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Summary of Significant Accounting Policies | 9 Months Ended
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Sep. 30, 2022
Accounting Policies [Abstract] |
Summary Of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESA. CASH AND CASH EQUIVALENTSCash and cash equivalents include cash on hand and cash invested in highly liquid short-term securities, which have remaining maturities at the date of purchase of less than 90 days. Cash and cash equivalents are carried at cost, which approximates fair value B. ACCOUNTS RECEIVABLE We maintain an allowance for doubtful accounts and a credit memo reserve for estimated losses resulting from the potential inability of our customers to make required payments and potential disputes regarding billing and service issues. The rollforward of the allowance for doubtful accounts and credit memo reserves for the nine months ended September 30, 2022 is as follows:
|  | Balance as of December 31, 2021 |  | $ | 62,009 |
|  | Credit memos charged to revenue |  | 41,722 |
|  | Allowance for bad debts charged to expense |  | 10,691 |
|  | Deductions and other(1) |  | (61,727) |
|  | Balance as of September 30, 2022 |  | $ | 52,695 |
(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. C. INVENTORY Inventories are stated at the lower of cost or net realizable value, based on a first-in, first-out methodology. Our inventory primarily consists of information technology-related assets including memory, central processing units, hard drives, adaptors and networking. All of our inventory is considered finished goods. Inventory is included as a component of Prepaid expenses and other in our Condensed Consolidated Balance Sheets. At September 30, 2022, we have inventory of approximately $14,565, net of related reserves for obsolete, excess and slow-moving inventory, related to our asset lifecycle management ("ALM") business. We had no inventory as of December 31, 2021. D. LEASES We lease facilities for certain warehouses, data centers and office space. We also have land leases, including those on which certain facilities are located. Operating and financing lease right-of-use assets and lease liabilities as of September 30, 2022 and December 31, 2021 are as follows:
DESCRIPTION |  | SEPTEMBER 30, 2022 |  | DECEMBER 31, 2021
Assets: |  |  |  |
Operating lease right-of-use assets |  | $ | 2,556,253 |  |  | $ | 2,314,422 |
Financing lease right-of-use assets, net of accumulated depreciation(1) |  | 250,627 |  |  | 298,049 |
Liabilities: |  |  |  |
Current |  |  |  |
Operating lease liabilities |  | $ | 270,311 |  |  | $ | 259,597 |
Financing lease liabilities(1) |  | 34,622 |  |  | 41,168 |
Long-term |  |  |  |
Operating lease liabilities |  | $ | 2,405,751 |  |  | $ | 2,171,472 |
Financing lease liabilities(1) |  | 276,627 |  |  | 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. The components of the lease expense for the three and nine months ended September 30, 2022 and 2021 are as follows:
|  | THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30,
DESCRIPTION |  | 2022 |  | 2021 |  | 2022 |  | 2021
Operating lease cost(1) |  | $ | 145,293 |  |  | $ | 140,551 |  |  | $ | 428,686 |  |  | $ | 408,312 |
Financing lease cost: |  |  |  |  |  |  |  |
Depreciation of financing lease right-of-use assets |  | $ | 10,186 |  |  | $ | 14,006 |  |  | $ | 32,218 |  |  | $ | 39,062 |
Interest expense for financing lease liabilities |  | 4,126 |  |  | 5,055 |  |  | 13,163 |  |  | 14,940 |
(1)Operating lease cost, the majority of which is included in Cost of sales, includes variable lease costs of $30,730 and $89,647 for the three and nine months ended September 30, 2022, respectively, and $28,835 and $86,422 for the three and nine months ended September 30, 2021, respectively. Other information: Supplemental cash flow information relating to our leases for the nine months ended September 30, 2022 and 2021 is as follows:
|  | NINE MONTHS ENDED SEPTEMBER 30,
CASH PAID FOR AMOUNTS INCLUDED IN MEASUREMENT OF LEASE LIABILITIES: |  | 2022 |  | 2021
Operating cash flows used in operating leases |  | $ | 302,442 |  |  | $ | 291,535 |
Operating cash flows used in financing leases (interest) |  | 13,163 |  |  | 14,940 |
Financing cash flows used in financing leases |  | 29,254 |  |  | 35,360 |
NON-CASH ITEMS: |  |  |  |
Operating lease modifications and reassessments |  | $ | 145,133 |  |  | $ | 103,158 |
