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Segment Information | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Segment Information | As of December 31, 2023, our two 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 information services, vital records services, courier operations, and the collection, handling and disposal of sensitive documents ("Records Management") for customers in 60 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, server and computer backup services and related services offerings ("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. (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. 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. (v)Entertainment Services, which help entertainment and media services clients store, safeguard and deliver physical media of all types, and provides digital content repository systems that house, distribute, and archive key media assets. (vi)Consumer Storage, which provides on-demand, valet storage for consumers utilizing 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. The remaining activities of our business consist primarily of our Fine Arts and ALM businesses and other corporate items ("Corporate and Other"). (i)Fine Arts provides technical expertise in the handling, installation and storing of art. (ii)ALM provides hyperscale and corporate IT infrastructure managers with services and solutions that enable the decommissioning, data erasure, processing and disposition or sale of IT hardware and component assets. ALM services are enabled by: secure logistics, chain of custody and complete asset traceability practices, environmentally-responsible asset processing and recycling, and data sanitization and asset refurbishment services that enable value recovery through asset remarketing. In addition, ALM also offers workplace IT asset management services including storage, configuration, deployment, device support and end-of-life disposition for employee IT devices. Our ALM services focus on protecting and eradicating customer data while maintaining strong, auditable and transparent chain of custody practices. (iii)Corporate and Other 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 |  | TOTAL CONSOLIDATED
As of and for the Year Ended December 31, 2023 |  |  |  |  |  |  |
Total Revenues | $ | 4,661,776 |  |  | $ | 495,026 |  |  | $ | 323,487 |  |  | $ | 5,480,289 |
Storage Rental | 2,834,352 |  |  | 474,066 |  |  | 62,227 |  |  | 3,370,645 |
Service | 1,827,424 |  |  | 20,960 |  |  | 261,260 |  |  | 2,109,644 |
Depreciation and Amortization | 470,934 |  |  | 158,817 |  |  | 146,408 |  |  | 776,159 |
Depreciation | 313,956 |  |  | 117,738 |  |  | 94,156 |  |  | 525,850 |
Amortization | 156,978 |  |  | 41,079 |  |  | 52,252 |  |  | 250,309 |
Adjusted EBITDA | 2,027,037 |  |  | 215,945 |  |  | (281,305) |  |  | 1,961,677 |
Total Assets(1) | 10,876,225 |  |  | 4,788,600 |  |  | 1,808,977 |  |  | 17,473,802 |
Expenditures for Segment Assets | 391,889 |  |  | 946,791 |  |  | 143,390 |  |  | 1,482,070 |
Capital Expenditures | 284,978 |  |  | 928,883 |  |  | 125,362 |  |  | 1,339,223 |
Cash Paid for Acquisitions, Net of Cash Acquired | 24,919 |  |  | (764) |  |  | 17,694 |  |  | 41,849 |
Acquisitions of Customer Relationships, Customer Inducements and Contract Costs | 81,992 |  |  | 18,672 |  |  | 334 |  |  | 100,998 |
As of and for the Year Ended December 31, 2022 |  |  |  |  |  |  |
Total Revenues | $ | 4,295,115 |  |  | $ | 401,125 |  |  | $ | 407,334 |  |  | $ | 5,103,574 |
Storage Rental | 2,606,721 |  |  | 372,208 |  |  | 55,094 |  |  | 3,034,023 |
Service | 1,688,394 |  |  | 28,917 |  |  | 352,240 |  |  | 2,069,551 |
Depreciation and Amortization | 469,419 |  |  | 140,028 |  |  | 118,148 |  |  | 727,595 |
Depreciation | 308,207 |  |  | 103,953 |  |  | 66,824 |  |  | 478,984 |
Amortization | 161,212 |  |  | 36,075 |  |  | 51,324 |  |  | 248,611 |
Adjusted EBITDA | 1,887,589 |  |  | 175,622 |  |  | (236,154) |  |  | 1,827,057 |
Total Assets(1) | 10,654,650 |  |  | 3,752,088 |  |  | 1,733,776 |  |  | 16,140,514 |
Expenditures for Segment Assets | 303,342 |  |  | 650,534 |  |  | 803,733 |  |  | 1,757,609 |
Capital Expenditures | 246,216 |  |  | 551,232 |  |  | 77,930 |  |  | 875,378 |
Cash Paid for Acquisitions, Net of Cash Acquired | (23) |  |  | 78,103 |  |  | 725,610 |  |  | 803,690 |
Acquisitions of Customer Relationships, Customer Inducements and Contract Costs | 57,149 |  |  | 21,199 |  |  | 193 |  |  | 78,541 |
As of and for the Year Ended December 31, 2021 |  |  |  |  |  |  |
Total Revenues | $ | 3,994,988 |  |  | $ | 326,898 |  |  | $ | 169,645 |  |  | $ | 4,491,531 |
Storage Rental | 2,517,208 |  |  | 289,592 |  |  | 63,319 |  |  | 2,870,119 |
Service | 1,477,780 |  |  | 37,306 |  |  | 106,326 |  |  | 1,621,412 |
Depreciation and Amortization | 477,713 |  |  | 148,023 |  |  | 54,686 |  |  | 680,422 |
Depreciation | 320,451 |  |  | 93,679 |  |  | 50,942 |  |  | 465,072 |
