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Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Summary Of Significant Accounting Policies SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. CASH AND CASH EQUIVALENTS
Cash 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 three months ended March 31, 2025 is as follows:
Balance as of December 31, 2024
$86,712 
Credit memos charged to revenue22,089 
Allowance for bad debts charged to expense9,770 
Deductions and other(1)
(27,961)
Balance as of March 31, 2025
$90,610 
(1)Primarily consists of the issuance of credit memos, the write-off of accounts receivable and the impact associated with currency translation adjustments.
C. 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 March 31, 2025 and December 31, 2024 are as follows:
DESCRIPTIONMARCH 31, 2025DECEMBER 31, 2024
Assets:
Operating lease right-of-use assets$2,386,511 $2,489,893 
Financing lease right-of-use assets, net of accumulated depreciation(1)
371,912 359,265 
Liabilities:
Current
Operating lease liabilities$329,237 $315,400 
Financing lease liabilities(1)
130,980 128,397 
Long-term
Operating lease liabilities$2,224,080 $2,334,826 
Financing lease liabilities(1)
292,185 278,444 
(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 months ended March 31, 2025 and 2024 are as follows:
THREE MONTHS ENDED MARCH 31,
DESCRIPTION20252024
Operating lease cost(1)
$173,308 $171,746 
Financing lease cost:
Depreciation of financing lease right-of-use assets$13,732 $10,944 
Interest expense for financing lease liabilities6,129 5,221 
(1)Operating lease cost, the majority of which is included in Cost of sales, includes variable lease costs of $46,405 and $38,094 for the three months ended March 31, 2025 and 2024, respectively.
Other information: Supplemental cash flow information relating to our leases for the three months ended March 31, 2025 and 2024 is as follows:
THREE MONTHS ENDED MARCH 31,
CASH PAID FOR AMOUNTS INCLUDED IN MEASUREMENT OF LEASE LIABILITIES:20252024
Operating cash flows used in operating leases$119,511 $117,336 
Operating cash flows used in financing leases (interest)6,129 5,221 
Financing cash flows used in financing leases13,348 10,679 
NON-CASH ITEMS:
Operating lease modifications and reassessments$(85,512)$(262)
New operating leases (including acquisitions)38,417 64,556 
D. GOODWILL
Our reporting units as of December 31, 2024 are described in detail in Note 2.l. to Notes to Consolidated Financial Statements included in our Annual Report.
The changes in the carrying value of goodwill attributable to each reportable segment and Corporate and Other (as defined in Note 8) for the three months ended March 31, 2025 are as follows:
GLOBAL RIM BUSINESSGLOBAL DATA CENTER BUSINESSCORPORATE AND OTHERTOTAL CONSOLIDATED
Goodwill balance, net of accumulated amortization, as of December 31, 2024
$3,816,874 $469,461 $797,482 $5,083,817 
Tax deductible goodwill acquired during the period— — 20,713 20,713 
Fair value and other adjustments— — (1,259)(1,259)
Currency effects32,041 5,223 1,275 38,539 
Goodwill balance, net of accumulated amortization, as of March 31, 2025
$3,848,915 $474,684 $818,211 $5,141,810 
Accumulated goodwill impairment balance as of March 31, 2025
$132,409 $— $26,011 $158,420 
E. FAIR VALUE MEASUREMENTS
The assets and liabilities carried at fair value and measured on a recurring basis as of March 31, 2025 and December 31, 2024 are as follows:
  
FAIR VALUE MEASUREMENTS AT MARCH 31, 2025 USING
DESCRIPTION
TOTAL CARRYING
VALUE AT
MARCH 31, 2025
QUOTED PRICES IN
ACTIVE MARKETS
(LEVEL 1)		SIGNIFICANT OTHER
OBSERVABLE INPUTS
(LEVEL 2)
SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)(2)
Money Market Funds$1,674 $— $1,674 $— 
Time Deposits16,254 — 16,254 — 
Trading Securities8,272 6,507 1,765 — 
Derivative Assets7,714 — 7,714 — 
Derivative Liabilities17,060 — 17,060 — 
Deferred Purchase Obligations(1)
106,001 — — 106,001 
  FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2024 USING
DESCRIPTION
TOTAL CARRYING
VALUE AT
DECEMBER 31, 2024
QUOTED PRICES IN
ACTIVE MARKETS
(LEVEL 1)		SIGNIFICANT OTHER
OBSERVABLE INPUTS
(LEVEL 2)
SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)(2)
Money Market Funds$2,488 $— $2,488 $— 
Time Deposits9,612 — 9,612 — 
Trading Securities8,144 6,390 1,754 — 
Derivative Assets28,092 — 28,092 — 
Derivative Liabilities5,326 — 5,326 — 
Deferred Purchase Obligations(1)
147,055 — — 147,055 
(1)The balance as of March 31, 2025 primarily relates to the fair value of the deferred purchase obligation associated with the Regency Transaction (as defined in Note 3 to Notes to Consolidated Financial Statements included in our Annual Report). The balance as of December 31, 2024 primarily relates to the fair values of the deferred purchase obligations associated with the Regency Transaction and ITRenew Transaction (as defined in Note 3 to Notes to Consolidated Financial Statements included in our Annual Report).
