XML 126 R21.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Segment Information | 12 Months Ended
--- | ---
Dec. 31, 2021
Segment Reporting [Abstract] |
Segment Information | As of December 31, 2021, our three reportable segments are described as follows: (1)Global Records and Information Management (“Global RIM”) Business includes several distinct offerings: (i)Records Management, which stores physical records and provides healthcare information services, vital records services, courier operations, and the collection, handling and disposal of sensitive documents (collectively, “Records Management”) for customers in 63 countries around the globe. (ii)Data Management, which provides storage and rotation of backup computer media as part of corporate disaster recovery plans, including service and courier operations (“Data Protection & Recovery”); server and computer backup services; and related services offerings, (collectively, “Data Management”). (iii)Global Digital Solutions, which develops, implements and supports comprehensive storage and information management solutions for the complete lifecycle of our customers’ information, including the management of physical records, conversion of documents to digital formats and digital storage of information, primarily in the United States and Canada. (iv)Secure Shredding, which includes the scheduled pick-up of office records that customers accumulate in specially designed secure containers we provide and is a natural extension of our hardcopy records management operations, completing the lifecycle of a record. Complementary to our shredding operations is the sale of the resultant waste paper to third-party recyclers. Through a combination of shredding facilities and mobile shredding units consisting of custom built trucks, we are able to offer secure shredding services to our customers throughout the United States, Canada and South Africa. (v)Secure IT Asset Disposition ("Secure ITAD"), a component of asset life cycle management, provides secure disposition of obsolete IT assets with: industry leading secure logistics and chain of custody practices, environmentally-responsible asset processing and recycling, and data sanitization and asset refurbishment services that enable value recovery through asset remarketing. Our service focuses on protecting and eradicating customer data while maintaining strong, audible, and transparent chain of custody practices. We are able to offer this service in over 30 countries. (vi)Consumer Storage, which provides on-demand, valet storage for consumers (“Consumer Storage”) across 31 markets in North America through a strategic partnership that utilizes data analytics and machine learning to provide effective customer acquisition and a convenient and seamless consumer storage experience. (2)Global Data Center Business, which provides enterprise-class data center facilities and hyperscale-ready capacity to protect mission-critical assets and ensure the continued operation of our customers’ IT infrastructure, with secure, reliable and flexible data center options. As of December 31, 2021, our Global Data Center Business footprint spans nine markets in the United States and seven international markets.
UNITED STATES | INTERNATIONAL MARKETS
Denver, Colorado | Amsterdam
Kansas City, Missouri | London
Boston, Massachusetts | Singapore
Boyers, Pennsylvania | Frankfurt (directly and through an unconsolidated joint venture)
Manassas, Virginia | Mumbai (through an unconsolidated joint venture)
Edison, New Jersey | Pune (through an unconsolidated joint venture)
Columbus, Ohio | Noida (through an unconsolidated joint venture)
Phoenix and Scottsdale, Arizona |
(3)Corporate and Other Business, which consists primarily of Adjacent Businesses and other corporate items. Our Adjacent Businesses is comprised of: (i)Entertainment Services, which includes entertainment and media that helps industry clients store, safeguard and deliver physical media of all types, and provides digital content repository systems that house, distribute, and archive key media assets, throughout the United States, Canada, France, China - Hong Kong S.A.R., the Netherlands and the United Kingdom and (ii)Fine Arts, which provides technical expertise in the handling, installation and storing of art in the United States, Canada and Europe. Our Corporate and Other Business segment also includes costs related to executive and staff functions, including finance, human resources and IT, which benefit the enterprise as a whole. An analysis of our business segment information and reconciliation to the accompanying Consolidated Financial Statements is as follows:
