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Debt (Tables) | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Schedule of Carrying Amount and Fair Value of Long-term Debt Instruments | Long-term debt is as follows:
|  | DECEMBER 31, 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) |  | $ | — |  |  | $ | (5,174) |  |  | $ | (5,174) |  |  | $ | — |  |  |  | $ | — |  |  | $ | (8,620) |  |  | $ | (8,620) |  |  | $ | — |
Term Loan A(1) |  | 203,125 |  |  | — |  |  | 203,125 |  |  | 203,125 |  |  |  | 215,625 |  |  | — |  |  | 215,625 |  |  | 215,625 |
Term Loan B(1)(2) |  | 672,847 |  |  | (4,995) |  |  | 667,852 |  |  | 675,500 |  |  |  | 679,621 |  |  | (6,244) |  |  | 673,377 |  |  | 680,750 |
Australian Dollar Term Loan (the “AUD Term Loan”)(3)(4) |  | 223,182 |  |  | (656) |  |  | 222,526 |  |  | 223,530 |  |  |  | 243,152 |  |  | (1,624) |  |  | 241,528 |  |  | 244,014 |
UK Bilateral Revolving Credit Facility(4) |  | 189,168 |  |  | (709) |  |  | 188,459 |  |  | 189,168 |  |  |  | 191,101 |  |  | (1,307) |  |  | 189,794 |  |  | 191,101 |
3 7/8% GBP Senior Notes due 2025 (the “GBP Notes “)(5)(7)(8) |  | 540,481 |  |  | (3,912) |  |  | 536,569 |  |  | 542,508 |  |  |  | 546,003 |  |  | (4,983) |  |  | 541,020 |  |  | 553,101 |
4 7/8% Senior Notes due 2027 (the “4 7/8% Notes due 2027”)(5)(6)(7) |  | 1,000,000 |  |  | (8,176) |  |  | 991,824 |  |  | 1,030,000 |  |  |  | 1,000,000 |  |  | (9,598) |  |  | 990,402 |  |  | 1,046,250 |
5 1/4% Senior Notes due 2028 (the “5 1/4% Notes due 2028”)(5)(6)(7) |  | 825,000 |  |  | (7,380) |  |  | 817,620 |  |  | 862,125 |  |  |  | 825,000 |  |  | (8,561) |  |  | 816,439 |  |  | 868,313 |
5% Senior Notes due 2028 (the “5% Notes due 2028”)(5)(6)(7) |  | 500,000 |  |  | (4,763) |  |  | 495,237 |  |  | 513,750 |  |  |  | 500,000 |  |  | (5,486) |  |  | 494,514 |  |  | 523,125 |
4 7/8% Senior Notes due 2029 (the “4 7/8% Notes due 2029”)(5)(6)(7) |  | 1,000,000 |  |  | (11,211) |  |  | 988,789 |  |  | 1,022,500 |  |  |  | 1,000,000 |  |  | (12,658) |  |  | 987,342 |  |  | 1,050,000 |
5 1/4% Senior Notes due 2030 (the “5 1/4% Notes due 2030”)(5)(6)(7) |  | 1,300,000 |  |  | (12,911) |  |  | 1,287,089 |  |  | 1,355,250 |  |  |  | 1,300,000 |  |  | (14,416) |  |  | 1,285,584 |  |  | 1,400,750 |
4 1/2% Senior Notes due 2031 (the “4 1/2% Notes”)(5)(6)(7) |  | 1,100,000 |  |  | (11,404) |  |  | 1,088,596 |  |  | 1,094,500 |  |  |  | 1,100,000 |  |  | (12,648) |  |  | 1,087,352 |  |  | 1,138,500 |
5% Senior Notes due 2032 (the “5% Notes due 2032”)(5)(7)(9) |  | 750,000 |  |  | (13,782) |  |  | 736,218 |  |  | 767,813 |  |  |  | — |  |  | — |  |  | — |  |  | — |
5 5/8% Senior Notes due 2032 (the “5 5/8% Notes”)(5)(6)(7) |  | 600,000 |  |  | (6,147) |  |  | 593,853 |  |  | 637,500 |  |  |  | 600,000 |  |  | (6,727) |  |  | 593,273 |  |  | 660,000 |
Real Estate Mortgages, Financing Lease Liabilities and Other(10) |  | 460,648 |  |  | (840) |  |  | 459,808 |  |  | 460,648 |  |  |  | 511,922 |  |  | (1,086) |  |  | 510,836 |  |  | 511,922 |
Accounts Receivable Securitization Program(11) |  | — |  |  | (450) |  |  | (450) |  |  | — |  |  |  | 85,000 |  |  | (152) |  |  | 84,848 |  |  | 85,000 |
Total Long-term Debt |  | 9,364,451 |  |  | (92,510) |  |  | 9,271,941 |  |  |  |  |  | 8,797,424 |  |  | (94,110) |  |  | 8,703,314 |  |  |
Less Current Portion |  | (310,084) |  |  | 656 |  |  | (309,428) |  |  |  |  |  | (193,759) |  |  | — |  |  | (193,759) |  |  |
Long-term Debt, Net of Current Portion |  | $ | 9,054,367 |  |  | $ | (91,854) |  |  | $ | 8,962,513 |  |  |  |  |  | $ | 8,603,665 |  |  | $ | (94,110) |  |  | $ | 8,509,555 |  |  |
