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Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 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 six months ended June 30, 2025 is as follows:
Balance as of December 31, 2024
$86,712 
Credit memos charged to revenue47,315 
Allowance for bad debts charged to expense29,610 
Deductions and other(1)
(61,740)
Balance as of June 30, 2025
$101,897 
(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 June 30, 2025 and December 31, 2024 are as follows:
DESCRIPTIONJUNE 30, 2025DECEMBER 31, 2024
Assets:
Operating lease right-of-use assets$2,414,510 $2,489,893 
Financing lease right-of-use assets, net of accumulated depreciation(1)
474,708 359,265 
Liabilities:
Current
Operating lease liabilities$309,960 $315,400 
Financing lease liabilities(1)
134,619 128,397 
Long-term
Operating lease liabilities$2,254,841 $2,334,826 
Financing lease liabilities(1)
371,509 278,444 
(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 and six months ended June 30, 2025 and 2024 are as follows:
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
DESCRIPTION2025202420252024
Operating lease cost(1)
$179,831 $172,735 $353,139 $344,481 
Financing lease cost:
Depreciation of financing lease right-of-use assets$15,246 $12,078 $28,978 $23,022 
Interest expense for financing lease liabilities7,325 5,217 13,454 10,438 
(1)Operating lease cost, the majority of which is included in Cost of sales, includes variable lease costs of $47,261 and $93,666 for the three and six months ended June 30, 2025, respectively, and $39,594 and $77,688 for the three and six months ended June 30, 2024, respectively.
Other information: Supplemental cash flow information relating to our leases for the six months ended June 30, 2025 and 2024 is as follows:
SIX MONTHS ENDED JUNE 30,
CASH PAID FOR AMOUNTS INCLUDED IN MEASUREMENT OF LEASE LIABILITIES:20252024
Operating cash flows used in operating leases$244,840 $235,030 
Operating cash flows used in financing leases (interest)13,454 10,438 
Financing cash flows used in financing leases27,242 21,536 
NON-CASH ITEMS:
Operating lease modifications and reassessments$(21,629)$573 
New operating leases (including acquisitions)58,717 80,474 
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 six months ended June 30, 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— — 17,423 17,423 
Fair value and other adjustments— — (1,126)(1,126)
Currency effects110,136 16,013 3,680 129,829 
Goodwill balance, net of accumulated amortization, as of June 30, 2025
$3,927,010 $485,474 $817,459 $5,229,943 
Accumulated goodwill impairment balance as of June 30, 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 June 30, 2025 and December 31, 2024 are as follows:
  
FAIR VALUE MEASUREMENTS AS OF JUNE 30, 2025 USING
DESCRIPTION
TOTAL CARRYING
VALUE AS OF
JUNE 30, 2025
QUOTED PRICES IN
ACTIVE MARKETS
(LEVEL 1)		SIGNIFICANT OTHER
OBSERVABLE INPUTS
(LEVEL 2)
SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)(2)
Money Market Funds$3,335 $— $3,335 $— 
Time Deposits11,650 — 11,650 — 
Trading Securities8,696 6,911 1,785 — 
Derivative Assets993 — 993 — 
Derivative Liabilities77,324 — 77,324 — 
Deferred Purchase Obligations(1)
99,548 — — 99,548 
  FAIR VALUE MEASUREMENTS AS OF DECEMBER 31, 2024 USING
DESCRIPTION
TOTAL CARRYING
VALUE AS OF
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 June 30, 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 June 30, 2025:
Balance as of December 31, 2024
$147,055 
Additions2,880 
Payments(49,215)
Other changes, including accretion(1,172)
Balance as of June 30, 2025
$99,548 
The level 3 valuation of the deferred purchase obligation was determined utilizing a Monte-Carlo model which takes into account our forecasted projections as they relate to the underlying performance of the business. The Monte-Carlo simulation model incorporates assumptions as to expected revenue over the achievement period, including adjustments for volatility and timing, as well as discount rates that account for the risk of the arrangement and overall market risks. Any material change to these assumptions may result in a significantly higher or lower fair value of the deferred purchase obligation.
