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Summary of Significant Accounting Policies | 9 Months Ended
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Sep. 30, 2021
Accounting Policies [Abstract] |
Significant Accounting Policies | A. CASH, CASH EQUIVALENTS AND RESTRICTED CASH Cash and cash equivalents include cash on hand and cash invested in highly liquid short-term securities, which have remaining maturities at the date of purchase of less than 90 days. Cash and cash equivalents are carried at cost, which approximates fair value. B. ACCOUNTS RECEIVABLE We maintain an allowance for doubtful accounts and a credit memo reserve for estimated losses resulting from the potential inability of our customers to make required payments and potential disputes regarding billing and service issues. The rollforward of the allowance for doubtful accounts and credit memo reserves for the nine months ended September 30, 2021 is as follows:
|  | Balance as of December 31, 2020 |  | $ | 56,981 |  |  |  |  |  |
|  | Credit memos charged to revenue |  | 29,996 |  |  |  |  |  |
|  | Allowance for bad debts charged to expense |  | 16,371 |  |  |  |  |  |
|  | Deductions and other(1) |  | (43,134) |  |  |  |  |
|  | Balance as of September 30, 2021 |  | $ | 60,214 |  |  |  |  |  |
(1)Primarily consists of the issuance of credit memos, the write-off of accounts receivable, allowances associated with businesses acquired and the impact associated with currency translation adjustments. C. LEASES We lease facilities for certain warehouses, data centers and office space. We also have land leases, including those on which certain facilities are located. Operating and financing lease right-of-use assets and lease liabilities as of September 30, 2021 and December 31, 2020 are as follows:
DESCRIPTION |  | SEPTEMBER 30, 2021 |  | DECEMBER 31, 2020
Assets: |  |  |  |
Operating lease right-of-use assets |  | $ | 2,308,047 |  |  | $ | 2,196,502 |
Financing lease right-of-use assets, net of accumulated depreciation(1) |  | 307,032 |  |  | 310,534 |
Liabilities: |  |  |  |
Current |  |  |  |
Operating lease liabilities |  | $ | 257,884 |  |  | $ | 250,239 |
Financing lease liabilities(1) |  | 42,442 |  |  | 43,149 |
Long-term |  |  |  |
Operating lease liabilities |  | $ | 2,164,449 |  |  | $ | 2,044,598 |
Financing lease liabilities(1) |  | 321,682 |  |  | 323,162 |
(1)Financing lease right-of-use assets, current financing lease liabilities and long-term financing lease liabilities are included within Property, Plant and Equipment, Net, Current portion of long-term debt and Long-term Debt, net of current portion, respectively, within our Condensed Consolidated Balance Sheets. The components of the lease expense for the three and nine months ended September 30, 2021 and 2020 are as follows:
|  | THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30,
DESCRIPTION |  | 2021 |  | 2020 |  | 2021 |  | 2020
Operating lease cost(1) |  | $ | 140,551 |  |  | $ | 122,737 |  |  | $ | 408,312 |  |  | $ | 365,303 |
Financing lease cost: |  |  |  |  |  |  |  |
Depreciation of financing lease right-of-use assets |  | $ | 14,006 |  |  | $ | 12,973 |  |  | $ | 39,062 |  |  | $ | 38,495 |
Interest expense for financing lease liabilities |  | 5,055 |  |  | 4,891 |  |  | 14,940 |  |  | 14,664 |
(1)Operating lease cost, the majority of which is included in Cost of sales, includes variable lease costs of $28,835 and $86,422 for the three and nine months ended September 30, 2021, respectively, and $27,486 and $82,287 for the three and nine months ended September 30, 2020, respectively. Other information: Supplemental cash flow information relating to our leases for the nine months ended September 30, 2021 and 2020 is as follows:
|  | NINE MONTHS ENDED SEPTEMBER 30,
CASH PAID FOR AMOUNTS INCLUDED IN MEASUREMENT OF LEASE LIABILITIES: |  | 2021 |  | 2020
Operating cash flows used in operating leases |  | $ | 291,535 |  |  | $ | 266,619 |
Operating cash flows used in financing leases (interest) |  | 14,940 |  |  | 14,664 |
