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Debt | 9 Months Ended
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Sep. 30, 2021
Debt Disclosure [Abstract] |
Debt | Long-term debt is as follows:
|  | SEPTEMBER 30, 2021 |  |  | DECEMBER 31, 2020
|  | DEBT (INCLUSIVE OF DISCOUNT) |  | UNAMORTIZED DEFERRED FINANCING COSTS |  | CARRYING AMOUNT |  | FAIR VALUE |  |  | DEBT (INCLUSIVE OF DISCOUNT) |  | UNAMORTIZED DEFERRED FINANCING COSTS |  | CARRYING AMOUNT |  | FAIR VALUE
Revolving Credit Facility(1) |  | $ | 310,000 |  |  | $ | (6,034) |  |  | $ | 303,966 |  |  | $ | 310,000 |  |  |  | $ | — |  |  | $ | (8,620) |  |  | $ | (8,620) |  |  | $ | — |
Term Loan A(1) |  | 206,250 |  |  | — |  |  | 206,250 |  |  | 206,250 |  |  |  | 215,625 |  |  | — |  |  | 215,625 |  |  | 215,625 |
Term Loan B |  | 674,540 |  |  | (5,308) |  |  | 669,232 |  |  | 675,500 |  |  |  | 679,621 |  |  | (6,244) |  |  | 673,377 |  |  | 680,750 |
Australian Dollar Term Loan (the “AUD Term Loan”)(2) |  | 223,109 |  |  | (881) |  |  | 222,228 |  |  | 223,557 |  |  |  | 243,152 |  |  | (1,624) |  |  | 241,528 |  |  | 244,014 |
UK Bilateral Revolving Credit Facility (the “UK Bilateral Facility”) |  | 188,431 |  |  | (874) |  |  | 187,557 |  |  | 188,431 |  |  |  | 191,101 |  |  | (1,307) |  |  | 189,794 |  |  | 191,101 |
3 7/8% GBP Senior Notes due 2025 (the “GBP Notes”) |  | 538,374 |  |  | (4,151) |  |  | 534,223 |  |  | 544,431 |  |  |  | 546,003 |  |  | (4,983) |  |  | 541,020 |  |  | 553,101 |
4 7/8% Senior Notes due 2027 (the “4 7/8% Notes due 2027”)(3) |  | 1,000,000 |  |  | (8,532) |  |  | 991,468 |  |  | 1,035,000 |  |  |  | 1,000,000 |  |  | (9,598) |  |  | 990,402 |  |  | 1,046,250 |
5 1/4% Senior Notes due 2028 (the “5 1/4% Notes due 2028”)(3) |  | 825,000 |  |  | (7,676) |  |  | 817,324 |  |  | 861,094 |  |  |  | 825,000 |  |  | (8,561) |  |  | 816,439 |  |  | 868,313 |
5% Senior Notes due 2028 (the “5% Notes”)(3) |  | 500,000 |  |  | (4,944) |  |  | 495,056 |  |  | 521,250 |  |  |  | 500,000 |  |  | (5,486) |  |  | 494,514 |  |  | 523,125 |
4 7/8% Senior Notes due 2029 (the “4 7/8% Notes due 2029”)(3) |  | 1,000,000 |  |  | (11,573) |  |  | 988,427 |  |  | 1,047,500 |  |  |  | 1,000,000 |  |  | (12,658) |  |  | 987,342 |  |  | 1,050,000 |
5 1/4% Senior Notes due 2030 (the “5 1/4 Notes due 2030”)(3) |  | 1,300,000 |  |  | (13,287) |  |  | 1,286,713 |  |  | 1,376,375 |  |  |  | 1,300,000 |  |  | (14,416) |  |  | 1,285,584 |  |  | 1,400,750 |
4 1/2% Senior Notes due 2031 (the “4 1/2% Notes”)(3) |  | 1,100,000 |  |  | (11,715) |  |  | 1,088,285 |  |  | 1,111,000 |  |  |  | 1,100,000 |  |  | (12,648) |  |  | 1,087,352 |  |  | 1,138,500 |
5 5/8% Senior Notes due 2032 (the “5 5/8% Notes”)(3) |  | 600,000 |  |  | (6,292) |  |  | 593,708 |  |  | 642,000 |  |  |  | 600,000 |  |  | (6,727) |  |  | 593,273 |  |  | 660,000 |
Real Estate Mortgages, Financing Lease Liabilities and Other |  | 483,934 |  |  | (905) |  |  | 483,029 |  |  | 483,934 |  |  |  | 511,922 |  |  | (1,086) |  |  | 510,836 |  |  | 511,922 |
Accounts Receivable Securitization Program |  | 266,400 |  |  | (449) |  |  | 265,951 |  |  | 266,400 |  |  |  | 85,000 |  |  | (152) |  |  | 84,848 |  |  | 85,000 |
Total Long-term Debt |  | 9,216,038 |  |  | (82,621) |  |  | 9,133,417 |  |  |  |  |  | 8,797,424 |  |  | (94,110) |  |  | 8,703,314 |  |  |
Less Current Portion |  | (319,025) |  |  | 881 |  |  | (318,144) |  |  |  |  |  | (193,759) |  |  | — |  |  | (193,759) |  |  |
Long-term Debt, Net of Current Portion |  | $ | 8,897,013 |  |  | $ | (81,740) |  |  | $ | 8,815,273 |  |  |  |  |  | $ | 8,603,665 |  |  | $ | (94,110) |  |  | $ | 8,509,555 |  |  |