Amortization | 157,262 |  |  | 54,344 |  |  | 3,744 |  |  | 215,350 |
Adjusted EBITDA | 1,709,525 |  |  | 137,349 |  |  | (212,175) |  |  | 1,634,699 |
Total Assets(1) | 11,101,557 |  |  | 2,911,823 |  |  | 436,651 |  |  | 14,450,031 |
Expenditures for Segment Assets | 369,749 |  |  | 422,274 |  |  | 94,875 |  |  | 886,898 |
Capital Expenditures | 213,395 |  |  | 320,768 |  |  | 76,919 |  |  | 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 Costs | 59,310 |  |  | 12,508 |  |  | — |  |  | 71,818 |
(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 net income (loss) 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 and other transformation •(Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) | •Other expense (income), net •Stock-based compensation expense
Internally, we use Adjusted EBITDA as the basis for evaluating the performance of, and allocating resources to, our operating segments. A reconciliation of Net Income (Loss) to Adjusted EBITDA on a consolidated basis for the years ended December 31, 2023, 2022 and 2021 is as follows:
| YEAR ENDED DECEMBER 31,
| 2023 |  | 2022 |  | 2021
Net Income (Loss) | $ | 187,263 |  |  | $ | 562,149 |  |  | $ | 452,725 |
Add/(Deduct): |  |  |  |  |
Interest expense, net | 585,932 |  |  | 488,014 |  |  | 417,961 |
Provision (benefit) for income taxes | 39,943 |  |  | 69,489 |  |  | 176,290 |
Depreciation and amortization | 776,159 |  |  | 727,595 |  |  | 680,422 |
Acquisition and Integration Costs | 25,875 |  |  | 47,746 |  |  | 12,764 |
Restructuring and other transformation | 175,215 |  |  | 41,933 |  |  | 206,426 |
(Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) | (12,825) |  |  | (93,268) |  |  | (172,041) |
Other expense (income), net, excluding our share of losses (gains) from our unconsolidated joint ventures(1) | 98,891 |  |  | (83,268) |  |  | (205,746) |
Stock-based compensation expense | 73,799 |  |  | 56,861 |  |  | 61,001 |
Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures | 11,425 |  |  | 9,806 |  |  | 4,897 |
Adjusted EBITDA | $ | 1,961,677 |  |  | $ | 1,827,057 |  |  | $ | 1,634,699 |
(1)Includes foreign currency transaction losses (gains), net, debt extinguishment expense and other, net. Information as to our operations in different geographical areas for the years ended December 31, 2023, 2022 and 2021 is as follows:
| YEAR ENDED DECEMBER 31,
| 2023 |  | 2022 |  | 2021
Revenues: |  |  |  |  |
United States | $ | 3,507,134 |  |  | $ | 3,262,755 |  |  | $ | 2,713,147 |
United Kingdom | 393,917 |  |  | 332,556 |  |  | 294,675 |
Canada | 279,325 |  |  | 270,836 |  |  | 252,385 |
Australia | 143,815 |  |  | 144,840 |  |  | 148,431 |
Remaining Countries | 1,156,098 |  |  | 1,092,587 |  |  | 1,082,893 |
Long-lived Assets: |  |  |  |  |
United States | $ | 9,492,911 |  |  | $ | 8,925,643 |  |  | $ | 7,867,841 |
United Kingdom | 1,315,715 |  |  | 1,062,641 |  |  | 914,732 |
Canada | 498,511 |  |  | 514,777 |  |  | 562,911 |
Australia | 484,005 |  |  | 490,172 |  |  | 528,703 |
Remaining Countries | 3,947,115 |  |  | 3,600,136 |  |  | 3,134,577 |
Information as to our revenues by product and service lines by segment for the years ended December 31, 2023, 2022 and 2021 is as follows:
| GLOBAL RIM BUSINESS |  | GLOBAL DATA CENTER BUSINESS |  | CORPORATE AND OTHER |  | TOTAL CONSOLIDATED
For the Year Ended December 31, 2023 |  |  |  |  |  |  |
Records Management(1) | $ | 3,625,264 |  |  | $ | — |  |  | $ | 146,389 |  |  | $ | 3,771,653 |
Data Management(1) | 520,194 |  |  | — |  |  | — |  |  | 520,194 |
Information Destruction(1)(2)(3) | 516,318 |  |  | — |  |  | 177,098 |  |  | 693,416 |
Data Center(1) | — |  |  | 495,026 |  |  | — |  |  | 495,026 |
For the Year Ended December 31, 2022 |  |  |  |  |  |  |
Records Management(1) | $ | 3,287,237 |  |  | $ | — |  |  | $ | 137,845 |  |  | $ | 3,425,082 |
Data Management(1) | 510,107 |  |  | — |  |  | 185 |  |  | 510,292 |
Information Destruction(1)(2)(3) | 497,771 |  |  | — |  |  | 269,304 |  |  | 767,075 |
Data Center(1) | — |  |  | 401,125 |  |  | — |  |  | 401,125 |
For the Year Ended December 31, 2021 |  |  |  |  |  |  |
Records Management(1) | $ | 3,074,605 |  |  | $ | — |  |  | $ | 125,571 |  |  | $ | 3,200,176 |
Data Management(1) | 529,416 |  |  | — |  |  | — |  |  | 529,416 |
Information Destruction(1)(2)(3) | 390,967 |  |  | — |  |  | 44,074 |  |  | 435,041 |
Data Center(1) | — |  |  | 326,898 |  |  | — |  |  | 326,898 |
(1)Each of these offerings has a component of revenue that is storage rental related and a component that is service related, except for information destruction, which does not have a storage rental component. (2)Information destruction revenue for our Global RIM Business includes secure shredding services. (3)Information destruction revenue for Corporate and Other includes product revenue from our ALM business.

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