Financing cash flows used in financing leases |  | 35,360 |  |  | 36,008 |
NON-CASH ITEMS: |  |  |  |
Operating lease modifications and reassessments |  | $ | 103,158 |  |  | $ | 89,727 |
New operating leases (including acquisitions and sale-leaseback transactions) |  | 240,822 |  |  | 173,635 |
D. GOODWILL Our reporting units as of December 31, 2020 are described in detail in Note 2.k. to Notes to Consolidated Financial Statements included in our Annual Report. The goodwill associated with acquisitions completed during the first nine months of 2021 (as described in Note 3) has been incorporated into our reporting units as they existed as of December 31, 2020. The changes in the carrying value of goodwill attributable to each reportable operating segment for the nine months ended September 30, 2021 are as follows:
| GLOBAL RIM BUSINESS |  | GLOBAL DATA CENTER BUSINESS |  | CORPORATE AND OTHER BUSINESS |  | TOTAL CONSOLIDATED
Goodwill balance, net of accumulated amortization as of December 31, 2020 | $ | 4,024,182 |  |  | $ | 436,987 |  |  | $ | 96,440 |  |  | $ | 4,557,609 |
Non-tax deductible goodwill acquired during the period | 17,180 |  |  | — |  |  | 9,991 |  |  | 27,171 |
Goodwill allocated to IPM Divestment | — |  |  | — |  |  | (46,105) |  |  | (46,105) |
Fair value and other adjustments | (6,091) |  |  | — |  |  | (1,268) |  |  | (7,359) |
Currency effects | (49,737) |  |  | (7,995) |  |  | (943) |  |  | (58,675) |
Goodwill balance, net accumulated amortization as of September 30, 2021 | $ | 3,985,534 |  |  | $ | 428,992 |  |  | $ | 58,115 |  |  | $ | 4,472,641 |
Accumulated goodwill impairment balance as of September 30, 2021 | $ | 132,409 |  |  | $ | — |  |  | $ | 26,011 |  |  | $ | 158,420 |
E. INVESTMENTS 2021 NEWLY FORMED JOINT VENTURE In April 2021, we closed on an agreement to form a joint venture (the "Web Werks JV") with the shareholders of Web Werks India Private Limited ("Web Werks"), a colocation data center provider in India. In connection with the formation of the Web Werks JV, we made an initial investment of approximately 3,750,000 Indian rupees (or approximately $50,100, based upon the exchange rate between the United States dollar and Indian rupee as of the closing date of the initial investment) in exchange for a noncontrolling interest in the form of convertible preference shares in the Web Werks JV (the “Initial Web Werks JV Investment”). These shares are convertible into a to-be-determined amount of common shares based upon the achievement of EBITDA targets for the Web Werks JV's fiscal year ending March 31, 2022. Under the terms of the Web Werks JV shareholder agreement, we are required to make additional investments over a period ending May 2023 totaling approximately 7,500,000 Indian rupees (or approximately $100,000, based upon the current exchange rate between the United States dollar and Indian rupee). JOINT VENTURE SUMMARY The following joint ventures are accounted for as equity method investments and are presented as a component of Other within Other assets, net in our Condensed Consolidated Balance Sheets. The carrying values and equity interests in our joint ventures at September 30, 2021 and December 31, 2020 are as follows:
|  | SEPTEMBER 30, 2021 |  | DECEMBER 31, 2020
|  | CARRYING VALUE |  | EQUITY INTEREST |  | CARRYING VALUE |  | EQUITY INTEREST
Web Werks JV |  | $ | 51,257 |  |  | 38 | % |  | $ | — |  |  | — | %
Joint venture with AGC Equity Partners (the “Frankfurt JV”) |  | 26,272 |  |  | 20 | % |  | 26,500 |  |  | 20 | %
Joint venture with MakeSpace Labs, Inc. (the “MakeSpace JV”) |  | 27,419 |  |  | 48 | % |  | 16,924 |  |  | 39 | %
F. FAIR VALUE MEASUREMENTS The assets and liabilities carried at fair value measured on a recurring basis as of September 30, 2021 and December 31, 2020 are as follows:
|  |  |  | FAIR VALUE MEASUREMENTS AT SEPTEMBER 30, 2021 USING
DESCRIPTION |  | TOTAL CARRYING VALUE AT SEPTEMBER 30, 2021 |  | QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1) |  | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) |  | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Money Market Funds |  | $ | 9,186 |  |  | $ | — |  |  | $ | 9,186 |  |  | $ | — |
