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Debt
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Debt
Long-term debt is as follows:
 SEPTEMBER 30, 2022DECEMBER 31, 2021
 
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$890,000 $(7,899)$882,101 $890,000 $— $(5,174)$(5,174)$— 
Term Loan A243,750 — 243,750 243,750 203,125 — 203,125 203,125 
Term Loan B667,766 (4,059)663,707 668,500 672,847 (4,995)667,852 675,500 
Australian Dollar Term Loan193,140 (464)192,676 193,140 223,182 (656)222,526 223,530 
UK Bilateral Revolving Credit Facility155,887 (175)155,712 155,887 189,168 (709)188,459 189,168 
37/8% GBP Senior Notes due 2025 (the "GBP Notes")
445,392 (2,593)442,799 392,373 540,481 (3,912)536,569 542,508 
47/8% Senior Notes due 2027 (the "47/8% Notes due 2027")(1)
1,000,000 (7,110)992,890 892,500 1,000,000 (8,176)991,824 1,030,000 
51/4% Senior Notes due 2028 (the "51/4% Notes due 2028")(1)
825,000 (6,495)818,505 719,813 825,000 (7,380)817,620 862,125 
5% Senior Notes due 2028 (the "5% Notes due 2028")(1)
500,000 (4,220)495,780 428,750 500,000 (4,763)495,237 513,750 
47/8% Senior Notes due 2029 (the "47/8% Notes due 2029")(1)
1,000,000 (10,126)989,874 815,000 1,000,000 (11,211)988,789 1,022,500 
51/4% Senior Notes due 2030 (the "51/4% Notes due 2030")(1)
1,300,000 (11,783)1,288,217 1,072,500 1,300,000 (12,911)1,287,089 1,355,250 
41/2% Senior Notes due 2031 (the "41/2% Notes")(1)
1,100,000 (10,471)1,089,529 847,000 1,100,000 (11,404)1,088,596 1,094,500 
5% Senior Notes due 2032 (the "5% Notes due 2032")750,000 (12,827)737,173 579,375 750,000 (13,782)736,218 767,813 
55/8% Senior Notes due 2032 (the "55/8% Notes")(1)
600,000 (5,711)594,289 477,000  600,000 (6,147)593,853 637,500 
Real Estate Mortgages, Financing Lease Liabilities and Other407,646 (643)407,003 407,646 460,648 (840)459,808 460,648 
Accounts Receivable Securitization Program316,700 (584)316,116 316,700 — (450)(450)— 
Total Long-term Debt10,395,281 (85,160)10,310,121  9,364,451 (92,510)9,271,941 
Less Current Portion(81,275)— (81,275) (310,084)656 (309,428) 
Long-term Debt, Net of Current Portion$10,314,006 $(85,160)$10,228,846  $9,054,367 $(91,854)$8,962,513  
(1) Collectively, the "Parent Notes".
See Note 7 to Notes to Consolidated Financial Statements included in our Current Report for additional information regarding our 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, 2022 are consistent with the levels of the fair value hierarchy used to determine the fair value of our debt as of December 31, 2021 (which are disclosed in our Current Report).
CREDIT AGREEMENT
Our credit agreement (the "Credit Agreement") consists of a revolving credit facility (the "Revolving Credit Facility"), a term loan A (the "Term Loan A") and a term loan B (the "Term Loan B"). On March 18, 2022, we entered into an amendment to the Credit Agreement, which included the following changes:
(i) extended the maturity date of the Revolving Credit Facility and Term Loan A from June 3, 2023 to March 18, 2027;
(ii) refinanced and increased the borrowing capacity that IMI and certain of its United States and foreign subsidiaries are able to borrow under the Revolving Credit Facility from $1,750,000 to $2,250,000;
(iii) refinanced the existing Term Loan A with a new $250,000 Term Loan A; and
(iv) increased the net total lease adjusted leverage ratio maximum allowable from 6.5x to 7.0x and removed the net secured lease adjusted leverage ratio requirement.
On March 18, 2022, we borrowed the full amount of the Term Loan A. As of September 30, 2022, we had $890,000, $243,750 and $668,500 of outstanding borrowings under the Revolving Credit Facility, Term Loan A and Term Loan B, respectively. In addition, we also had various outstanding letters of credit totaling $3,779. The remaining amount available for borrowing under the Revolving Credit Facility as of September 30, 2022 was $1,356,221 (which represents the maximum availability as of such date). Additionally, the Credit Agreement permits us to incur incremental indebtedness thereunder by adding new term loans or revolving loans or by increasing the principal amount of any existing loans thereunder, subject to a cap contained therein.
REVOLVING CREDIT FACILITY
$2,250,000
TERM LOAN A
$250,000
TERM LOAN B
$700,000
Outstanding borrowings
$890,000
Aggregate outstanding principal amount
$243,750
Aggregate outstanding principal amount
$668,500
4.7%
Interest rate
4.9%
Interest rate
4.2%
Interest rate
As of September 30, 2022
As of September 30, 2022
As of September 30, 2022
AUSTRALIAN DOLLAR TERM LOAN
Iron Mountain Australia Group Pty, Ltd. ("IM Australia"), a wholly owned subsidiary of IMI, has an AUD term loan with an original principal balance of 350,000 Australian dollars ("AUD Term Loan"). On March 18, 2022, IM Australia amended its AUD Term Loan to (i) extend the maturity date from September 22, 2022 to September 30, 2026 and (ii) decrease the interest rate from BBSY (an Australian benchmark variable interest rate) plus 3.875% to BBSY plus 3.625%. All other terms of the AUD Term Loan remain consistent with what was disclosed in Note 7 to Notes to Consolidated Financial Statements included in our Current Report.