New operating leases (including acquisitions and sale-leaseback transactions) |  | 485,673 |  |  | 240,822 |
E. GOODWILL Our reporting units as of December 31, 2021 are described in detail in Note 2.k. to Notes to Consolidated Financial Statements included in our Current Report. The goodwill associated with acquisitions completed during the first nine months of 2022 (as described in Note 3) has been incorporated into our current reporting units. The changes in the carrying value of goodwill attributable to each reportable segment for the nine months ended September 30, 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(1) | $ | 3,972,852 |  |  | $ | 426,074 |  |  |  |  | $ | 64,605 |  |  | $ | 4,463,531 |
Tax deductible goodwill acquired during the year | — |  |  | — |  |  |  |  | 762 |  |  | 762 |
Non-tax deductible goodwill acquired during the period | 696 |  |  | — |  |  |  |  | 585,444 |  |  | 586,140 |
Fair value and other adjustments(2) | (12,101) |  |  | — |  |  |  |  | 384 |  |  | (11,717) |
Currency effects | (186,056) |  |  | (18,287) |  |  |  |  | (3,067) |  |  | (207,410) |
Goodwill balance, net of accumulated amortization as of September 30, 2022 | $ | 3,775,391 |  |  | $ | 407,787 |  |  |  |  | $ | 648,128 |  |  | $ | 4,831,306 |
Accumulated goodwill impairment balance as of September 30, 2022 | $ | 132,409 |  |  | $ | — |  |  |  |  | $ | 26,011 |  |  | $ | 158,420 |
(1)The balances as of December 31, 2021 have been recast to reflect the segment changes described in our Current Report. (2)This amount primarily represents an adjustment to goodwill as a result of the deconsolidation of certain businesses, as described in Note 2.l. F. FAIR VALUE MEASUREMENTS The assets and liabilities carried at fair value measured on a recurring basis as of September 30, 2022 and December 31, 2021 are as follows:
|  |  |  | FAIR VALUE MEASUREMENTS AT SEPTEMBER 30, 2022 USING
DESCRIPTION |  | TOTAL CARRYING VALUE AT SEPTEMBER 30, 2022 |  | QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1) |  | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) |  | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Money Market Funds |  | $ | 18,861 |  |  | $ | — |  |  | $ | 18,861 |  |  | $ | — |
Time Deposits |  | 1,123 |  |  | — |  |  | 1,123 |  |  | — |
Trading Securities |  | 9,085 |  |  | 9,049 |  |  | 36 |  |  | — |
Derivative Assets |  | 85,887 |  |  | — |  |  | 85,887 |  |  | — |
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 |  |  | — |
There were no material items that are measured at fair value on a non-recurring basis at September 30, 2022 and December 31, 2021, other than (i) those disclosed in Note 2.o. to Notes to Consolidated Financial Statements included in our Current Report, (ii) assets acquired and liabilities assumed through our acquisitions that occurred during the nine months ended September 30, 2022, (iii) our initial investment in the Clutter JV and our additional investment in the Web Werks JV (each as defined in Note 4), and (iv) the fair value of our retained investment of our deconsolidated businesses (as described in Note 2.l.), all of which are based on Level 3 inputs. The fair value of the Deferred Purchase Obligation associated with the ITRenew Transaction (as defined in Note 3) was determined utilizing a Monte-Carlo model and takes into account our forecasted projections as it relates to the underlying performance of the business. There has been no material change in the fair value of the Deferred Purchase Obligation since our initial analysis. G. ACCUMULATED OTHER COMPREHENSIVE ITEMS, NET The changes in Accumulated other comprehensive items, net for the three and nine months ended September 30, 2022 and 2021 are as follows:
| THREE MONTHS ENDED SEPTEMBER 30, 2022 |  | THREE MONTHS ENDED SEPTEMBER 30, 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 | $ | (500,629) |  |  | $ | 53,654 |  |  | $ | (446,975) |  |  | $ | (229,790) |  |  | $ | (28,863) |  |  | $ | (258,653) |  |  |  |  |  |
Other comprehensive (loss) income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation and other adjustments | (174,739) |  |  | — |  |  | (174,739) |  |  | (90,465) |  |  | — |  |  | (90,465) |  |  |  |  |  |
Change in fair value of derivative instruments | — |  |  | 32,233 |  |  | 32,233 |  |  | — |  |  | 14,665 |  |  | 14,665 |  |  |  |  |  |
Total other comprehensive (loss) income | (174,739) |  |  | 32,233 |  |  | (142,506) |  |  | (90,465) |  |  | 14,665 |  |  | (75,800) |  |  |  |  |  |