Time Deposits |  | 2,175 |  |  | — |  |  | 2,175 |  |  | — |
Trading Securities |  | 11,713 |  |  | 11,572 |  |  | 141 |  |  | — |
Derivative Assets |  | 1,214 |  |  | — |  |  | 1,214 |  |  | — |
Derivative Liabilities |  | 15,412 |  |  | — |  |  | 15,412 |  |  | — |
|  |  |  | FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2020 USING
DESCRIPTION |  | TOTAL CARRYING VALUE AT DECEMBER 31, 2020 |  | QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1) |  | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) |  | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Money Market Funds |  | $ | 62,657 |  |  | $ | — |  |  | $ | 62,657 |  |  | $ | — |
Time Deposits |  | 2,121 |  |  | — |  |  | 2,121 |  |  | — |
Trading Securities |  | 10,892 |  |  | 10,636 |  |  | 256 |  |  | — |
Derivative Liabilities |  | 49,703 |  |  | — |  |  | 49,703 |  |  | — |
There were no material items that are measured at fair value on a non-recurring basis at September 30, 2021 and December 31, 2020, other than (i) those disclosed in Note 2.o. to Notes to Consolidated Financial Statements included in our Annual Report, (ii) our investment in the Web Werks JV, as described in Note 2.e., and (iii) those acquired in acquisitions that occurred during the nine months ended September 30, 2021, as described in Note 3, all of which are based on Level 3 inputs. G. REDEEMABLE NONCONTROLLING INTERESTS In 2018, one of the noncontrolling interest shareholders in one of our foreign consolidated subsidiaries exercised its option to put its ownership interest back to us. Upon the exercise of the put option, this noncontrolling interest became mandatorily redeemable by us, and, therefore, was accounted for as a liability rather than a component of redeemable noncontrolling interests. In May 2021, we agreed to final settlement terms and paid the put option price for the noncontrolling interest shares. We remain in dispute with this former shareholder with respect to whether interest from the date of the put and certain other costs should be reimbursable. We have vigorously defended that interest and costs are not owed, and are currently awaiting a ruling from an arbitration hearing. H. ACCUMULATED OTHER COMPREHENSIVE ITEMS, NET The changes in accumulated other comprehensive items, net for the three and nine months ended September 30, 2021 and 2020 are as follows:
| THREE MONTHS ENDED SEPTEMBER 30, 2021 |  | NINE MONTHS ENDED SEPTEMBER 30, 2021
| FOREIGN CURRENCY TRANSLATION AND OTHER ADJUSTMENTS |  | CHANGE IN FAIR VALUE OF DERIVATIVE INSTRUMENTS |  | TOTAL |  | FOREIGN CURRENCY TRANSLATION AND OTHER ADJUSTMENTS |  | CHANGE IN FAIR VALUE OF DERIVATIVE INSTRUMENTS |  | TOTAL
Beginning of Period | $ | (229,790) |  |  | $ | (28,863) |  |  | $ | (258,653) |  |  | $ | (206,190) |  |  | $ | (49,703) |  |  | $ | (255,893) |
Other comprehensive (loss) income): |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation and other adjustments | (90,465) |  |  | — |  |  | (90,465) |  |  | (114,065) |  |  | — |  |  | (114,065) |
Change in fair value of derivative instruments | — |  |  | 14,665 |  |  | 14,665 |  |  | — |  |  | 35,505 |  |  | 35,505 |
Total other comprehensive (loss) income | (90,465) |  |  | 14,665 |  |  | (75,800) |  |  | (114,065) |  |  | 35,505 |  |  | (78,560) |
End of Period | $ | (320,255) |  |  | $ | (14,198) |  |  | $ | (334,453) |  |  | $ | (320,255) |  |  | $ | (14,198) |  |  | $ | (334,453) |
| THREE MONTHS ENDED SEPTEMBER 30, 2020 |  | NINE MONTHS ENDED SEPTEMBER 30, 2020
| FOREIGN CURRENCY TRANSLATION AND OTHER ADJUSTMENTS |  | CHANGE IN FAIR VALUE OF DERIVATIVE INSTRUMENTS |  | TOTAL |  | FOREIGN CURRENCY TRANSLATION AND OTHER ADJUSTMENTS |  | CHANGE IN FAIR VALUE OF DERIVATIVE INSTRUMENTS |  | TOTAL
