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Debt
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Debt DEBT
Long-term debt is as follows:
 DECEMBER 31, 2023DECEMBER 31, 2022
 DEBT (INCLUSIVE OF DISCOUNT)UNAMORTIZED DEFERRED FINANCING COSTSCARRYING AMOUNTFAIR
VALUE		DEBT (INCLUSIVE OF DISCOUNT)UNAMORTIZED DEFERRED FINANCING COSTSCARRYING AMOUNTFAIR
VALUE
Revolving Credit Facility(1)
$— $(4,621)$(4,621)$— $1,072,200 $(6,790)$1,065,410 $1,072,200 
Term Loan A(1)
228,125 — 228,125 228,125 240,625 — 240,625 240,625 
Term Loan B due 2026(1)(2)
659,298 (2,498)656,800 659,750 666,073 (3,747)662,326 666,750 
Term Loan B due 2031(1)(3)
1,191,000 (13,026)1,177,974 1,200,000 — — — — 
Virginia 3 Term Loans(5)
101,218 (4,641)96,577 101,218 — — — — 
Virginia 4/5 Term Loans(5)
16,338 (5,892)10,446 16,338 — — — — 
Australian Dollar Term Loan (4)(5)
197,743 (482)197,261 199,195 202,641 (633)202,008 204,623 
UK Bilateral Revolving Credit Facility(5)
178,239 — 178,239 178,239 169,361 — 169,361 169,361 
37/8% GBP Senior Notes due 2025 (the "GBP Notes")(6)(8)(9)
509,254 (1,763)507,491 489,108 483,888 (2,589)481,299 445,206 
47/8% Senior Notes due 2027 (the “47/8% Notes due 2027")(6)(7)(8)
1,000,000 (5,332)994,668 967,500 1,000,000 (6,754)993,246 917,500 
51/4% Senior Notes due 2028 (the “51/4% Notes due 2028")(6)(7)(8)
825,000 (5,019)819,981 800,250 825,000 (6,200)818,800 754,875 
5% Senior Notes due 2028 (the “5% Notes due 2028")(6)(7)(8)
500,000 (3,316)496,684 478,750 500,000 (4,039)495,961 450,000 
7% Senior Notes due 2029 (the "7% Notes due 2029")(6)(7)(8)
1,000,000 (10,813)989,187 1,027,500 — — — — 
47/8% Senior Notes due 2029 (the “47/8% Notes due 2029")(6)(7)(8)
1,000,000 (8,318)991,682 945,000 1,000,000 (9,764)990,236 865,000 
51/4% Senior Notes due 2030 (the “51/4% Notes due 2030")(6)(7)(8)
1,300,000 (9,903)1,290,097 1,241,500 1,300,000 (11,407)1,288,593 1,111,500 
41/2% Senior Notes due 2031 (the “41/2% Notes")(6)(7)(8)
1,100,000 (8,917)1,091,083 995,500 1,100,000 (10,161)1,089,839 891,000 
5% Senior Notes due 2032 (the “5% Notes due 2032")(6)(8)(10)
750,000 (11,206)738,794 684,375 750,000 (12,511)737,489 622,500 
55/8% Senior Notes due 2032 (the “55/8% Notes")(6)(7)(8)
600,000 (4,985)595,015 567,000 600,000 (5,566)594,434 520,500 
Real Estate Mortgages, Financing Lease Liabilities and Other(11)
519,907 (403)519,504 519,907 425,777 (578)425,199 425,777 
Accounts Receivable Securitization Program(12)
358,500 (317)358,183 358,183 314,700 (531)314,169 314,700 
Total Long-term Debt12,034,622 (101,452)11,933,170 10,650,265 (81,270)10,568,995 
Less Current Portion(120,670)— (120,670)(87,546)— (87,546)
Long-term Debt, Net of Current Portion$11,913,952 $(101,452)$11,812,500 $10,562,719 $(81,270)$10,481,449 
(1)The capital stock or other equity interests of our United States subsidiaries representing the substantial majority of our United States operations, 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 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 Revolving Credit Facility. The fair value (Level 2 and Level 3 of fair value hierarchy described at Note 2.p.) 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, 2023 and 2022 (collectively, the “Credit Agreement Collateral”).
(2)The amount of debt for the Term Loan B due 2026 (as defined below) reflects an unamortized original issue discount of $452 and $677 as of December 31, 2023 and 2022, respectively.
(3)The amount of debt for the Term Loan B due 2031 (as defined below) reflects an unamortized original issue discount of $9,000 as of December 31, 2023.
(4)The amount of debt for the AUD Term Loan reflects an unamortized original issue discount of $1,452 and $1,982 as of December 31, 2023 and 2022, respectively.
(5)The fair value (Level 2 of fair value hierarchy described at Note 2.p.) of this debt instrument approximates the carrying value as borrowings under this debt instrument are based on a current variable market interest rate.
(6)The fair values (Level 2 of fair value hierarchy described at Note 2.p.) of these debt instruments are based on quoted market prices for comparable notes on December 31, 2023 and 2022, respectively.
(7)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 United States subsidiaries that represent the substantial majority of our United States operations (the "Note Guarantors"). These guarantees are joint and several obligations of the Note Guarantors. The remainder of our subsidiaries do not guarantee the Parent Notes.
(8)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.
(9)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 Note Guarantors. These guarantees are joint and several obligations of IMI and the Note Guarantors. The remainder of our subsidiaries do not guarantee the GBP Notes.
(10)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 Note Guarantors. These guarantees are joint and several obligations of IMI and the Note Guarantors. The remainder of our subsidiaries do not guarantee the 5% Notes due 2032.
(11)We believe the fair value (Level 2 of fair value hierarchy described at Note 2.p.) of this debt approximates its carrying value as these borrowings are based on current market interest rates. This debt includes the following:
 DECEMBER 31, 2023DECEMBER 31, 2022
Real estate mortgages(1)
$57,753 $58,355 
Financing lease liabilities(2)
349,865 332,905 
Other notes and other obligations(3)
112,289 34,517 
 $519,907 $425,777 
(1)Bear interest at approximately 3.6% at both December 31, 2023 and 2022, and includes $50,000 outstanding under our Mortgage Securitization Program at both December 31, 2023 and 2022.
(2)Bear a weighted average interest rate of 6.1% and 5.2% at December 31, 2023 and 2022.
(3)These notes and other obligations, which were assumed by us as a result of certain acquisitions bear a weighted average interest rate of 8.5% and 10.1% at December 31, 2023 and 2022.
(12) The Accounts Receivable Securitization Special Purpose Subsidiaries are the obligors under this program. We believe the fair value (Level 2 of fair value hierarchy described at Note 2.p.) of this debt approximates its carrying value as borrowings under this debt instrument are based on a current variable market interest rate.
A. CREDIT AGREEMENT
Our credit agreement (the "Credit Agreement") consists of a revolving credit facility (the "Revolving Credit Facility"), a term loan A facility (the "Term Loan A") and two term loan B facilities (the "Term Loan B due 2026" and the "Term Loan B due 2031").
The Revolving Credit Facility enables IMI and certain of its subsidiaries to borrow an aggregate outstanding amount not to exceed $2,250,000 in United States dollars and (subject to sublimits) Canadian dollars. 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. The Revolving Credit Facility and the Term Loan A are scheduled to mature on March 18, 2027, at which point all obligations become due. On March 18, 2022, we borrowed the full amount of the Term Loan A of $250,000. The Term Loan A is to be paid in quarterly installments in an amount equal to $3,125 per quarter. Iron Mountain Information Management, LLC ("IMIM"), a wholly-owned subsidiary of IMI, is the borrower under the Term Loan B due 2026, which has a principal amount of $700,000. The Term Loan B due 2026, which matures on January 2, 2026, was issued at 99.75% of par. Principal payments on the Term Loan B due 2026 are to be paid in quarterly installments of $1,750.
In December 2023, we entered into the Term Loan B due 2031 in the principal amount of $1,200,000, of which IMIM borrowed the full amount. The Term Loan B due 2031 was issued at 99.25% of par and matures on January 31, 2031. The aggregate net proceeds of approximately $1,181,000, after paying commissions to the joint lead arrangers and net of the original issue discount, were used to repay outstanding borrowings under the Revolving Credit Facility. The Term Loan B due 2031 is an incremental term loan under the Credit Agreement. Beginning in the first quarter of 2024, the Term Loan B due 2031 is to be paid in quarterly installments of $3,000.
IMI and certain subsidiaries of IMI that represent the substantial majority of our operations in the United States, Canada and the United Kingdom guarantee all obligations under the Credit Agreement. The interest rate on borrowings under the Revolving Credit Facility varies depending on our choice of interest rate benchmark and currency options, plus an applicable margin, which varies based on our consolidated leverage ratio. The Term Loan A bears interest at the SOFR plus a credit spread adjustment of 0.1% plus 1.75%. Due to the discontinuance of the LIBOR reference rate on June 30, 2023, we transitioned the Term Loan B due 2026 from an interest rate of LIBOR plus 1.75% to a synthetic LIBOR rate plus 1.75%, effective July 1, 2023. The Term Loan B due 2031 bears interest at the SOFR plus 2.25%. Additionally, the Credit Agreement requires the payment of a commitment fee on the unused portion of the Revolving Credit Facility, which fee ranges from 0.2% to 0.3% based on our consolidated leverage ratio.
As of December 31, 2023, we had no outstanding borrowings under the Revolving Credit Facility and $228,125, $659,750 and $1,200,000 outstanding under the Term Loan A, the Term Loan B due 2026 and the Term Loan B due 2031, respectively. As of December 31, 2023, we had various outstanding letters of credit totaling $4,821 under the Revolving Credit Facility. The remaining amount available for borrowing under the Revolving Credit Facility as of December 31, 2023, which is based on IMI’s leverage ratio, the last 12 months' earnings before interest, taxes, depreciation and amortization and rent expense ("EBITDAR"), other adjustments as defined in the Credit Agreement and current external debt, was $2,245,179 (which amount represents the maximum availability as of such date). Available borrowings under the Revolving Credit Facility are subject to compliance with our indenture covenants as discussed below. The interest rate in effect under the Term Loan A as of December 31, 2023 and 2022 was 7.2% and 6.2%, respectively. The interest rate in effect under the Term Loan B due 2026 as of December 31, 2023 and 2022 was 5.2% and 4.8%, respectively. The interest rate in effect under the Term Loan B due 2031 as of December 31, 2023 was 7.6%
REVOLVING CREDIT FACILITY
$2,250,000
TERM LOAN A
$250,000
TERM LOAN B DUE 2026
$700,000
TERM LOAN B DUE 2031
$1,200,000
Outstanding borrowings
$0
Aggregate outstanding principal amount
$228,125
Aggregate outstanding principal amount
$659,750
Aggregate outstanding principal amount
$1,200,000
As of December 31, 2023
7.2%
Interest rate
5.2%
Interest rate
7.6%
Interest rate
As of December 31, 2023As of December 31, 2023As of December 31, 2023
B. VIRGINIA CREDIT AGREEMENTS
VIRGINIA 3 CREDIT AGREEMENT
On August 31, 2023, Iron Mountain Data Centers Virginia 3, LLC, a wholly-owned subsidiary of IMI, entered into a credit agreement (the "Virginia 3 Credit Agreement") in order to partially finance the construction of a data center facility in Virginia. The Virginia 3 Credit Agreement consists of a term loan facility and a letter of credit facility. We have the option to borrow, in the form of term loans, an aggregate outstanding amount not to exceed $275,000 (the "Virginia 3 Term Loans"). The Virginia 3 Term Loans bear interest at the SOFR plus 2.50%. The Virginia 3 Credit Agreement requires the payment of a commitment fee on any unused commitments at a rate of 0.75%. The Virginia 3 Credit Agreement is secured by the equity interests and assets of Iron Mountain Data Centers Virginia 3, LLC. The Virginia 3 Credit Agreement is scheduled to mature on August 31, 2026, at which point all obligations will become due. We have two one-year options that allow us to extend the maturity date beyond August 31, 2026, subject to the conditions specified in the Virginia 3 Credit Agreement. As of December 31, 2023, we have $101,218 in outstanding borrowings in Virginia 3 Term Loans with a weighted average interest rate of 6.2%.
MAXIMUM AMOUNT
$275,000
OUTSTANDING BORROWINGS
$101,218

6.2%
Interest rate

As of December 31, 2023
VIRGINIA 4/5 CREDIT AGREEMENT
On October 31, 2022, Iron Mountain Data Centers Virginia 4/5 Subsidiary, LLC, a wholly-owned subsidiary of Iron Mountain Data Centers Virginia 4/5 JV, LP, entered into a credit agreement (the "Virginia 4/5 Credit Agreement") in order to finance the construction of two data center facilities in Virginia. The Virginia 4/5 Credit Agreement consists of a term loan facility and a letter of credit facility. We have the option to borrow, in the form of term loans, an aggregate outstanding amount not to exceed approximately $205,000 (the "Virginia 4/5 Term Loans"). The Virginia 4/5 Term Loans bear interest at SOFR plus a credit spread adjustment of 0.1% plus 1.625%. The Virginia 4/5 Credit Agreement requires the payment of a commitment fee on any unused commitments at a rate of 0.4875%. The Virginia 4/5 Credit Agreement is secured by the equity interests and assets of Iron Mountain Data Centers Virginia 4/5 Subsidiary, LLC. The Virginia 4/5 Credit Agreement is scheduled to mature on October 31, 2025, at which point all obligations will become due. We have two one-year options that allow us to extend the maturity date beyond October 31, 2025, subject to the conditions specified in the Virginia 4/5 Credit Agreement, including the lender's consent. As of December 31, 2023, we have $16,338 in outstanding borrowings in Virginia 4/5 Term Loans with a weighted average interest rate of 6.1%.
MAXIMUM AMOUNT
$205,000
OUTSTANDING BORROWINGS
$16,338

6.1%
Interest rate

As of December 31, 2023
C. NOTES ISSUED UNDER INDENTURES
Each series of notes shown below (i) is effectively subordinated to all of our secured indebtedness, including under the Credit Agreement, to the extent of the value of the collateral securing such indebtedness, (ii) ranks pari passu in right of payment with each other and with debt outstanding under the Credit Agreement, the senior notes shown below and other "senior debt" we incur from time to time and (iii) is structurally subordinated to all liabilities of our subsidiaries that do not guarantee such series of notes.
The key terms of our indentures are as follows:
SENIOR NOTESAGGREGATE
PRINCIPAL
AMOUNT		DIRECT
OBLIGOR		MATURITY DATECONTRACTUAL INTEREST RATEINTEREST PAYMENTS DUE
PAR CALL DATE(1)
GBP Notes£400,000  
IM UK
November 15, 2025
37/8%
May 15 and November 15November 15, 2022
47/8% Notes due 2027
$1,000,000 
IMI
September 15, 2027
47/8%
March 15 and September 15September 15, 2025
51/4% Notes due 2028
$825,000 
IMI
March 15, 2028
51/4%
March 15 and September 15March 15, 2025
5% Notes due 2028$500,000 
IMI
July 15, 2028
5%
January 15 and July 15July 15, 2025
7% Notes due 2029$1,000,000 
IMI
February 15, 20297%February 15 and August 15August 15, 2025
47/8% Notes due 2029
$1,000,000 
IMI
September 15, 2029
47/8%
March 15 and September 15September 15, 2027
51/4% Notes due 2030
$1,300,000 
IMI
July 15, 2030
51/4%
January 15 and July 15July 15, 2028
41/2% Notes
$1,100,000 
IMI
February 15, 2031
41/2%
February 15 and August 15February 15, 2029
5% Notes due 2032$750,000 IMIM ServicesJuly 15, 20325%May 15 and November 15July 15, 2027
55/8% Notes
$600,000 
IMI
July 15, 2032
55/8%
January 15 and July 15July 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.
Each of the indentures for the notes provides that we must repurchase, at the option of the holders, the notes at 101% of their principal amount, plus accrued and unpaid interest, upon the occurrence of a "Change of Control", which is defined in each respective indenture. Except for required repurchases upon the occurrence of a Change of Control or in the event of certain asset sales, each as described in the respective indenture, we are not required to make sinking fund or redemption payments with respect to any of the notes.
MAY 2023 OFFERING
On May 15, 2023, IMI completed a private offering of:
SERIES OF NOTESAGGREGATE PRINCIPAL AMOUNT
7% Notes due 2029
$1,000,000 
The 7% Notes due 2029 were issued at 100% of par. The total net proceeds of approximately $990,000 from the issuance of the 7% Notes due 2029, after deducting the initial purchasers' commissions, were used to repay outstanding borrowings under the Revolving Credit Facility.
D. AUSTRALIAN DOLLAR TERM LOAN
Iron Mountain Australia Group Pty, Ltd., a wholly-owned subsidiary of IMI, has an AUD term loan with an original principal balance of 350,000 Australian dollars ("AUD Term Loan"). All indebtedness associated with the AUD Term Loan was issued at 99% of par. Principal payments on the AUD Term Loan are to be paid in quarterly installments in an aggregate amount of 7,695 Australian dollars per year. The AUD Term Loan bears interest at BBSY (an Australian benchmark variable interest rate) plus 3.625%. The AUD Term Loan is guaranteed by Iron Mountain Australia Group Pty, Ltd. and certain other Australian subsidiaries (the "Australia Group Guarantors") and by the guarantors of the Credit Agreement. The AUD Term Loan is secured by the capital stock and assets of the Australia Group Guarantors and by the Credit Agreement Collateral. The AUD Term Loan is scheduled to mature on September 30, 2026, at which point all obligations become due.
As of December 31, 2023, we had 292,422 Australian dollars ($199,195 based upon the exchange rate between the United States dollar and the Australian dollar as of December 31, 2023) outstanding on the AUD Term Loan. As of December 31, 2022, we had 300,117 Australian dollars ($204,623 based upon the exchange rate between the United States dollar and the Australian dollar as of December 31, 2022) outstanding on the AUD Term Loan. The interest rate in effect under the AUD Term Loan was 8.0% and 6.9% as of December 31, 2023 and 2022, respectively.
OUTSTANDING BORROWINGS
AU$292,422
8.0%
Interest rate
As of December 31, 2023
E. UK BILATERAL REVOLVING CREDIT FACILITY
IM UK and Iron Mountain (UK) Data Centre Limited, wholly owned subsidiaries of IMI (collectively, the "UK Borrowers"), have a British pounds sterling Revolving Credit Facility (the "UK Bilateral Revolving Credit Facility"). The maximum amount permitted to be borrowed under the UK Bilateral Revolving Credit Facility is 140,000 British pounds sterling. 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. IMI and subsidiaries of IMI that represent the substantial majority of our operations in the United States and the United Kingdom guarantee all obligations under the UK Bilateral Revolving Credit Facility. The UK Bilateral Revolving Credit Facility is secured by certain properties in the United Kingdom. The UK Bilateral Revolving Credit Facility bears interest at the Sterling Overnight Index Average plus 2.0%.
On September 19, 2023, the UK Borrowers amended the UK Bilateral Revolving Credit Facility to extend the maturity date from September 24, 2024 to September 24, 2025.
The UK Bilateral Revolving Credit Facility was fully drawn as of December 31, 2023. The interest rate in effect under the UK Bilateral Revolving Credit Facility was 7.3% and 5.5% as of December 31, 2023 and 2022, respectively.
MAXIMUM AMOUNT
£140,000
OPTIONAL ADDITIONAL COMMITMENTS
£125,000

7.3%
Interest rate

As of December 31, 2023
F. ACCOUNTS RECEIVABLE SECURITIZATION PROGRAM
We participate in an accounts receivable securitization program (the "Accounts Receivable Securitization Program") involving several of our wholly-owned subsidiaries and certain financial institutions. Under the Accounts Receivable Securitization Program, certain of our subsidiaries sell substantially all of their United States accounts receivable balances to our wholly-owned special purpose entities, Iron Mountain Receivables QRS, LLC and Iron Mountain Receivables TRS, LLC (the "Accounts Receivable Securitization Special Purpose Subsidiaries"). The Accounts Receivable Securitization Special Purpose Subsidiaries use the accounts receivable balances to collateralize loans obtained from certain financial institutions. The Accounts Receivable Securitization Special Purpose Subsidiaries are consolidated subsidiaries of IMI. The Accounts Receivable Securitization Program is accounted for as a collateralized financing activity, rather than a sale of assets, and therefore: (i) accounts receivable balances pledged as collateral are presented as assets and borrowings are presented as liabilities on our Consolidated Balance Sheets, (ii) our Consolidated Statements of Operations reflect the associated charges for bad debt expense related to pledged accounts receivable (a component of selling, general and administrative expenses) and reductions to revenue due to billing and service related credit memos issued to customers and related reserves, as well as interest expense associated with the collateralized borrowings and (iii) receipts from customers related to the underlying accounts receivable are reflected as operating cash flows and borrowings and repayments under the collateralized loans are reflected as financing cash flows within our Consolidated Statements of Cash Flows. IMIM retains the responsibility of servicing the accounts receivable balances pledged as collateral for the Accounts Receivable Securitization Program and IMI provides a performance guaranty. The maximum availability allowed is limited by eligible accounts receivable, as defined under the terms of the Accounts Receivable Securitization Program. The Accounts Receivable Securitization Program is secured by a substantial majority of our net receivables in the United States.
On June 8, 2023, we amended the Accounts Receivable Securitization Program to increase the maximum borrowing capacity from $325,000 to $360,000. As of December 31, 2023 and 2022, the amount outstanding under the Accounts Receivable Securitization Program was $358,500 and $314,700, respectively. The interest rate in effect under the Accounts Receivable Securitization Program was 6.4% and 5.4% as of December 31, 2023 and 2022, respectively. Commitment fees at a rate of 35 basis points are charged on amounts made available but not borrowed under the Accounts Receivable Securitization Program.
MAXIMUM AMOUNT
$360,000
OUTSTANDING BORROWINGS
$358,500

6.4%
Interest rate

As of December 31, 2023
G. CASH POOLING
Certain of our subsidiaries participate in cash pooling arrangements (the "Cash Pools") to help manage global liquidity requirements. We utilize the following Cash Pools: (i) two Cash Pools with Bank Mendes Gans, an independently operated wholly-owned subsidiary of ING Group, one of which we use to manage global liquidity requirements for our qualified REIT subsidiaries ("QRSs") and the other for our taxable REIT subsidiaries ("TRSs"), (ii) two Cash Pools with JP Morgan Chase Bank, N.A. ("JPM"), one of which we use to manage liquidity requirements for our QRSs in the Asia Pacific region and the other for our TRSs in the Asia Pacific region and (iii) two Cash Pools with JPM, one of which we use to manage liquidity requirements for our QRSs in the Europe, Middle East, and Africa regions and the other for our TRSs in the Europe, Middle East, and Africa regions.
Under each of the Cash Pools, cash deposited by participating subsidiaries with certain financial institutions is pledged as security against the debit balances of other participating subsidiaries with legal rights of offset provided to the financial institutions. Therefore, such amounts are presented in our Consolidated Balance Sheets on a net basis. Each subsidiary receives interest on the cash balances held on deposit or pays interest on its debit balances based on an applicable rate as defined in the Cash Pools.
The net cash position balances as of December 31, 2023 and 2022 are reflected as Cash and cash equivalents in our Consolidated Balance Sheets.
H. LETTERS OF CREDIT
As of December 31, 2023, we had outstanding letters of credit totaling $38,791, of which $4,821 reduce our borrowing capacity under the Revolving Credit Facility (as described above). The letters of credit expire at various dates between January 2024 and March 2025.
I. 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 net total lease adjusted leverage ratio and a fixed charge coverage 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 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 December 31, 2023. Noncompliance with these leverage and fixed charge coverage ratios would have a material adverse effect on our financial condition and liquidity.
J. MATURITIES OF LONG-TERM DEBT (GROSS OF DISCOUNTS) ARE AS FOLLOWS:
YEARAMOUNT
2024$120,670 
20251,221,903 
20261,055,120 
20271,238,920 
20281,393,004 
Thereafter7,015,909 
12,045,526 
Net Discounts(10,904)
Net Deferred Financing Costs (101,452)
Total Long-term Debt (including current portion)$11,933,170