(1)The capital stock or other equity interests of most of our United States subsidiaries, and up to 66% of the capital stock or other equity interests of most of our first-tier foreign subsidiaries, are pledged to secure these debt instruments, together with all intercompany obligations (including promissory notes) of subsidiaries owed to us or to one of our United States subsidiary guarantors. In addition, Iron Mountain Canada Operations ULC (“Canada Company”) has pledged 66% of the capital stock of its subsidiaries, and all intercompany obligations (including promissory notes) owed to or held by it, to secure the Canadian dollar subfacility under the Revolving Credit Facility. The fair value (Level 3 of fair value hierarchy described at Note 2.o.) of these debt instruments approximates the carrying value (as borrowings under these debt instruments are based on current variable market interest rates (plus a margin that is subject to change based on our consolidated leverage ratio)), as of December 31, 2021 and 2020. (2)The amount of debt for the Term Loan B (as defined below) reflects an unamortized original issue discount of $903 and $1,129 as of December 31, 2021 and 2020, respectively. (3)The amount of debt for the AUD Term Loan reflects an unamortized original issue discount of $348 and $862 as of December 31, 2021 and 2020, respectively. (4)The fair value (Level 3 of fair value hierarchy described at Note 2.o.) of this debt instrument approximates the carrying value as borrowings under this debt instrument are based on a current variable market interest rate. (5)The fair values (Level 1 of fair value hierarchy described at Note 2.o.) of these debt instruments are based on quoted market prices for these notes on December 31, 2021 and 2020, respectively. (6)Collectively, the “Parent Notes". IMI is the direct obligor on the Parent Notes, which are fully and unconditionally guaranteed, on a senior basis, by IMI’s direct and indirect 100% owned United States subsidiaries that represent the substantial majority of our United States operations (the “Guarantors”). These guarantees are joint and several obligations of the Guarantors. The remainder of our subsidiaries do not guarantee the Parent Notes. (7)Collectively, the “Unregistered Notes". The Unregistered Notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or under the securities laws of any other jurisdiction. Unless they are registered, the Unregistered Notes may be offered only in transactions that are exempt from registration under the Securities Act or the securities laws of any other jurisdiction. (8)Iron Mountain (UK) PLC (“IM UK”) is the direct obligor on the GBP Notes, which are fully and unconditionally guaranteed, on a senior basis, by IMI and the Guarantors. These guarantees are joint and several obligations of IMI and the Guarantors. (9)Iron Mountain Information Management Services, Inc. (“IMIM Services”) is the direct obligor on the 5% Notes due 2032, which are fully and unconditionally guaranteed, on a senior basis, by IMI and the other Guarantors. These guarantees are joint and several obligations of IMI and such Guarantors. (10) We believe the fair value (Level 3 of fair value hierarchy described at Note 2.o.) of this debt approximates its carrying value. This debt includes the following:
| DECEMBER 31, 2021 |  | DECEMBER 31, 2020
Real estate mortgages(i) | $ | 58,933 |  |  | $ | 71,673 |
Financing lease liabilities(ii) | 356,729 |  |  | 366,311 |
Other notes and other obligations(iii) | 44,986 |  |  | 73,938 |
| $ | 460,648 |  |  | $ | 511,922 |
(i)Bear interest at approximately 3.6% and 3.3% at December 31, 2021 and 2020, respectively, and includes $50,000 outstanding under our Mortgage Securitization Program at both December 31, 2021 and 2020. (ii)Bear a weighted average interest rate of 5.9% at both December 31, 2021 and 2020. (iii)These notes and other obligations, which were assumed by us as a result of certain acquisitions bear a weighted average interest rate of 10.7% at both December 31, 2021 and 2020. (11) The Accounts Receivable Securitization Special Purpose Subsidiaries are the obligors under this program. We believe the fair value (Level 3 of fair value hierarchy described at Note 2.o.) of this debt approximates its carrying value.