| GLOBAL RIM BUSINESS |  | GLOBAL DATA CENTER BUSINESS |  | CORPORATE AND OTHER BUSINESS |  | TOTAL CONSOLIDATED
As of and for the Year Ended December 31, 2021 |  |  |  |  |  |  |
Total Revenues | $ | 3,976,163 |  |  | $ | 326,898 |  |  | $ | 188,470 |  |  | $ | 4,491,531 |
Storage Rental | 2,471,894 |  |  | 289,592 |  |  | 108,633 |  |  | 2,870,119 |
Service | 1,504,269 |  |  | 37,306 |  |  | 79,837 |  |  | 1,621,412 |
Depreciation and Amortization | 468,527 |  |  | 148,023 |  |  | 63,872 |  |  | 680,422 |
Depreciation | 313,701 |  |  | 93,679 |  |  | 57,692 |  |  | 465,072 |
Amortization | 154,826 |  |  | 54,344 |  |  | 6,180 |  |  | 215,350 |
Adjusted EBITDA | 1,734,227 |  |  | 137,349 |  |  | (236,877) |  |  | 1,634,699 |
Total Assets(1) | 11,028,611 |  |  | 2,911,823 |  |  | 509,597 |  |  | 14,450,031 |
Expenditures for Segment Assets | 368,271 |  |  | 422,274 |  |  | 96,353 |  |  | 886,898 |
Capital Expenditures | 211,917 |  |  | 320,768 |  |  | 78,397 |  |  | 611,082 |
Cash Paid for Acquisitions, Net of Cash Acquired | 97,044 |  |  | 88,998 |  |  | 17,956 |  |  | 203,998 |
Acquisitions of Customer Relationships, Customer Inducements and Contract Fulfillment Costs | 59,310 |  |  | 12,508 |  |  | — |  |  | 71,818 |
As of and for the Year Ended December 31, 2020 |  |  |  |  |  |  |
Total Revenues | $ | 3,699,280 |  |  | $ | 279,312 |  |  | $ | 168,678 |  |  | $ | 4,147,270 |
Storage Rental | 2,373,783 |  |  | 263,695 |  |  | 116,613 |  |  | 2,754,091 |
Service | 1,325,497 |  |  | 15,617 |  |  | 52,065 |  |  | 1,393,179 |
Depreciation and Amortization | 455,567 |  |  | 134,844 |  |  | 61,658 |  |  | 652,069 |
Depreciation | 309,969 |  |  | 83,106 |  |  | 54,487 |  |  | 447,562 |
Amortization | 145,598 |  |  | 51,738 |  |  | 7,171 |  |  | 204,507 |
Adjusted EBITDA | 1,574,069 |  |  | 126,576 |  |  | (224,924) |  |  | 1,475,721 |
Total Assets(1) | 10,938,359 |  |  | 2,727,654 |  |  | 483,254 |  |  | 14,149,267 |
Expenditures for Segment Assets | 338,006 |  |  | 249,459 |  |  | 44,389 |  |  | 631,854 |
Capital Expenditures | 150,175 |  |  | 243,699 |  |  | 44,389 |  |  | 438,263 |
Cash Paid for Acquisitions, Net of Cash Acquired | 118,581 |  |  | — |  |  | — |  |  | 118,581 |
Acquisitions of Customer Relationships, Customer Inducements and Contract Fulfillment Costs | 69,250 |  |  | 5,760 |  |  | — |  |  | 75,010 |
As of and for the Year Ended December 31, 2019 |  |  |  |  |  |  |
Total Revenues | $ | 3,812,433 |  |  | $ | 257,151 |  |  | $ | 193,000 |  |  | $ | 4,262,584 |
Storage Rental | 2,320,076 |  |  | 246,925 |  |  | 114,086 |  |  | 2,681,087 |
Service | 1,492,357 |  |  | 10,226 |  |  | 78,914 |  |  | 1,581,497 |
Depreciation and Amortization | 454,652 |  |  | 133,927 |  |  | 69,622 |  |  | 658,201 |
Depreciation | 330,534 |  |  | 78,939 |  |  | 46,850 |  |  | 456,323 |
Amortization | 124,118 |  |  | 54,988 |  |  | 22,772 |  |  | 201,878 |
Adjusted EBITDA | 1,566,065 |  |  | 121,517 |  |  | (218,573) |  |  | 1,469,009 |
Total Assets(1) | 10,753,218 |  |  | 2,535,848 |  |  | 527,750 |  |  | 13,816,816 |
Expenditures for Segment Assets | 398,690 |  |  | 427,935 |  |  | 56,242 |  |  | 882,867 |
Capital Expenditures | 248,232 |  |  | 392,029 |  |  | 52,722 |  |  | 692,983 |
Cash Paid for Acquisitions, Net of Cash Acquired | 54,717 |  |  | — |  |  | 3,520 |  |  | 58,237 |
Acquisitions of Customer Relationships, Customer Inducements, Contract Fulfillment Costs and third-party commissions | 95,741 |  |  | 35,906 |  |  | — |  |  | 131,647 |
(1)Excludes all intercompany receivables or payables and investment in subsidiary balances. The accounting policies of the reportable segments are the same as those described in Note 2. Adjusted EBITDA for each segment is defined as income (loss) from continuing operations 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 •Restructuring Charges •Intangible impairments •(Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) | •Other (income) expense, net •Stock-based compensation expense •COVID-19 Costs (as defined below)