End of Period | $ | (675,368) |  |  | $ | 85,887 |  |  | $ | (589,481) |  |  | $ | (320,255) |  |  | $ | (14,198) |  |  | $ | (334,453) |  |  |  |  |  |
| NINE MONTHS ENDED SEPTEMBER 30, 2022 |  | NINE MONTHS ENDED SEPTEMBER 30, 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 | (334,344) |  |  | — |  |  | (334,344) |  |  | (114,065) |  |  | — |  |  | (114,065) |
Change in fair value of derivative instruments | — |  |  | 83,210 |  |  | 83,210 |  |  | — |  |  | 35,505 |  |  | 35,505 |
Total other comprehensive (loss) income | (334,344) |  |  | 83,210 |  |  | (251,134) |  |  | (114,065) |  |  | 35,505 |  |  | (78,560) |
End of Period | $ | (675,368) |  |  | $ | 85,887 |  |  | $ | (589,481) |  |  | $ | (320,255) |  |  | $ | (14,198) |  |  | $ | (334,453) |
H. REVENUES The costs associated with the initial movement of customer records into physical storage and certain commissions are considered costs to obtain or fulfill customer contracts (collectively, "Contract Fulfillment Costs"). Contract Fulfillment Costs as of September 30, 2022 and December 31, 2021 are as follows:
|  | SEPTEMBER 30, 2022 |  | DECEMBER 31, 2021
|  | GROSS CARRYING AMOUNT |  | ACCUMULATED AMORTIZATION |  | NET CARRYING AMOUNT |  | GROSS CARRYING AMOUNT |  | ACCUMULATED AMORTIZATION |  | NET CARRYING AMOUNT
Intake Costs asset |  | $ | 63,856 |  |  | $ | (40,045) |  |  | $ | 23,811 |  |  | $ | 71,336 |  |  | $ | (42,678) |  |  | $ | 28,658 |
Commissions asset |  | 124,081 |  |  | (54,948) |  |  | 69,133 |  |  | 114,791 |  |  | (50,553) |  |  | 64,238 |
Deferred revenue liabilities are reflected in our Condensed Consolidated Balance Sheets as follows:
DESCRIPTION |  | LOCATION IN BALANCE SHEET |  | SEPTEMBER 30, 2022 |  | DECEMBER 31, 2021
Deferred revenue - Current |  | Deferred revenue |  | $ | 282,687 |  |  | $ | 307,470 |
Deferred revenue - Long-term |  | Other Long-term Liabilities |  | 31,234 |  |  | 33,691 |
DATA CENTER LESSOR CONSIDERATIONS Our Global Data Center Business features storage rental provided to customers at contractually specified rates over a fixed contractual period, which are accounted for in accordance with Accounting Standards Codification ("ASC") No. 842 ("ASC 842"), Leases, as amended. Storage rental revenue, including revenue associated with power and connectivity, associated with our Global Data Center Business for the three and nine months ended September 30, 2022 and 2021 are as follows:
| THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30, |  |  |  |  |  |  |
| 2022 |  | 2021 |  | 2022 |  | 2021 |  |  |  |  |  |  |  |  |
Storage rental revenue(1) | $ | 96,328 |  |  | $ | 72,411 |  |  | $ | 273,547 |  |  | $ | 210,805 |  |  |  |  |  |  |  |  |  |
(1)Revenue associated with power and connectivity included within storage rental revenue was $34,621 and $93,652 for the three and nine months ended September 30, 2022, respectively, I. STOCK-BASED COMPENSATION Our stock-based compensation expense includes the cost of stock options, restricted stock units ("RSUs"), performance units ("PUs") and shares of stock issued under our employee stock purchase plan ("ESPP") (together, the "Employee Stock-Based Awards"). 2022 RETIREMENT ELIGIBLE CRITERIA For our Employee Stock-Based Awards made on or after March 1, 2022, we have included the following retirement provision: •Upon an award recipient's retirement on or after attaining age 55 with at least five years of service, if the sum of (i) the award recipient’s age at retirement and (ii) the award recipient’s years of service with us totals at least 65, the award recipient is entitled to continued vesting of any outstanding Employee Stock-Based Awards, provided that their retirement occurs on or after a minimum of six months from the grant date (the "Retirement Criteria"). •Accordingly, (i) grants of Employee Stock-Based Awards to an employee who has met the Retirement Criteria on or before the date of grant, or will meet the Retirement Criteria before the six month anniversary in the year of the grant, will be expensed over six months from the date of grant and (ii) grants of Employee Stock-Based Awards to employees who will meet the Retirement Criteria during the award’s normal vesting period will be expensed between the date of grant and the date upon which the award recipient meets the Retirement Criteria. •Stock options and RSUs granted to award recipients who meet the Retirement Criteria will be delivered to the award recipient based upon the original vesting schedule. If an award recipient retires and has met the Retirement Criteria, stock options will remain exercisable until the original expiration date of the stock options. PUs granted to award recipients who meet the Retirement Criteria will be delivered in accordance with the original vesting schedule of the applicable PU award and remain subject to the same performance conditions. STOCK-BASED COMPENSATION EXPENSE Stock-based compensation expense for the Employee Stock-Based Awards for the three and nine months ended September 30, 2022 and 2021 is as follows:
| THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30, |  |
| 2022 |  | 2021 |  | 2022 |  | 2021 |  |  |  |
Stock-based compensation expense | $ | 14,326 |  |  | $ | 13,200 |  |  | $ | 45,923 |  |  | $ | 46,852 |  |  |  |  |
As of September 30, 2022, unrecognized compensation cost related to the unvested portion of our Employee Stock-Based Awards is $52,664. RESTRICTED STOCK UNITS AND PERFORMANCE UNITS The fair value of RSUs and earned PUs that vested during the three and nine months ended September 30, 2022 and 2021 is as follows:
| THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30, |  |
| 2022 |  | 2021 |  | 2022 |  | 2021 |  |  |  |
Fair value of RSUs vested | $ | 4,748 |  |  | $ | 8,425 |  |  | $ | 26,307 |  |  | $ | 31,404 |  |  |  |  |
Fair value of earned PUs that vested | 13,622 |  |  | 22,030 |  |  | 17,968 |  |  | 27,856 |  |  |  |  |
J. ACQUISITION AND INTEGRATION COSTS Acquisition and integration costs represent operating expenditures directly associated with the closing and integration activities of our business acquisitions that have closed, or are highly probable of closing, and include (i) advisory, legal and professional fees to complete business acquisitions and (ii) costs to integrate acquired businesses into our existing operations, including move, severance, facility upgrade and system integration costs (collectively, "Acquisition and Integration Costs"). Acquisition and Integration Costs do not include costs associated with the formation of joint ventures or costs associated with the acquisition of customer relationships. Total Acquisition and Integration Costs is $5,554 and $38,093 for the three and nine months ended September 30, 2022, respectively, and $1,138 and $3,415 for the three and nine months ended September 30, 2021, respectively. K. (GAIN) LOSS ON DISPOSAL/WRITE-DOWN OF PROPERTY, PLANT AND EQUIPMENT, NET (Gain) loss on disposal/write-down of property, plant and equipment, net for the three and nine months ended September 30, 2022 and 2021 is as follows:
| THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30,
| 2022(1) |  | 2021 |  | 2022(1) |  | 2021(2)
(Gain) Loss on disposal/write-down of property, plant and equipment, net(3) | $ | (14,170) |  |  | $ | (935) |  |  | $ | (66,124) |  |  | $ | (134,321) |
(1) The gain for the nine months ended September 30, 2022 primarily consists of gains of approximately $66,000 associated with sale and sale-leaseback transactions, of which (i) approximately $17,000 relates to sale-leaseback transactions of two facilities in the United States and one in Canada during the third quarter of 2022 and (ii) approximately $49,000 relates to sale and sale-leaseback transactions of 11 facilities and parcels of land in the United States during the second quarter of 2022. (2) The gain for the nine months ended September 30, 2021 primarily consists of gains of approximately $127,400 associated with sale-leaseback transactions of five facilities in the United Kingdom during the second quarter of 2021. (3) The gains recognized during both 2022 and 2021 are the result of our program to monetize a small portion of our industrial assets through sale and sale-leaseback transactions. The terms for these leases are consistent with the terms of our lease portfolio, which are disclosed in detail in Note 2.i. to Notes to Consolidated Financial Statements included in our Current Report. L. OTHER (INCOME) EXPENSE, NET Other (income) expense, net for the three and nine months ended September 30, 2022 and 2021 consists of the following:
|  | THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30,
DESCRIPTION |  | 2022 |  | 2021 |  | 2022 |  | 2021
Foreign currency transaction (gains) losses, net(1) |  | $ | (58,519) |  |  | $ | (23,200) |  |  | $ | (126,759) |  |  | $ | (16,157) |
Debt extinguishment expense |  | — |  |  | — |  |  | 671 |  |  | — |
