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Segment Information | 9 Months Ended
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Sep. 30, 2021
Segment Reporting [Abstract] |
Segment Information | SEGMENT INFORMATION Our three reportable operating segments as of December 31, 2020 are described in Note 10 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 The operations associated with acquisitions completed during the first nine months of 2021 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 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
Global RIM Business |  |  |  |  |  |  |
Total Revenues | $ | 995,577 |  |  | $ | 921,773 |  |  | $ | 2,955,803 |  |  | $ | 2,755,294 |
Adjusted EBITDA | 442,798 |  |  | 393,883 |  |  | 1,281,668 |  |  | 1,169,671 |
Global Data Center Business |  |  |  |  |  |  |
Total Revenues | $ | 88,587 |  |  | $ | 72,814 |  |  | $ | 236,672 |  |  | $ | 206,939 |
Adjusted EBITDA | 35,097 |  |  | 33,359 |  |  | 98,961 |  |  | 94,812 |
Corporate and Other Business |  |  |  |  |  |  |
Total Revenues | $ | 45,984 |  |  | $ | 42,060 |  |  | $ | 139,469 |  |  | $ | 125,384 |
Adjusted EBITDA | (60,126) |  |  | (51,230) |  |  | (176,664) |  |  | (163,010) |
Total Consolidated |  |  |  |  |  |  |
Total Revenues | $ | 1,130,148 |  |  | $ | 1,036,647 |  |  | $ | 3,331,944 |  |  | $ | 3,087,617 |
Adjusted EBITDA | 417,769 |  |  | 376,012 |  |  | 1,203,965 |  |  | 1,101,473 |
During the fourth quarter of 2020, we changed our definition of Adjusted EBITDA to (a) exclude stock-based compensation expense and (b) include our share of Adjusted EBITDA from our unconsolidated joint ventures. All prior periods have been recast to conform to these changes. We now define Adjusted EBITDA for each segment as net income (loss) before interest expense, net, provision (benefit) for income taxes, depreciation and amortization (inclusive of our share of Adjusted EBITDA from our unconsolidated joint ventures), and excluding certain items we do not believe to be indicative of our core operating results, specifically:
EXCLUDED |  |
•Acquisition and Integration Costs |  | •Other (income) expense, net
•Restructuring Charges |  | •Stock-based compensation expense
•Intangible impairments |  | •COVID-19 Costs (as defined below)
•(Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) |  |
Internally, we use Adjusted EBITDA as the basis for evaluating the performance of, and allocated resources to, our operating segments. A reconciliation of Net Income (Loss) to Adjusted EBITDA on a consolidated basis 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
Net Income (Loss) | $ | 68,111 |  |  | $ | 38,562 |  |  | $ | 391,264 |  |  | $ | 96,341 |
Add/(Deduct): |  |  |  |  |  |  |
Interest expense, net | 103,809 |  |  | 104,303 |  |  | 313,451 |  |  | 313,408 |
Provision (benefit) for income taxes | 28,017 |  |  | 13,934 |  |  | 153,073 |  |  | 33,304 |
Depreciation and amortization | 174,818 |  |  | 157,252 |  |  | 507,145 |  |  | 483,686 |
Acquisition and Integration Costs | 1,138 |  |  | — |  |  | 3,415 |  |  | — |
Restructuring Charges | 50,432 |  |  | 48,371 |  |  | 129,686 |  |  | 128,715 |
Intangible impairments | — |  |  | — |  |  | — |  |  | 23,000 |
(Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) | (935) |  |  | (75,840) |  |  | (134,321) |  |  | (78,170) |
Other (income) expense, net, excluding our share of losses (gains) from our unconsolidated joint ventures | (21,517) |  |  | 81,190 |  |  | (209,001) |  |  | 59,398 |
Stock-based compensation expense(1) | 12,644 |  |  | 8,065 |  |  | 45,913 |  |  | 32,056 |
COVID-19 Costs(2) | — |  |  | — |  |  | — |  |  | 9,285 |
Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures | 1,252 |  |  | 175 |  |  | 3,340 |  |  | 450 |
Adjusted EBITDA | $ | 417,769 |  |  | $ | 376,012 |  |  | $ | 1,203,965 |  |  | $ | 1,101,473 |
(1) Stock-based compensation expense related to Project Summit is included within Restructuring Charges for the three and nine months ended September 30, 2021 and 2020. (2) 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"). These costs include the purchase of personal protective equipment for our employees and incremental cleaning costs of our facilities, among other direct costs. Information as to our revenues by product and service lines by segment 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
Global RIM Business |  |  |  |  |  |  |  |
Records Management(1) |  | $ | 767,059 |  |  | $ | 712,182 |  |  | $ | 2,285,000 |  |  | $ | 2,118,767 |
Data Management(1) |  | 115,261 |  |  | 121,936 |  |  | 351,914 |  |  | 367,093 |
Information Destruction(1)(2) |  | 113,257 |  |  | 87,655 |  |  | 318,889 |  |  | 269,434 |
Data Center(1) |  | — |  |  | — |  |  | — |  |  | — |
Global Data Center Business |  |  |  |  |  |  |  |
Records Management(1) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Data Management(1) |  | — |  |  | — |  |  | — |  |  | — |
Information Destruction(1)(2) |  | — |  |  | — |  |  | — |  |  | — |
Data Center(1) |  | 88,587 |  |  | 72,814 |  |  | 236,672 |  |  | 206,939 |
Corporate and Other Business |  |  |  |  |  |  |  |
Records Management(1) |  | $ | 30,453 |  |  | $ | 25,720 |  |  | $ | 91,461 |  |  | $ | 75,675 |
Data Management(1) |  | 15,531 |  |  | 16,340 |  |  | 48,008 |  |  | 49,709 |
Information Destruction(1)(2) |  | — |  |  | — |  |  | — |  |  | — |
Data Center(1) |  | — |  |  | — |  |  | — |  |  | — |
Total Consolidated |  |  |  |  |  |  |  |
Records Management(1) |  | $ | 797,512 |  |  | $ | 737,902 |  |  | $ | 2,376,461 |  |  | $ | 2,194,442 |
Data Management(1) |  | 130,792 |  |  | 138,276 |  |  | 399,922 |  |  | 416,802 |
Information Destruction(1)(2) |  | 113,257 |  |  | 87,655 |  |  | 318,889 |  |  | 269,434 |
Data Center(1) |  | 88,587 |  |  | 72,814 |  |  | 236,672 |  |  | 206,939 |
(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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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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