain acquisitions bear a weighted average interest rate of 10.7% and 10.8% at December 31, 2020 and 2019, respectively.
(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.o.) of this debt approximates its carrying value.
Schedule of Redemption Dates and Prices of the Senior or Senior Subordinated Notes
The key terms of our indentures are as follows:
SENIOR NOTESAGGREGATE
PRINCIPAL
AMOUNT		DIRECT
OBLIGOR		MATURITY DATECONTRACTUAL INTEREST RATEINTEREST PAYMENTS DUE
PAR CALL DATE(1)
GBP Notes£400,000  
IM UK
November 15, 2025
37/8%
May 15 and November 15November 15, 2022
47/8% Notes due 2027
$1,000,000 
IMI
September 15, 2027
47/8%
March 15 and September 15September 15, 2025
51/4% Notes due 2028
$825,000 
IMI
March 15, 2028
51/4%
March 15 and September 15March 15, 2025
5% Notes$500,000 
IMI
July 15, 2028
5%
January 15 and July 15July 15, 2025
47/8% Notes due 2029
$1,000,000 
IMI
September 15, 2029
47/8%
March 15 and September 15September 15, 2027
51/4% Notes due 2030
$1,300,000 
IMI
July 15, 2030
51/4%
January 15 and July 15July 15, 2028
41/2% Notes
$1,100,000 
IMI
February 15, 2031
41/2%
February 15 and August 15February 15, 2029
55/8% Notes
$600,000 
IMI
July 15, 2032
55/8%
January 15 and July 15July 15, 2029
(1)We may redeem the notes at any time, at our option, in whole or in part. Prior to the par call date, we may redeem the notes at the redemption price or make-whole premium specified in the applicable indenture, together with accrued and unpaid interest to, but excluding, the redemption date. On or after the par call date, we may redeem the notes at a price equal to 100% of the principal amount being redeemed, together with accrued and unpaid interest to, but excluding, the redemption date.
On June 22, 2020, IMI completed private offerings of the following series of notes in the amounts set forth below (collectively, the "June 2020 Offerings"):
SERIES OF NOTESAGGREGATE PRINCIPAL AMOUNT
5% Notes$500,000 
51/4% Notes due 2030
1,300,000 
55/8% Notes
600,000 
On August 18, 2020, IMI completed a private offering of:
SERIES OF NOTESAGGREGATE PRINCIPAL AMOUNT
41/2% Notes
$1,100,000 
Schedule of Net Cash Position in Cash Pool Agreements
The approximate amount of the net cash position, gross position and outstanding debit balances for the QRS Cash Pool and TRS Cash Pool as of December 31, 2020 and 2019 were as follows:
DECEMBER 31, 2020DECEMBER 31, 2019
 GROSS CASH POSITIONOUTSTANDING DEBIT BALANCESNET CASH POSITIONGROSS CASH POSITIONOUTSTANDING DEBIT BALANCESNET CASH POSITION
QRS Cash Pool$448,700 $(447,400)$1,300 $372,100 $(369,000)$3,100 
TRS Cash Pool555,500 (553,500)2,000 319,800 (301,300)18,500 
Schedule of Maturities of Long-term Debt MATURITIES OF LONG-TERM DEBT (GROSS OF DISCOUNTS) ARE AS FOLLOWS:
YEARAMOUNT
2021$193,759 
2022536,811 
2023232,264 
202445,680 
2025569,005 
Thereafter7,221,896 
8,799,415 
Net Discounts(1,991)
Net Deferred Financing Costs (94,110)
Total Long-term Debt (including current portion)$8,703,314