Other, net(2)(3) |  | 5,649 |  |  | 4,699 |  |  | 87,902 |  |  | (183,861) |
Other (Income) Expense, Net |  | $ | (52,870) |  |  | $ | (18,501) |  |  | $ | (38,186) |  |  | $ | (200,018) |
(1)We recognized net foreign currency transaction gains of $58,519 and $126,759 for the three and nine months ended September 30, 2022, respectively. These gains primarily consist of the impact of changes in the exchange rate of the Euro and the British pound sterling against the United States dollar on our intercompany balances with and between certain of our subsidiaries. (2)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 the subsequent remeasurement of the retained investment to a 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 recorded in the first quarter of 2022 of approximately $35,800 associated with the Clutter Transaction (as defined in Note 4). (3)Other, net for the nine months ended September 30, 2021 is primarily comprised of (a) a gain of approximately $180,600 associated with our IPM Divestment (as defined and discussed in Note 4 to Notes to Consolidated Financial Statements included in our Current Report) and (b) a gain of approximately $20,300 associated with the loss of control and related deconsolidation, as of May 18, 2021, of one of our wholly owned Netherlands subsidiaries, for which we had value-added tax liability exposure that was recorded in 2019. M. INCOME TAXES We provide for income taxes during interim periods based on our estimate of the effective tax rate for the year. Our effective tax rates for the three and nine months ended September 30, 2022 and 2021 are as follows:
| THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30,
| 2022(1) |  | 2021(2) |  | 2022(1) |  | 2021(2)
Effective Tax Rate | 11.0 | % |  | 29.1 | % |  | 10.7 | % |  | 28.1 | %
(1)The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate for the three and nine months ended September 30, 2022 were the benefits derived from the dividends paid deduction and the differences in the tax rates to which our foreign earnings are subject. In addition, there were gains and losses recorded in Other (income) expense, net and Gain (loss) on disposal/write-down of property, plant and equipment, net, during the period for which there was an insignificant tax impact. During the first quarter of 2022, there was also 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 and nine months ended September 30, 2021 were the impacts of differences in the tax rates at which our foreign earnings are subject, partially offset by the benefits derived from the dividends paid deduction. The costs associated with Project Summit (as defined in Note 11) are more heavily weighted to our United States qualified REIT subsidiaries ("QRSs"), and, therefore, provide no tax benefit. Additionally, the nine months ended September 30, 2021 reflects a discrete tax expense of approximately $12,000 primarily resulting from a tax law change in the United Kingdom. N. INCOME (LOSS) PER SHARE—BASIC AND DILUTED The calculation of basic and diluted income (loss) per share for the three and nine months ended September 30, 2022 and 2021 are as follows:
| THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Net Income (Loss) | $ | 192,931 |  |  | $ | 68,111 |  |  | $ | 436,496 |  |  | $ | 391,264 |
Less: Net Income (Loss) Attributable to Noncontrolling Interests | 767 |  |  | 428 |  |  | 1,952 |  |  | 2,693 |
Net Income (Loss) Attributable to Iron Mountain Incorporated (utilized in numerator of Earnings Per Share calculation) | $ | 192,164 |  |  | $ | 67,683 |  |  | $ | 434,544 |  |  | $ | 388,571 |
Weighted-average shares—basic | 290,937,000 |  |  | 289,762,000 |  |  | 290,673,000 |  |  | 289,255,000 |
Effect of dilutive potential stock options | 1,133,952 |  |  | 869,600 |  |  | 1,126,280 |  |  | 522,642 |
Effect of dilutive potential RSUs and PUs | 480,919 |  |  | 850,655 |  |  | 494,956 |  |  | 918,954 |
Weighted-average shares—diluted | 292,551,871 |  |  | 291,482,255 |  |  | 292,294,236 |  |  | 290,696,596 |
Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: |  |  |  |  |  |  |
Basic | $ | 0.66 |  |  | $ | 0.23 |  |  | $ | 1.49 |  |  | $ | 1.34 |
Diluted | $ | 0.66 |  |  | $ | 0.23 |  |  | $ | 1.49 |  |  | $ | 1.34 |
Antidilutive stock options, RSUs and PUs, excluded from the calculation | 220,421 |  |  | 351,673 |  |  | 403,362 |  |  | 1,813,880 |

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