(1)Collectively, the “Credit Agreement”. The Credit Agreement consists of a revolving credit facility (the “Revolving Credit Facility”) and a term loan (the “Term Loan A”). The Credit Agreement is scheduled to mature on June 3, 2023. In addition, we also had various outstanding letters of credit totaling $3,064. The remaining amount available for borrowing under the Revolving Credit Facility as of September 30, 2021 was $1,436,936 (which amount represents the maximum availability as of such date). The average interest rate in effect under the Credit Agreement was 1.8% and 1.9% as of September 30, 2021 and December 31, 2020, respectively. (2)The AUD Term Loan is scheduled to mature on September 22, 2022, at which point all obligations become due. The full amount of the AUD Term Loan is classified within the current portion of long-term debt in our Condensed Consolidated Balance Sheet as of September 30, 2021. (3) Collectively, the “Parent Notes”. See Note 6 to Notes to Consolidated Financial Statements included in our Annual Report for additional information regarding the Credit Agreement and our other long-term debt, including the direct obligors of each of our debt instruments as well as information regarding the fair value of our debt instruments (including the levels of the fair value hierarchy used to determine the fair value of our debt instruments). The levels of the fair value hierarchy used to determine the fair value of our debt as of September 30, 2021 are consistent with the levels of the fair value hierarchy used to determine the fair value of our debt as of December 31, 2020 (which are disclosed in our Annual Report).
UK BILATERAL REVOLVING CREDIT FACILITY On May 25, 2021, Iron Mountain (UK) PLC and Iron Mountain (UK) Data Centre Limited (collectively, the "UK Borrowers") entered into an amendment to the UK Bilateral Facility with Barclays Bank PLC to (i) modify the interest rate from LIBOR plus 2.25% to LIBOR plus 2.0% (with flexibility built in for the expected transition away from LIBOR) and (ii) add an additional option to extend the maturity date by one year. After this amendment, the UK Bilateral Facility contains two one-year options that allow us to extend the maturity date beyond the September 23, 2022 expiration date, subject to certain conditions specified in the UK Bilateral Facility, including the lender's consent. On September 23, 2021, the UK Borrowers executed the one-year option to extend the maturity date to September 24, 2023. There were no other changes to the terms of the UK Bilateral Revolving Credit Facility described in Note 6 to Notes to Consolidated Financial Statements included in our Annual Report. |  |  | MAXIMUM AMOUNT £140,000 OPTIONAL ADDITIONAL COMMITMENTS £125,000 INTEREST RATE 2.1% As of September 30, 2021
ACCOUNTS RECEIVABLE SECURITIZATION PROGRAM On June 28, 2021, we entered into an amendment to the Accounts Receivable Securitization Program to extend the maturity date from July 30, 2021 to July 1, 2023, at which point all obligations become due. The interest rate under the amended Accounts Receivable Securitization Program is LIBOR plus 1.0%. The full amount outstanding under the Accounts Receivable Securitization Program is classified within long-term debt, net of current portion at September 30, 2021 and within current portion of long-term debt at December 31, 2020 in our Condensed Consolidated Balance Sheets. There were no other changes to the terms of the Accounts Receivable Securitization Program described in Note 6 to Notes to Consolidated Financial Statements included in our Annual Report. |  |  | OUTSTANDING BORROWINGS $266,400 INTEREST RATE 1.1% As of September 30, 2021
CASH POOLING During the third quarter of 2021, certain of our subsidiaries in the Asia Pacific region began to participate in two cash pooling arrangements with JP Morgan Chase Bank, N.A. (“JPM”), one of which we utilize to manage global liquidity requirements for our QRSs in the Asia Pacific region (the “JPM QRS Cash Pool") and the other for our TRSs in the Asia Pacific region (the "JPM TRS Cash Pool") (collectively, the “JPM Cash Pools”). Under the JPM Cash Pools, cash deposited by participating subsidiaries with JPM is pledged as security against the debit balances of other participating subsidiaries, and legal rights of offset are provided and, therefore, amounts are presented in our Condensed Consolidated Balance Sheets on a net basis. Each subsidiary receives interest on the cash balances held on deposit or pays interest on its debit balances based on an applicable rate as defined in the JPM Cash Pools. We have executed overdraft facility agreements for the JPM QRS Cash Pool and the JPM TRS Cash