Beginning of Period | $ | (406,444) |  |  | $ | (21,079) |  |  | $ | (427,523) |  |  | $ | (252,825) |  |  | $ | (9,756) |  |  | $ | (262,581) |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation and other adjustments | 44,529 |  |  | — |  |  | 44,529 |  |  | (109,090) |  |  | — |  |  | (109,090) |
Change in fair value of derivative instruments | — |  |  | (184) |  |  | (184) |  |  | — |  |  | (11,507) |  |  | (11,507) |
Total other comprehensive income (loss) | 44,529 |  |  | (184) |  |  | 44,345 |  |  | (109,090) |  |  | (11,507) |  |  | (120,597) |
End of Period | $ | (361,915) |  |  | $ | (21,263) |  |  | $ | (383,178) |  |  | $ | (361,915) |  |  | $ | (21,263) |  |  | $ | (383,178) |
I. REVENUES The costs associated with the initial movement of customer records into physical storage and certain commissions are considered costs to obtain or fulfill customer contracts (collectively, “Contract Fulfillment Costs”). Contract Fulfillment Costs as of September 30, 2021 and December 31, 2020 are as follows:
|  | SEPTEMBER 30, 2021 |  | DECEMBER 31, 2020
|  | GROSS CARRYING AMOUNT |  | ACCUMULATED AMORTIZATION |  | NET CARRYING AMOUNT |  | GROSS CARRYING AMOUNT |  | ACCUMULATED AMORTIZATION |  | NET CARRYING AMOUNT
Intake Costs asset |  | $ | 71,540 |  |  | $ | (41,246) |  |  | $ | 30,294 |  |  | $ | 63,721 |  |  | $ | (33,352) |  |  | $ | 30,369 |
Commissions asset |  | 107,298 |  |  | (48,708) |  |  | 58,590 |  |  | 91,069 |  |  | (38,787) |  |  | 52,282 |
Deferred revenue liabilities are reflected in our Condensed Consolidated Balance Sheets as follows:
DESCRIPTION |  | LOCATION IN BALANCE SHEET |  | SEPTEMBER 30, 2021 |  | DECEMBER 31, 2020
Deferred revenue - Current |  | Deferred revenue |  | $ | 257,593 |  |  | $ | 295,785 |
Deferred revenue - Long-term |  | Other Long-term Liabilities |  | 34,342 |  |  | 35,612 |
DATA CENTER LESSOR CONSIDERATIONS Our Global Data Center Business features storage rental provided to customers at contractually specified rates over a fixed contractual period, which are accounted for in accordance with Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842), as amended. Storage rental revenue, including revenue associated with power and connectivity, associated with our Global Data Center Business for the three and nine months ended September 30, 2021 and 2020 are as follows:
| THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Storage rental revenue(1) | $ | 72,411 |  |  | $ | 68,416 |  |  | $ | 210,805 |  |  | $ | 196,823 |
(1)Revenue associated with power and connectivity included within storage rental revenue was $14,639 and $42,333 for the three and nine months ended September 30, 2021, respectively, and $12,033 and $34,986 for the three and nine months ended September 30, 2020, respectively. J. STOCK-BASED COMPENSATION PLAN AMENDMENTS In May 2021, our stockholders (1) approved an amendment to the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan (the “2014 Plan”) to (i) increase the number of shares of our common stock authorized for issuance thereunder by 8,000,000 from 12,750,000 to 20,750,000, (ii) extend the termination date of the 2014 Plan from May 24, 2027 to May 12, 2031, (iii) provide that, other than in specified circumstances, no equity-based award will vest before the first anniversary of the date of grant and (iv) provide that dividends and dividend equivalents are not paid with respect to stock options or stock appreciation rights and (2) approved an amendment to the Iron Mountain Incorporated 2013 Employee Stock Purchase Plan to increase the number of shares of Common Stock authorized for issuance thereunder by 1,000,000 from 1,000,000 to 2,000,000. STOCK-BASED COMPENSATION EXPENSE Stock-based compensation expense for the cost of stock options, restricted stock units (“RSUs”), performance units (“PUs”) and shares of stock issued under our employee stock purchase plan (collectively, “Employee Stock-Based Awards”) for the three and nine months ended September 30, 2021 and 2020 is as follows:
| THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Stock-based compensation expense | $ | 13,200 |  |  | $ | 8,946 |  |  | $ | 46,852 |  |  | $ | 35,618 |
