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Debt
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Debt
Long-term debt is as follows:
 SEPTEMBER 30, 2021DECEMBER 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 B674,540 (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 
37/8% GBP Senior Notes due 2025 (the “GBP Notes”)
538,374 (4,151)534,223 544,431 546,003 (4,983)541,020 553,101 
47/8% Senior Notes due 2027 (the “47/8% Notes due 2027”)(3)
1,000,000 (8,532)991,468 1,035,000 1,000,000 (9,598)990,402 1,046,250 
51/4% Senior Notes due 2028 (the “51/4% 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 
47/8% Senior Notes due 2029 (the “47/8% Notes due 2029”)(3)
1,000,000 (11,573)988,427 1,047,500 1,000,000 (12,658)987,342 1,050,000 
51/4% Senior Notes due 2030 (the “51/4 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 
41/2% Senior Notes due 2031 (the “41/2% Notes”)(3)
1,100,000 (11,715)1,088,285 1,111,000 1,100,000 (12,648)1,087,352 1,138,500 
55/8% Senior Notes due 2032 (the “55/8% 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 Other483,934 (905)483,029 483,934 511,922 (1,086)510,836 511,922 
Accounts Receivable Securitization Program266,400 (449)265,951 266,400 85,000 (152)84,848 85,000 
Total Long-term Debt9,216,038 (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, 2021DECEMBER 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 Pool579,300 (578,300)1,000 555,500 (553,500)2,000 
JPM QRS Cash Pool4,200 (2,300)1,900 — — — 
JPM TRS Cash Pool5,200 (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.