Pool in amounts not to exceed $12,000 and $10,000, respectively. Each overdraft facility permits us to cover a temporary net debit position in the applicable pool. In addition to the JPM Cash Pools, we also utilize two separate cash pooling arrangements with Bank Mendes Gans ("BMG"), one of which we utilize to manage global liquidity requirements for our QRSs (the “BMG QRS Cash Pool”) and the other for our TRSs (the “BMG TRS Cash Pool”), each as described in more detail in Note 6 to Notes to Consolidated Financial Statements included in our Annual Report. The approximate amount of the net cash position for our cash pools and the approximate amount of the gross position and outstanding debit balances for each of these pools as of September 30, 2021 and December 31, 2020 are as follows:
| SEPTEMBER 30, 2021 |  | DECEMBER 31, 2020
| GROSS CASH POSITION |  | OUTSTANDING DEBIT BALANCES |  | NET CASH POSITION |  | GROSS CASH POSITION |  | OUTSTANDING DEBIT BALANCES |  | NET CASH POSITION
BMG QRS Cash Pool | $ | 566,100 |  |  | $ | (562,400) |  |  | $ | 3,700 |  |  | $ | 448,700 |  |  | $ | (447,400) |  |  | $ | 1,300 |
BMG TRS Cash Pool | 579,300 |  |  | (578,300) |  |  | 1,000 |  |  | 555,500 |  |  | (553,500) |  |  | 2,000 |
JPM QRS Cash Pool | 4,200 |  |  | (2,300) |  |  | 1,900 |  |  | — |  |  | — |  |  | — |
JPM TRS Cash Pool | 5,200 |  |  | (4,700) |  |  | 500 |  |  | — |  |  | — |  |  | — |
The net cash position balances as of September 30, 2021 and December 31, 2020 are reflected as cash and cash equivalents in our Condensed Consolidated Balance Sheets. LETTERS OF CREDIT As of September 30, 2021, we had outstanding letters of credit totaling $36,506, of which $3,064 reduce our borrowing capacity under the Revolving Credit Facility (as described above). The letters of credit expire at various dates between October 2021 and March 2025. DEBT COVENANTS The Credit Agreement, our bond indentures and other agreements governing our indebtedness contain certain restrictive financial and operating covenants, including covenants that restrict our ability to complete acquisitions, pay cash dividends, incur indebtedness, make investments, sell assets and take other specified corporate actions. The covenants do not contain a rating trigger. Therefore, a change in our debt rating would not trigger a default under the Credit Agreement, our bond indentures or other agreements governing our indebtedness. The Credit Agreement requires that we satisfy a fixed charge coverage ratio, a net total lease adjusted leverage ratio and a net secured debt lease adjusted leverage ratio on a quarterly basis and our bond indentures require that, among other things, we satisfy a leverage ratio (not lease adjusted) or a fixed charge coverage ratio (not lease adjusted), as a condition to taking actions such as paying dividends and incurring indebtedness. The Credit Agreement uses EBITDAR-based calculations and the bond indentures use EBITDA-based calculations as the primary measures of financial performance for purposes of calculating leverage and fixed charge coverage ratios. The EBITDAR- and EBITDA-based leverage calculations include our consolidated subsidiaries, other than those we have designated as “Unrestricted Subsidiaries” as defined in the Credit Agreement and bond indentures. Generally, the Credit Agreement and the bond indentures use a trailing four fiscal quarter basis for purposes of the relevant calculations and require certain adjustments and exclusions for purposes of those calculations, which make the calculation of financial performance for purposes of those calculations under the Credit Agreement and bond indentures not directly comparable to Adjusted EBITDA as presented herein. We are in compliance with our leverage and fixed charge coverage ratios under the Credit Agreement, our bond indentures and other agreements governing our indebtedness as of September 30, 2021 and December 31, 2020. Noncompliance with these leverage and fixed charge coverage ratios would have a material adverse effect on our financial condition.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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