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Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Schedule of allowance for credit loss

The rollforward of the allowance for doubtful accounts and credit memo reserves for the three months ended March 31, 2022 is as follows:

						Balance as of December 31, 2021						$	62,009
						Credit memos charged to revenue						12,352
						Allowance for bad debts charged to expense						6,699
						Deductions and other(1)						(19,893)
						Balance as of March 31, 2022						$	61,167

(1)Primarily consists of the issuance of credit memos, the write-off of accounts receivable, allowances associated with businesses acquired and the impact associated with currency translation adjustments.

Schedule of operating and financing lease right-of-use assets and lease liabilities

Operating and financing lease right-of-use assets and lease liabilities as of March 31, 2022 and December 31, 2021 are as follows:

DESCRIPTION						MARCH 31, 2022						DECEMBER 31, 2021
Assets:
Operating lease right-of-use assets						$	2,343,627					$	2,314,422
Financing lease right-of-use assets, net of accumulated depreciation(1)						284,468						298,049
Liabilities:
Current
Operating lease liabilities						$	265,186					$	259,957
Financing lease liabilities(1)						39,397						41,168
Long-term
Operating lease liabilities						$	2,196,846					$	2,171,472
Financing lease liabilities(1)						301,603						315,561

(1)Financing lease right-of-use assets, current financing lease liabilities and long-term financing lease liabilities are included within Property, Plant and Equipment, Net, Current portion of long-term debt and Long-term Debt, net of current portion, respectively, within our Condensed Consolidated Balance Sheets.

Schedule of Lease Costs and Other Information

The components of the lease expense for the three months ended March 31, 2022 and 2021 are as follows:

												THREE MONTHS ENDED MARCH 31,
DESCRIPTION																		2022						2021
Operating lease cost(1)																		$	143,530					$	132,675
Financing lease cost:
Depreciation of financing lease right-of-use assets																		$	11,454					$	12,648
Interest expense for financing lease liabilities																		4,678						4,975

(1)Operating lease cost, the majority of which is included in Cost of sales, includes variable lease costs of $30,508 and $28,368 for the three months ended March 31, 2022 and 2021, respectively.

Supplemental cash flow information relating to our leases for the three months ended March 31, 2022 and 2021 is as follows:

						THREE MONTHS ENDED MARCH 31,
CASH PAID FOR AMOUNTS INCLUDED IN MEASUREMENT OF LEASE LIABILITIES:						2022						2021
Operating cash flows used in operating leases						$	101,605					$	93,645
Operating cash flows used in financing leases (interest)						4,678						4,975
Financing cash flows used in financing leases						10,362						12,441
NON-CASH ITEMS:
Operating lease modifications and reassessments						$	23,767					$	31,994
New operating leases (including acquisitions and sale-leaseback transactions)						125,902						48,200

Schedule of changes in the carrying value of goodwill attributable to each reportable operating segment

The changes in the carrying value of goodwill attributable to each reportable operating segment for the three months ended March 31, 2022 are as follows:

			GLOBAL RIM BUSINESS						GLOBAL DATA CENTER BUSINESS						CORPORATE AND OTHER BUSINESS						TOTAL CONSOLIDATED
Goodwill balance, net of accumulated amortization as of December 31, 2021			$	3,976,261					$	426,074					$	61,196					$	4,463,531
Non-tax deductible goodwill acquired during the period			978						—						580,150						581,128
Fair value and other adjustments(1)			(16,993)						—						—						(16,993)
Currency effects			(672)						(2,702)						(601)						(3,975)
Goodwill balance, net accumulated amortization as of March 31, 2022			$	3,959,574					$	423,372					$	640,745					$	5,023,691
Accumulated goodwill impairment balance as of March 31, 2022			$	132,409					$	—					$	26,011					$	158,420

(1) This amount represents an adjustment to goodwill as a result of the deconsolidation of certain businesses, as described in Note 2.k.

Schedule of assets and liabilities carried at fair value measured on a recurring basis

The assets and liabilities carried at fair value measured on a recurring basis as of March 31, 2022 and December 31, 2021 are as follows:

												FAIR VALUE MEASUREMENTS AT MARCH 31, 2022 USING
DESCRIPTION						TOTAL CARRYING VALUE AT MARCH 31, 2022						QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1)						SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2)						SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Money Market Funds						$	28,718					$	—					$	28,718					$	—
Time Deposits						3,167						—						3,167						—
Trading Securities						10,442						10,355						87						—
Derivative Assets						19,443						—						19,443						—
Deferred Purchase Obligation (as defined in Note 3)						275,100						—						—						275,100

												FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2021 USING
DESCRIPTION						TOTAL CARRYING VALUE AT DECEMBER 31, 2021						QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1)						SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2)						SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Money Market Funds						$	101,022					$	—					$	101,022					$	—
Time Deposits						2,238						—						2,238						—
Trading Securities						11,147						11,062						85						—
Derivative Assets						11,021						—						11,021						—
Derivative Liabilities						8,344						—						8,344						—

Schedule of changes in accumulated other comprehensive items, net

The changes in accumulated other comprehensive items, net for the three months ended March 31, 2022 and 2021 are as follows:

			THREE MONTHS ENDED MARCH 31, 2022																		THREE MONTHS ENDED MARCH 31, 2021
			FOREIGN CURRENCY TRANSLATION AND OTHER ADJUSTMENTS						CHANGE IN FAIR VALUE OF DERIVATIVE INSTRUMENTS						TOTAL						FOREIGN CURRENCY TRANSLATION AND OTHER ADJUSTMENTS						CHANGE IN FAIR VALUE OF DERIVATIVE INSTRUMENTS						TOTAL
Beginning of Period			$	(341,024)					$	2,677					$	(338,347)					$	(206,190)					$	(49,703)					$	(255,893)
Other comprehensive (loss) income):
Foreign currency translation and other adjustments			27,223						—						27,223						(66,224)						—						(66,224)
Change in fair value of derivative instruments			—						16,766						16,766						—						15,206						15,206
Total other comprehensive (loss) income			27,223						16,766						43,989						(66,224)						15,206						(51,018)
End of Period			$	(313,801)					$	19,443					$	(294,358)					$	(272,414)					$	(34,497)					$	(306,911)

Schedule of cost and accumulated amortization associated with contract fulfillment costs

Contract Fulfillment Costs as of March 31, 2022 and December 31, 2021 are as follows:

						MARCH 31, 2022																		DECEMBER 31, 2021
						GROSS CARRYING AMOUNT						ACCUMULATED AMORTIZATION						NET CARRYING AMOUNT						GROSS CARRYING AMOUNT						ACCUMULATED AMORTIZATION						NET CARRYING AMOUNT
Intake Costs asset						$	71,731					$	(45,432)					$	26,299					$	71,336					$	(42,678)					$	28,658
Commissions asset						121,501						(54,356)						67,145						114,791						(50,553)						64,238

Schedule of deferred revenue liabilities

Deferred revenue liabilities are reflected in our Condensed Consolidated Balance Sheets as follows:

DESCRIPTION						LOCATION IN BALANCE SHEET						MARCH 31, 2022						DECEMBER 31, 2021
Deferred revenue - Current						Deferred revenue						$	301,965					$	307,470
Deferred revenue - Long-term						Other Long-term Liabilities						31,532						33,691

Schedule of revenue

Storage rental revenue, including revenue associated with power and connectivity, associated with our Global Data Center Business for the three months ended March 31, 2022 and 2021 are as follows:

			THREE MONTHS ENDED MARCH 31,
			2022						2021
Storage rental revenue(1)			$	87,451					$	67,157

(1)Revenue associated with power and connectivity included within storage rental revenue was $28,318 and $13,133 for the three months ended March 31, 2022 and 2021, respectively.

Schedule of stock-based compensation expense

Stock-based compensation expense for the Employee Stock-Based Awards for the three months ended March 31, 2022 and 2021 is as follows:

			THREE MONTHS ENDED MARCH 31,
			2022						2021
Stock-based compensation expense			$	11,341					$	10,953

Schedule of fair value of RSU and earned PUs vested

The fair value of RSUs and earned PUs that vested during the three months ended March 31, 2022 and 2021 is as follows:

			THREE MONTHS ENDED MARCH 31,
			2022						2021
Fair value of RSUs vested			$	18,415					$	19,861
Fair value of earned PUs that vested			4,346						5,591

Schedule of other (income) expense, net

Consolidated other expense (income), net for the three months ended March 31, 2022 and 2021 consists of the following:

						THREE MONTHS ENDED MARCH 31,
DESCRIPTION						2022						2021
Foreign currency transaction (gains) losses, net						$	(13,201)					$	2,314
Debt extinguishment expense						671						—
Other, net(1)						68,431						2,399
Other Expense (Income), Net						$	55,901					$	4,713

(1)On March 24, 2022, as a result of our loss of control, we deconsolidated the businesses included in the acquisition of OSG Records Management (Europe) Limited, excluding Ukraine. We recognized a loss of approximately $105,800 associated with the deconsolidation to Other expense (income), net in the first quarter of 2022 representing the difference between the net asset value prior to the deconsolidation and subsequent remeasurement of the retained investment to fair value of zero. We have concluded that the deconsolidation does not meet the criteria to be reported as discontinued operations in our consolidated financial statements, as it does not represent a strategic shift that will have a major effect on our operations and financial results. The loss was partially offset by a gain of approximately $35,800 associated with the Clutter Transaction (as defined in Note 4).

Schedule of income taxes

Our effective tax rates for the three months ended March 31, 2022 and 2021 are as follows:

			THREE MONTHS ENDED MARCH 31,
			2022(1)						2021(2)
Effective Tax Rate			19.5		%				23.9		%

(1)The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate for the three months ended March 31, 2022 were the benefits derived from the dividends paid deduction, the differences in the tax rates to which our foreign earnings are subject, and a release of valuation allowances on deferred tax assets of our U.S. taxable REIT subsidiaries (“TRS”) of approximately $9,900 as a result of the ITRenew Transaction.

(2)The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate for the three months ended March 31, 2021 were the benefits derived from the dividends paid deduction and the impacts of differences in the tax rates to which our foreign earnings are subject.

Schedule of basic and diluted net income (loss) per share attributable to the entity

The calculation of basic and diluted income (loss) per share for the three months ended March 31, 2022 and 2021 are as follows:

			THREE MONTHS ENDED MARCH 31,
			2022						2021
Net Income (Loss)			$	41,707					$	46,631
Less: Net (Loss) Income Attributable to Noncontrolling Interests			(592)						1,028
Net Income (Loss) Attributable to Iron Mountain Incorporated (utilized in numerator of Earnings Per Share calculation)			$	42,299					$	45,603
Weighted-average shares—basic			290,328,000						288,756,000
Effect of dilutive potential stock options			995,625						56,437
Effect of dilutive potential RSUs and PUs			521,977						715,850
Weighted-average shares—diluted			291,845,602						289,528,287
Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated:
Basic			$	0.15					$	0.16
Diluted			$	0.14					$	0.16
Antidilutive stock options, RSUs and PUs, excluded from the calculation			755,580						4,708,068

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