(2)The following is a rollforward of the Level 3 liabilities presented above for December 31, 2024 through March 31, 2025:
Balance as of December 31, 2024
$147,055 
Additions2,880 
Payments(49,215)
Other changes, including accretion5,281 
Balance as of March 31, 2025
$106,001 
The level 3 valuation of the deferred purchase obligation was determined utilizing a Monte-Carlo model which takes into account our forecasted projections as they relate to the underlying performance of the business. The Monte-Carlo simulation model incorporates assumptions as to expected revenue over the achievement period, including adjustments for volatility and timing, as well as discount rates that account for the risk of the arrangement and overall market risks. Any material change to these assumptions may result in a significantly higher or lower fair value of the deferred purchase obligation.
There were no material items that were measured at fair value on a non-recurring basis at March 31, 2025 and December 31, 2024 other than those disclosed in Note 2.p. to Notes to Consolidated Financial Statements included in our Annual Report
F. ACCUMULATED OTHER COMPREHENSIVE ITEMS, NET
The changes in Accumulated other comprehensive items, net for the three months ended March 31, 2025 and 2024 are as follows:
THREE MONTHS ENDED MARCH 31, 2025
THREE MONTHS ENDED MARCH 31, 2024
 FOREIGN
CURRENCY
TRANSLATION AND OTHER
ADJUSTMENTS		DERIVATIVE FINANCIAL
INSTRUMENTS		TOTALFOREIGN
CURRENCY
TRANSLATION AND OTHER
ADJUSTMENTS		DERIVATIVE FINANCIAL
INSTRUMENTS		TOTAL
Beginning of Period$(568,129)$(1,823)$(569,952)$(373,628)$2,472 $(371,156)
Other comprehensive income (loss):
Foreign currency translation and other adjustments74,576 — 74,576 (66,501)— (66,501)
Change in fair value of interest rate swaps— (6,993)(6,993)— 11,388 11,388 
Reclassifications from accumulated other comprehensive items, net— — — — (2,528)(2,528)
Total other comprehensive income (loss)74,576 (6,993)67,583 (66,501)8,860 (57,641)
End of Period$(493,553)$(8,816)$(502,369)$(440,129)$11,332 $(428,797)
G. REVENUES
Certain costs to fulfill or obtain customer contracts, including the costs associated with the initial movement of customer records into physical storage and certain commission expenses, and certain initial direct costs of obtaining data center leases are collectively referred to as "Contract Costs". Contract Costs are primarily made up of Intake Costs and Commissions (each as defined in Note 2.s. to Notes to Consolidated Financial Statements included in our Annual Report). Contract Costs as of March 31, 2025 and December 31, 2024 are as follows:
MARCH 31, 2025DECEMBER 31, 2024
DESCRIPTIONGROSS
CARRYING
AMOUNT		ACCUMULATED
AMORTIZATION		NET
CARRYING
AMOUNT		GROSS
CARRYING
AMOUNT		ACCUMULATED
AMORTIZATION		NET
CARRYING
AMOUNT
Intake Costs asset$92,832 $(44,830)$48,002 $89,057 $(43,783)$45,274 
Commissions asset212,688 (83,943)128,745 200,149 (78,955)121,194 
Deferred revenue liabilities are reflected in our Condensed Consolidated Balance Sheets as follows:
DESCRIPTIONLOCATION IN BALANCE SHEETMARCH 31, 2025
DECEMBER 31, 2024(1)
Deferred revenue—Current(2)
Deferred revenue$333,171 $326,882 
Deferred revenue—Long-term(3)
Other Long-term Liabilities118,129 110,601 
(1)    The beginning balance of current and long-term deferred revenue for the year ended December 31, 2024 was $325,665 and $100,770, respectively.