Schedule of Redemption Dates and Prices of the Senior or Senior Subordinated Notes | The key terms of our indentures are as follows:
SENIOR NOTES |  | AGGREGATE PRINCIPAL AMOUNT |  | DIRECT OBLIGOR |  | MATURITY DATE |  | CONTRACTUAL INTEREST RATE |  | INTEREST PAYMENTS DUE |  | PAR CALL DATE(1)
GBP Notes |  | £ | 400,000 |  |  | IM UK |  | November 15, 2025 |  | 3 7/8% |  | May 15 and November 15 |  | November 15, 2022
4 7/8% Notes due 2027 |  | $ | 1,000,000 |  |  | IMI |  | September 15, 2027 |  | 4 7/8% |  | March 15 and September 15 |  | September 15, 2025
5 1/4% Notes due 2028 |  | $ | 825,000 |  |  | IMI |  | March 15, 2028 |  | 5 1/4% |  | March 15 and September 15 |  | March 15, 2025
5% Notes due 2028 |  | $ | 500,000 |  |  | IMI |  | July 15, 2028 |  | 5% |  | January 15 and July 15 |  | July 15, 2025
4 7/8% Notes due 2029 |  | $ | 1,000,000 |  |  | IMI |  | September 15, 2029 |  | 4 7/8% |  | March 15 and September 15 |  | September 15, 2027
5 1/4% Notes due 2030 |  | $ | 1,300,000 |  |  | IMI |  | July 15, 2030 |  | 5 1/4% |  | January 15 and July 15 |  | July 15, 2028
4 1/2% Notes |  | $ | 1,100,000 |  |  | IMI |  | February 15, 2031 |  | 4 1/2% |  | February 15 and August 15 |  | February 15, 2029
5% Notes due 2032 |  | $ | 750,000 |  |  | IMIM Services |  | July 15, 2032 |  | 5% |  | May 15 and November 15 |  | July 15, 2027
5 5/8% Notes |  | $ | 600,000 |  |  | IMI |  | July 15, 2032 |  | 5 5/8% |  | January 15 and July 15 |  | July 15, 2029
(1)We may redeem the notes at any time, at our option, in whole or in part. Prior to the par call date, we may redeem the notes at the redemption price or make-whole premium specified in the applicable indenture, together with accrued and unpaid interest to, but excluding, the redemption date. On or after the par call date, we may redeem the notes at a price equal to 100% of the principal amount being redeemed, together with accrued and unpaid interest to, but excluding, the redemption date. On December 28, 2021, IMIM Services completed a private offering of:
SERIES OF NOTES | AGGREGATE PRINCIPAL AMOUNT
5% Notes due 2032 | $ | 750,000 |
On June 22, 2020, IMI completed private offerings of the following series of notes in the amounts set forth below (collectively, the "June 2020 Offerings"):
SERIES OF NOTES | AGGREGATE PRINCIPAL AMOUNT
5% Notes due 2028 | $ | 500,000 |
5 1/4% Notes due 2030 | 1,300,000 |
5 5/8% Notes | 600,000 |
On August 18, 2020, IMI completed a private offering of:
SERIES OF NOTES | AGGREGATE PRINCIPAL AMOUNT
4 1/2% Notes | $ | 1,100,000 |
Schedule of Net Cash Position in Cash Pool Agreements | The approximate amount of the net cash position, gross position and outstanding debit balances for each of our cash pools as of December 31, 2021 and 2020 were as follows:
| DECEMBER 31, 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 | $ | 552,900 |  |  | $ | (552,100) |  |  | $ | 800 |  |  | $ | 448,700 |  |  | $ | (447,400) |  |  | $ | 1,300 |
BMG TRS Cash Pool | 606,000 |  |  | (603,900) |  |  | 2,100 |  |  | 555,500 |  |  | (553,500) |  |  | 2,000 |
JPM QRS Cash Pool | 9,400 |  |  | (9,200) |  |  | 200 |  |  | — |  |  | — |  |  | — |
JPM TRS Cash Pool | 12,000 |  |  | (9,900) |  |  | 2,100 |  |  | — |  |  | — |  |  | — |
Schedule of Maturities of Long-term Debt | MATURITIES OF LONG-TERM DEBT (GROSS OF DISCOUNTS) ARE AS FOLLOWS:
YEAR |  | AMOUNT
2022 |  | $ | 310,432 |
2023 |  | 445,318 |
2024 |  | 42,716 |
2025 |  | 569,806 |
2026 |  | 717,368 |
Thereafter |  | 7,280,062 |
|  | 9,365,702 |
Net Discounts |  | (1,251) |
Net Deferred Financing Costs |  | (92,510) |
Total Long-term Debt (including current portion) |  | $ | 9,271,941 |

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