As of September 30, 2021, unrecognized compensation cost related to the unvested portion of our Employee Stock-Based Awards is $48,494. RESTRICTED STOCK UNITS AND PERFORMANCE UNITS The fair value of RSUs and earned PUs that vested during the three and nine months ended September 30, 2021 and 2020 is as follows:
| THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Fair value of RSUs vested | $ | 8,425 |  |  | $ | 2,766 |  |  | $ | 31,404 |  |  | $ | 24,411 |
Fair value of earned PUs that vested | 22,030 |  |  | 1,370 |  |  | 27,856 |  |  | 12,421 |
As of September 30, 2021, we expected 133%, 114% and 103% achievement of each of the predefined targets associated with the awards of PUs made in 2021, 2020 and 2019, respectively. K. ACQUISITION AND INTEGRATION COSTS Acquisition and integration costs represent operating expenditures directly associated with the closing and integration activities of our business acquisitions that have closed, or are highly probable of closing, and include (i) advisory, legal and professional fees to complete business acquisitions and (ii) costs to integrate acquired businesses into our existing operations, including move, severance, facility upgrade and system integration costs (collectively, "Acquisition and Integration Costs"). Acquisition and Integration Costs do not include costs associated with the formation of joint ventures or costs associated with the acquisition of customer relationships. Total Acquisition and Integration Costs for the three and nine months ended September 30, 2021 is $1,138 and $3,415, respectively. L. (GAIN) LOSS ON DISPOSAL/WRITE-DOWN OF PROPERTY, PLANT AND EQUIPMENT, NET Consolidated (gain) loss on disposal/write-down of property, plant and equipment, net for the three and nine months ended September 30, 2021 and 2020 is as follows:
| THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30,
| 2021 |  | 2020(1) |  | 2021(2) |  | 2020(1)
(Gain) Loss on disposal/write-down of property, plant and equipment, net (3) | $ | (935) |  |  | $ | (75,840) |  |  | $ | (134,321) |  |  | $ | (78,170) |
(1) The gains for both the three and nine months ended September 30, 2020 primarily consisted of gains of approximately $76,400 associated with the sale-leaseback transactions of two facilities in the United States. (2) The gains for the nine months ended September 30, 2021 primarily consisted of gains of approximately $127,400 associated with the sale-leaseback transactions of five facilities in the United Kingdom, which occurred during the second quarter of 2021. (3) The gains recognized during both 2021 and 2020 are a result of our program to monetize a small portion of our industrial assets. The terms for these leases are consistent with the terms of our lease portfolio, which are disclosed in detail in Note 2.i. to Notes to Consolidated Financial Statements included in our Annual Report M. OTHER (INCOME) EXPENSE, NET Consolidated other (income) expense, net for the three and nine months ended September 30, 2021 and 2020 consists of the following:
|  | THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30,
DESCRIPTION |  | 2021 |  | 2020 |  | 2021 |  | 2020
Foreign currency transaction (gains) losses, net |  | $ | (23,200) |  |  | $ | 29,635 |  |  | $ | (16,157) |  |  | $ | (6,293) |
Debt extinguishment expense |  | — |  |  | 51,260 |  |  | — |  |  | 68,300 |
Other, net(1) |  | 4,699 |  |  | 2,570 |  |  | (183,861) |  |  | 4,432 |
Other (Income) Expense, Net |  | $ | (18,501) |  |  | $ | 83,465 |  |  | $ | (200,018) |  |  | $ | 66,439 |
(1)Other, net for the nine months ended September 30, 2021 is primarily comprised of (a) a gain of approximately $180,600 associated with our IPM Divestment and (b) a gain of approximately $20,300 associated with the loss of control and related deconsolidation, as of May 18, 2021, of one of our wholly owned Netherlands subsidiaries, for which we had value-added tax liability exposure that was recorded in 2019. N. INCOME TAXES We provide for income taxes during interim periods based on our estimate of the effective tax rate for the year. Our effective tax rates for the three and nine months ended September 30, 2021 and 2020 are as follows:
| THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Effective Tax Rate(1) | 29.1 | % |  | 26.5 | % |  | 28.1 | % |  | 25.7 | %
(1)The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate for the three and nine months ended September 30, 2021 and 2020 were the impacts of differences in the tax rates at which our foreign earnings are subject, partially offset by the benefits derived from the dividends paid deduction. The costs associated with Project Summit (as defined in Note 11) are more heavily weighted to our United States qualified REIT subsidiaries ("QRSs"), and, therefore, provide no tax benefit. Additionally, the nine months ended September 30, 2021, reflects a discrete tax expense of approximately $12,000 primarily resulting from a tax law change in the United Kingdom. At December 31, 2020, we concluded that it was our intent to indefinitely reinvest our current and future undistributed earnings of certain of our unconverted foreign taxable REIT subsidiaries (“TRSs”) outside the United States, with the exception of certain limited instances. During 2021, as a result of the enactment of a tax law and the closing of various acquisitions, we reassessed this intention and concluded that it is no longer our intention to reinvest our undistributed earnings of our foreign TRSs indefinitely outside the United States. As a REIT, future repatriation of incremental undistributed earnings of our foreign subsidiaries will not be subject to federal or state income tax, with the exception of foreign withholding taxes. However, such future repatriations may require distributions to our stockholders in accordance with REIT distribution rules, and any such distribution may then be taxable, as appropriate, at the stockholder level. We expect to provide for foreign withholding taxes on the current and future earnings of all of our foreign subsidiaries as the result of such reassessment. O. INCOME (LOSS) PER SHARE—BASIC AND DILUTED The calculation of basic and diluted income (loss) per share for the three and nine months ended September 30, 2021 and 2020 are as follows:
| THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Net Income (Loss) | $ | 68,111 |  |  | $ | 38,562 |  |  | $ | 391,264 |  |  | $ | 96,341 |
Less: Net Income (Loss) Attributable to Noncontrolling Interests | 428 |  |  | 168 |  |  | 2,693 |  |  | 1,058 |
Net Income (Loss) Attributable to Iron Mountain Incorporated (utilized in numerator of Earnings Per Share calculation) | $ | 67,683 |  |  | $ | 38,394 |  |  | $ | 388,571 |  |  | $ | 95,283 |
Weighted-average shares—basic | 289,762,000 |  |  | 288,403,000 |  |  | 289,255,000 |  |  | 288,105,000 |
Effect of dilutive potential stock options | 869,600 |  |  | 14,758 |  |  | 522,642 |  |  | 28,723 |
Effect of dilutive potential RSUs and PUs | 850,655 |  |  | 392,943 |  |  | 918,954 |  |  | 337,588 |
Weighted-average shares—diluted | 291,482,255 |  |  | 288,810,701 |  |  | 290,696,596 |  |  | 288,471,311 |
Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: |  |  |  |  |  |  |
Basic | $ | 0.23 |  |  | $ | 0.13 |  |  | $ | 1.34 |  |  | $ | 0.33 |
Diluted | $ | 0.23 |  |  | $ | 0.13 |  |  | $ | 1.34 |  |  | $ | 0.33 |
Antidilutive stock options, RSUs and PUs, excluded from the calculation | 351,673 |  |  | 5,529,126 |  |  | 1,813,880 |  |  | 5,959,693 |
P. RECENT ACCOUNTING PRONOUNCEMENTS In December 2019, the Financial Accounting Standards Board issued ASU No. 2019-12, Income Taxes (Topic 740) (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions for recognizing deferred taxes for investments, performing intra-period allocation and calculating income taxes in interim periods. ASU 2019-12 also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. We adopted ASU 2019-12 on January 1, 2021. ASU 2019-12 did not have a material impact on our consolidated financial statements.

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