(2)    The current deferred revenue accounted for under Accounting Standards Codification 842, Leases ("ASC 842") is approximately $21,200 and $25,500 as of March 31, 2025 and December 31, 2024, respectively.
(3)    The long-term deferred revenue accounted for under ASC 842 is approximately $101,600 and $95,000 as of March 31, 2025 and December 31, 2024, respectively.
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 ASC 842. Storage rental revenue associated with our Global Data Center Business for the three months ended March 31, 2025 and 2024 is as follows:
THREE MONTHS ENDED MARCH 31,
20252024
Storage rental revenue$172,945 $140,028 
H. STOCK-BASED COMPENSATION
Our stock-based compensation expense includes the cost of stock options, restricted stock units ("RSUs") and performance units ("PUs") (together, the "Employee Stock-Based Awards").
STOCK-BASED COMPENSATION EXPENSE
Stock-based compensation expense for the Employee Stock-Based Awards for the three months ended March 31, 2025 and 2024 is as follows:
THREE MONTHS ENDED MARCH 31,
20252024
Stock-based compensation expense$26,094 $14,039 
On March 1, 2025, we granted approximately 83,389 stock options, 497,089 RSUs and 435,124 PUs under the 2014 Plan (as defined in Note 2.t. to Notes to Consolidated Financial Statements included in our Annual Report).
As of March 31, 2025, unrecognized compensation cost related to the unvested portion of our Employee Stock-Based Awards, inclusive of our estimated achievement of the performance metrics, is $148,087.
I. 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 and system integration costs (collectively, "Acquisition and Integration Costs").
Acquisition and Integration Costs for the three months ended March 31, 2025 and 2024 are as follows:
THREE MONTHS ENDED MARCH 31,
20252024
Acquisition and Integration Costs$5,823 $7,809 
J. LOSS (GAIN) ON DISPOSAL/WRITE-DOWN OF PROPERTY, PLANT AND EQUIPMENT, NET
Loss (gain) on disposal/write-down of property, plant and equipment, net for the three months ended March 31, 2025 and 2024 is as follows:
THREE MONTHS ENDED MARCH 31,
20252024
Loss (gain) on disposal/write-down of property, plant and equipment, net
$5,571 $389 
K. OTHER EXPENSE (INCOME), NET
Other expense (income), net for the three months ended March 31, 2025 and 2024 consists of the following:
 THREE MONTHS ENDED MARCH 31,
DESCRIPTION20252024
Foreign currency transaction losses (gains), net(1)
$29,663 $(16,379)
Other, net(1,175)3,849 
Other Expense (Income), Net
$28,488 $(12,530)
(1)The losses for the three months ended March 31, 2025 primarily consist of the impact of changes in the exchange rate of the British pound sterling and the Euro against the United States dollar on our intercompany balances with and between certain of our subsidiaries.
L. 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 months ended March 31, 2025 and 2024 are as follows:
 THREE MONTHS ENDED MARCH 31,
2025(1)
2024(2)
Effective Tax Rate47.8 %17.7 %
(1)The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate for the three months ended March 31, 2025 were the lack of tax benefits recognized for the ordinary losses, disallowed interest expenses of certain entities and losses we recorded in Other expense (income), net during the period, as well as the differences in the tax rates to which our foreign earnings are subject, partially offset by the benefits derived from the dividends paid deduction.
(2)The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate for the three months ended March 31, 2024 were the benefits derived from the dividends paid deduction and the differences in the tax rates to which our foreign earnings are subject.
M. INCOME (LOSS) PER SHARE—BASIC AND DILUTED
The calculations of basic and diluted income (loss) per share for the three months ended March 31, 2025 and 2024 are as follows:
 THREE MONTHS ENDED MARCH 31,
 20252024
Net Income (Loss)$16,233 $77,025 
Less: Net Income (Loss) Attributable to Noncontrolling Interests281 2,964 
Net Income (Loss) Attributable to Iron Mountain Incorporated (utilized in numerator of Earnings Per Share calculation)$15,952 $74,061 
Weighted-average shares—basic294,507,000 292,746,000 
Effect of dilutive potential stock options2,162,000 1,886,000 
Effect of dilutive potential RSUs and PUs591,000 589,000 
Weighted-average shares—diluted297,260,000 295,221,000 
Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated:  
 Basic$0.05 $0.25 
 Diluted$0.05 $0.25 
Antidilutive stock options, RSUs and PUs excluded from the calculation98,685 365,764