OUTSTANDING BORROWINGS
AU$302,041

INTEREST RATE
6.7%
As of September 30, 2022

UK BILATERAL REVOLVING CREDIT FACILITY
MAXIMUM AMOUNT
£140,000
OPTIONAL ADDITIONAL COMMITMENTS
£125,000
INTEREST RATE
4.2%
As of September 30, 2022
Iron Mountain (UK) PLC and Iron Mountain (UK) Data Centre Limited (collectively, the "UK Borrowers") have a British pounds sterling Revolving Credit Facility (the "UK Bilateral Revolving Credit Facility") with Barclays Bank PLC. The maximum amount permitted to be borrowed under the UK Bilateral Revolving Credit Facility is 140,000 British pounds sterling, which was fully drawn as of September 30, 2022. We have the option to request additional commitments of up to 125,000 British pounds sterling, subject to conditions specified in the UK Bilateral Revolving Credit Facility. On September 22, 2022, the UK Borrowers exercised their option to extend the maturity date from September 24, 2023 to September 24, 2024. All other material terms of the UK Bilateral Revolving Credit Facility remain consistent with what was disclosed in Note 7 to Notes to Consolidated Financial Statements included in our Current Report.

ACCOUNTS RECEIVABLE SECURITIZATION PROGRAM
On June 29, 2022, we amended the Accounts Receivable Securitization Program to (i) increase the maximum borrowing capacity from $300,000 to $325,000, with an option to increase the borrowing capacity to $400,000, (ii) change the interest rate under Accounts Receivable Securitization Program from LIBOR plus 1.0% to SOFR plus 0.95%, with a credit spread adjustment of 0.10% and (iii) extend the maturity date from July 1, 2023 to July 1, 2025, at which point all obligations become due. All other material terms of the Accounts Receivable Securitization Program remain consistent with what was disclosed in Note 7 to Notes to Consolidated Financial Statements included in our Current Report.
MAXIMUM AMOUNT
$325,000

OUTSTANDING BORROWING
$316,700

INTEREST RATE
4.1%
As of September 30, 2022
CASH POOLING
During the third quarter of 2022, we entered into two new 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 Europe, Middle East, and Africa regions (the "JPM QRS EMEA Cash Pool") and the other for our TRSs in the Europe, Middle East, and Africa regions (the "JPM TRS EMEA Cash Pool"). We continue to utilize our two other cash pooling arrangements with JPM, one of which we utilize to manage global liquidity requirements for our QRSs in the Asia Pacific region (the "JPM QRS APAC Cash Pool") and the other for our TRSs in the Asia Pacific region (the "JPM TRS APAC Cash Pool").
Additionally, we 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").
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, 2022 and December 31, 2021 are as follows:
SEPTEMBER 30, 2022DECEMBER 31, 2021
 
GROSS CASH
POSITION
OUTSTANDING
DEBIT BALANCES
NET CASH
POSITION
GROSS CASH
POSITION
OUTSTANDING
DEBIT BALANCES
NET CASH
POSITION
BMG QRS Cash Pool$590,127 $(588,633)$1,494 $552,900 $(552,100)$800 
BMG TRS Cash Pool539,557 (538,498)1,059 606,000 (603,900)2,100 
JPM QRS APAC Cash Pool23,561 (23,394)167 9,400 (9,200)200 
JPM TRS APAC Cash Pool22,272 (21,899)373 12,000 (9,900)2,100 
JPM QRS EMEA Cash Pool6,030 (5,718)312 — — — 
JPM TRS EMEA Cash Pool2,104 (2,044)60 — — — 
The net cash position balances as of September 30, 2022 and December 31, 2021 are reflected as cash and cash equivalents in our Condensed Consolidated Balance Sheets.
LETTERS OF CREDIT
As of September 30, 2022, we had outstanding letters of credit totaling $37,221, of which $3,779 reduce our borrowing capacity under the Revolving Credit Facility (as described above). The letters of credit expire at various dates between October 2022 and January 2033.
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 and a net total 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 earnings before interest, taxes, depreciation and amortization and rent expense ("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, 2022 and December 31, 2021. Noncompliance with these leverage and fixed charge coverage ratios would have a material adverse effect on our financial condition.