Internally, we use Adjusted EBITDA as the basis for evaluating the performance of, and allocated resources to, our operating segments. A reconciliation of Income (Loss) from Continuing Operations to Adjusted EBITDA on a consolidated basis for the years ended December 31, 2021, 2020 and 2019 is as follows:
| YEAR ENDED DECEMBER 31,
| 2021 |  | 2020 |  | 2019
Income (Loss) from Continuing Operations | $ | 452,725 |  |  | $ | 343,096 |  |  | $ | 268,211 |
Add/(Deduct): |  |  |  |  |
Interest expense, net | 417,961 |  |  | 418,535 |  |  | 419,298 |
Provision (benefit) for income taxes | 176,290 |  |  | 29,609 |  |  | 59,931 |
Depreciation and amortization | 680,422 |  |  | 652,069 |  |  | 658,201 |
Acquisition and Integration Costs | 12,764 |  |  | — |  |  | 13,293 |
Restructuring Charges | 206,426 |  |  | 194,396 |  |  | 48,597 |
Intangible impairments | — |  |  | 23,000 |  |  | — |
(Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) | (172,041) |  |  | (363,537) |  |  | (63,824) |
Other (income) expense, net, excluding our share of losses (gains) from our unconsolidated joint ventures(1) | (205,746) |  |  | 133,611 |  |  | 25,720 |
Stock-based compensation expense | 61,001 |  |  | 34,272 |  |  | 36,194 |
COVID-19 Costs(2) | — |  |  | 9,285 |  |  | — |
Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures | 4,897 |  |  | 1,385 |  |  | 3,388 |
Adjusted EBITDA | $ | 1,634,699 |  |  | $ | 1,475,721 |  |  | $ | 1,469,009 |
(1)Includes foreign currency transaction (gains) losses, net, debt extinguishment expense and other, net. (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”). For the year ended December 31, 2020, approximately $7,600 and $1,600 of COVID-19 Costs are included within Cost of sales and Selling, general and administrative expenses, respectively, on our Consolidated Statement of Operations. 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 operations in different geographical areas for the years ended December 31, 2021, 2020 and 2019 is as follows:
| YEAR ENDED DECEMBER 31,
| 2021 |  | 2020 |  | 2019
Revenues: |  |  |  |  |
United States | $ | 2,713,147 |  |  | $ | 2,577,084 |  |  | $ | 2,632,586 |
United Kingdom | 294,675 |  |  | 247,667 |  |  | 274,931 |
Canada | 252,385 |  |  | 224,860 |  |  | 243,033 |
Australia | 148,431 |  |  | 133,815 |  |  | 143,511 |
Remaining Countries | 1,082,893 |  |  | 963,844 |  |  | 968,523 |
Long-lived Assets: |  |  |  |  |
United States | $ | 7,867,841 |  |  | $ | 7,818,059 |  |  | $ | 7,862,262 |
United Kingdom | 914,732 |  |  | 838,491 |  |  | 755,859 |
Canada | 562,911 |  |  | 556,120 |  |  | 556,591 |
Australia | 528,703 |  |  | 575,862 |  |  | 530,755 |
Remaining Countries | 3,134,577 |  |  | 3,090,948 |  |  | 2,875,010 |
Information as to our revenues by product and service lines by segment for the years ended December 31, 2021, 2020 and 2019 is as follows:
| GLOBAL RIM BUSINESS |  | GLOBAL DATA CENTER BUSINESS |  | CORPORATE AND OTHER BUSINESS |  | TOTAL CONSOLIDATED
For the Year Ended December 31, 2021 |  |  |  |  |  |  |
Records Management(1) | $ | 3,074,605 |  |  | $ | — |  |  | $ | 125,784 |  |  | $ | 3,200,389 |
Data Management(1) | 466,517 |  |  | — |  |  | 62,686 |  |  | 529,203 |
Information Destruction(1)(2) | 435,041 |  |  | — |  |  | — |  |  | 435,041 |
Data Center(1) | — |  |  | 326,898 |  |  | — |  |  | 326,898 |
For the Year Ended December 31, 2020 |  |  |  |  |  |  |
Records Management(1) | $ | 2,852,296 |  |  | $ | — |  |  | $ | 102,003 |  |  | $ | 2,954,299 |
Data Management(1) | 488,198 |  |  | — |  |  | 66,675 |  |  | 554,873 |
Information Destruction(1)(2) | 358,786 |  |  | — |  |  | — |  |  | 358,786 |
Data Center(1) | — |  |  | 279,312 |  |  | — |  |  | 279,312 |
For the Year Ended December 31, 2019 |  |  |  |  |  |  |
Records Management(1) | $ | 2,866,192 |  |  | $ | — |  |  | $ | 128,954 |  |  | $ | 2,995,146 |
Data Management(1) | 520,082 |  |  | — |  |  | 64,046 |  |  | 584,128 |
Information Destruction(1)(2) | 426,159 |  |  | — |  |  | — |  |  | 426,159 |
Data Center(1) | — |  |  | 257,151 |  |  | — |  |  | 257,151 |
(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 the destruction services offering, which does not have a storage rental component. (2)Includes Secure Shredding services.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration