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Debt (Tables) | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Carrying Amount and Fair Value of Long-Term Debt Instruments | Long-term debt is as follows:
|  | SEPTEMBER 30, 2024 |  |  | DECEMBER 31, 2023
|  | 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(1) |  | $ | 1,005,000 |  |  | $ | (3,763) |  |  | $ | 1,001,237 |  |  | $ | 1,005,000 |  |  |  | $ | — |  |  | $ | (4,621) |  |  | $ | (4,621) |  |  | $ | — |
Term Loan A(1) |  | 218,750 |  |  | — |  |  | 218,750 |  |  | 218,750 |  |  |  | 228,125 |  |  | — |  |  | 228,125 |  |  | 228,125 |
Term Loan B due 2026(1) |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 659,298 |  |  | (2,498) |  |  | 656,800 |  |  | 659,750 |
Term Loan B due 2031(1) |  | 1,849,096 |  |  | (15,462) |  |  | 1,833,634 |  |  | 1,860,045 |  |  |  | 1,191,000 |  |  | (13,026) |  |  | 1,177,974 |  |  | 1,200,000 |
Virginia 3 Term Loans(2) |  | 246,188 |  |  | (3,336) |  |  | 242,852 |  |  | 246,188 |  |  |  | 101,218 |  |  | (4,641) |  |  | 96,577 |  |  | 101,218 |
Virginia 4/5 Term Loans(2) |  | 70,280 |  |  | (3,483) |  |  | 66,797 |  |  | 70,280 |  |  |  | 16,338 |  |  | (5,892) |  |  | 10,446 |  |  | 16,338 |
Virginia 6 Term Loans(3) |  | 95,062 |  |  | (5,106) |  |  | 89,956 |  |  | 95,062 |  |  |  | — |  |  | — |  |  | — |  |  | — |
Australian Dollar Term Loan(2) |  | 197,427 |  |  | (336) |  |  | 197,091 |  |  | 198,501 |  |  |  | 197,743 |  |  | (482) |  |  | 197,261 |  |  | 199,195 |
UK Bilateral Revolving Credit Facility(2) |  | 187,431 |  |  | (1,168) |  |  | 186,263 |  |  | 187,431 |  |  |  | 178,239 |  |  | — |  |  | 178,239 |  |  | 178,239 |
GBP Notes(2) |  | 535,518 |  |  | (1,095) |  |  | 534,423 |  |  | 527,239 |  |  |  | 509,254 |  |  | (1,763) |  |  | 507,491 |  |  | 489,108 |
4 7/8% Notes due 2027(2) |  | 1,000,000 |  |  | (4,266) |  |  | 995,734 |  |  | 987,500 |  |  |  | 1,000,000 |  |  | (5,332) |  |  | 994,668 |  |  | 967,500 |
5 1/4% Notes due 2028(2) |  | 825,000 |  |  | (4,133) |  |  | 820,867 |  |  | 818,813 |  |  |  | 825,000 |  |  | (5,019) |  |  | 819,981 |  |  | 800,250 |
5% Notes due 2028(2) |  | 500,000 |  |  | (2,773) |  |  | 497,227 |  |  | 491,250 |  |  |  | 500,000 |  |  | (3,316) |  |  | 496,684 |  |  | 478,750 |
7% Notes due 2029(2) |  | 1,000,000 |  |  | (9,218) |  |  | 990,782 |  |  | 1,037,500 |  |  |  | 1,000,000 |  |  | (10,813) |  |  | 989,187 |  |  | 1,027,500 |
4 7/8% Notes due 2029(2) |  | 1,000,000 |  |  | (7,233) |  |  | 992,767 |  |  | 975,000 |  |  |  | 1,000,000 |  |  | (8,318) |  |  | 991,682 |  |  | 945,000 |
5 1/4% Notes due 2030(2) |  | 1,300,000 |  |  | (8,775) |  |  | 1,291,225 |  |  | 1,280,500 |  |  |  | 1,300,000 |  |  | (9,903) |  |  | 1,290,097 |  |  | 1,241,500 |
4 1/2% Notes(2) |  | 1,100,000 |  |  | (7,985) |  |  | 1,092,015 |  |  | 1,039,500 |  |  |  | 1,100,000 |  |  | (8,917) |  |  | 1,091,083 |  |  | 995,500 |
5% Notes due 2032(2) |  | 750,000 |  |  | (10,227) |  |  | 739,773 |  |  | 721,875 |  |  |  | 750,000 |  |  | (11,206) |  |  | 738,794 |  |  | 684,375 |
5 5/8% Notes(2) |  | 600,000 |  |  | (4,549) |  |  | 595,451 |  |  | 595,500 |  |  |  | 600,000 |  |  | (4,985) |  |  | 595,015 |  |  | 567,000 |
Real Estate Mortgages, Financing Lease Liabilities and Other |  | 611,321 |  |  | (1,922) |  |  | 609,399 |  |  | 611,321 |  |  |  | 519,907 |  |  | (403) |  |  | 519,504 |  |  | 519,907 |
Accounts Receivable Securitization Program |  | 386,500 |  |  | (734) |  |  | 385,766 |  |  | 386,500 |  |  |  | 358,500 |  |  | (317) |  |  | 358,183 |  |  | 358,183 |
Total Long-term Debt |  | 13,477,573 |  |  | (95,564) |  |  | 13,382,009 |  |  |  |  |  | 12,034,622 |  |  | (101,452) |  |  | 11,933,170 |  |  |
Less Current Portion |  | (136,547) |  |  | — |  |  | (136,547) |  |  |  |  |  | (120,670) |  |  | — |  |  | (120,670) |  |  |
Long-term Debt, Net of Current Portion |  | $ | 13,341,026 |  |  | $ | (95,564) |  |  | $ | 13,245,462 |  |  |  |  |  | $ | 11,913,952 |  |  | $ | (101,452) |  |  | $ | 11,812,500 |  |  |
(1)Collectively, the “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 a term loan B facility (the "Term Loan B due 2031"). The Credit Agreement also included a second term loan B facility (the "Term Loan B due 2026") until its extinguishment in August 2024. The remaining amount available for borrowing under the Revolving Credit Facility as of September 30, 2024 was $1,237,020 (which represents the maximum availability as of such date). The weighted average interest rate in effect under the Revolving Credit Facility was 7.0% as of September 30, 2024. Due to the discontinuance of the Canadian Dollar Offered Rate reference rate on June 28, 2024, the Credit Agreement was amended on June 7, 2024 to update the interest rate benchmark available for Canadian currency borrowings under our Revolving Credit Facility to the Canadian Overnight Repo Rate Average, effective July 1, 2024. All other material terms of the Revolving Credit Facility remain the same as disclosed in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report. (2)Each as defined in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report. (3)The fair value (Level 2 of the fair value hierarchy described at Note 2.e.) of this debt instrument approximates the carrying value as borrowings under this debt instrument are based on a current variable market interest rate. These agreements primarily consist of the following term loan facilities:
AGREEMENT |  | MAXIMUM BORROWING AMOUNT |  | OUTSTANDING BORROWINGS AS OF SEPTEMBER 30, 2024 |  | DIRECT OBLIGOR |  | CONTRACTUAL INTEREST RATE |  | UNUSED COMMITMENT FEE |  | MATURITY DATE(1)
Virginia 6 Term Loans(2) |  | $ | 210,000 |  |  | $ | 95,062 |  |  | Iron Mountain Data Centers Virginia 6, LLC |  | SOFR plus 2.75% |  | 0.75% |  | May 3, 2027
Virginia 7 Term Loans(3) |  | 300,000 |  |  | — |  |  | Iron Mountain Data Centers Virginia 7, LLC |  | SOFR plus 2.50% |  | 0.75% |  | April 12, 2027
(1)All obligations will become due on the specified maturity dates. Each agreement includes two one-year options that allow us to extend the initial maturity date, subject to the conditions specified in the agreements. (2)On May 3, 2024, Iron Mountain Data Centers Virginia 6, LLC, a wholly-owned subsidiary of Iron Mountain Data Centers Virginia 6/7 JV, LLC, entered into a credit agreement (the "Virginia 6 Credit Agreement"). The Virginia 6 Credit Agreement consists of a term loan facility (the "Virginia 6 Term Loans") and a letter of credit facility. The Virginia 6 Credit Agreement is secured by the equity interests and assets of Iron Mountain Data Centers Virginia 6, LLC. As of September 30, 2024, the interest rate in effect under the Virginia 6 Credit Agreement was 4.9%. (3)On April 12, 2024, Iron Mountain Data Centers Virginia 7, LLC, a wholly-owned subsidiary of Iron Mountain Data Centers Virginia 6/7 JV, LLC, entered into a credit agreement (the "Virginia 7 Credit Agreement"). The Virginia 7 Credit Agreement consists of a term loan facility and a letter of credit facility. The Virginia 7 Credit Agreement is secured by the equity interests and assets of Iron Mountain Data Centers Virginia 7, LLC.

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