There were no material items that were measured at fair value on a non-recurring basis as of June 30, 2025 and December 31, 2024 other than those disclosed in Note 2.p. to Notes to Consolidated Financial Statements included in our Annual Report
F. ACCUMULATED OTHER COMPREHENSIVE ITEMS, NET
The changes in Accumulated other comprehensive items, net for the three and six months ended June 30, 2025 and 2024 are as follows:
THREE MONTHS ENDED JUNE 30, 2025
THREE MONTHS ENDED JUNE 30, 2024
 FOREIGN
CURRENCY
TRANSLATION AND OTHER
ADJUSTMENTS		DERIVATIVE FINANCIAL
INSTRUMENTS		TOTALFOREIGN
CURRENCY
TRANSLATION AND OTHER
ADJUSTMENTS		DERIVATIVE FINANCIAL
INSTRUMENTS		TOTAL
Beginning of Period$(493,553)$(8,816)$(502,369)$(440,129)$11,332 $(428,797)
Other comprehensive income (loss):
Foreign currency translation and other adjustments139,811 — 139,811 (31,806)— (31,806)
Change in fair value of interest rate swaps— (1,025)(1,025)— (488)(488)
Total other comprehensive income (loss)139,811 (1,025)138,786 (31,806)(488)(32,294)
End of Period$(353,742)$(9,841)$(363,583)$(471,935)$10,844 $(461,091)
SIX MONTHS ENDED JUNE 30, 2025
SIX MONTHS ENDED JUNE 30, 2024
 FOREIGN
CURRENCY
TRANSLATION AND OTHER
ADJUSTMENTS		DERIVATIVE FINANCIAL
INSTRUMENTS		TOTALFOREIGN
CURRENCY
TRANSLATION AND OTHER
ADJUSTMENTS		DERIVATIVE FINANCIAL
INSTRUMENTS		TOTAL
Beginning of Period$(568,129)$(1,823)$(569,952)$(373,628)$2,472 $(371,156)
Other comprehensive income (loss):
Foreign currency translation and other adjustments214,387 — 214,387 (98,307)— (98,307)
Change in fair value of interest rate swaps— (8,018)(8,018)— 10,900 10,900 
Reclassifications from accumulated other comprehensive items, net— — — — (2,528)(2,528)
Total other comprehensive income (loss)214,387 (8,018)206,369 (98,307)8,372 (89,935)
End of Period$(353,742)$(9,841)$(363,583)$(471,935)$10,844 $(461,091)
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 June 30, 2025 and December 31, 2024 are as follows:
JUNE 30, 2025DECEMBER 31, 2024
DESCRIPTIONGROSS
CARRYING
AMOUNT		ACCUMULATED
AMORTIZATION		NET
CARRYING
AMOUNT		GROSS
CARRYING
AMOUNT		ACCUMULATED
AMORTIZATION		NET
CARRYING
AMOUNT
Intake Costs asset$100,986 $(47,968)$53,018 $89,057 $(43,783)$45,274 
Commissions asset226,090 (96,793)129,297 200,149 (78,955)121,194 
Deferred revenue liabilities are reflected in our Condensed Consolidated Balance Sheets as follows:
DESCRIPTIONLOCATION IN BALANCE SHEETJUNE 30, 2025
DECEMBER 31, 2024(1)
Deferred revenue—Current(2)
Deferred revenue$342,225 $326,882 
Deferred revenue—Long-term(3)
Other Long-term Liabilities142,293 110,601 
(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 $30,700 and $25,500 as of June 30, 2025 and December 31, 2024, respectively.
(3)    The long-term deferred revenue accounted for under ASC 842 is approximately $119,800 and $95,000 as of June 30, 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 and six months ended June 30, 2025 and 2024 is as follows:
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
2025202420252024
Storage rental revenue$188,279 $147,397 $361,224 $287,425 
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 and six months ended June 30, 2025 and 2024 is as follows:
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
2025202420252024
Stock-based compensation expense$60,354 $29,889 $86,448 $43,928 
On March 1, 2025, we granted approximately 83,400 stock options, 497,000 RSUs and 435,100 PUs under the 2014 Plan (as defined in Note 2.t. to Notes to Consolidated Financial Statements included in our Annual Report).
On May 29, 2025, our stockholders approved an amendment to the 2014 Plan, which (i) increases the number of shares of common stock authorized for issuance under the 2014 Plan by 4,600,000, from 20,750,000 to 25,350,000, and (ii) extends the termination date of the 2014 Plan from May 12, 2031 to May 29, 2035.
As of June 30, 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 $135,386.
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 and six months ended June 30, 2025 and 2024 are as follows:
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
2025202420252024
Acquisition and Integration Costs$4,815 $9,502 $10,638 $17,311 
J. (GAIN) LOSS ON DISPOSAL/WRITE-DOWN OF PROPERTY, PLANT AND EQUIPMENT, NET
(Gain) loss on disposal/write-down of property, plant and equipment, net for the three and six months ended June 30, 2025 and 2024 are as follows:
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
2025202420252024
(Gain) loss on disposal/write-down of property, plant and equipment, net
$(962)$2,790 $4,609 $3,179 
K. OTHER EXPENSE (INCOME), NET
Other expense (income), net for the three and six months ended June 30, 2025 and 2024 consists of the following:
 THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
DESCRIPTION2025202420252024
Foreign currency transaction losses (gains), net(1)
$87,155 $1,013 $116,818 $(15,366)
Other, net(5,278)4,820 (6,453)8,669 
Other Expense (Income), Net
$81,877 $5,833 $110,365 $(6,697)
(1)The losses for the three and six months ended June 30, 2025 primarily consist of the impact of changes in the exchange rate of the British pound sterling and the Euro against the United States dollar on our intercompany balances with and between certain of our subsidiaries.
L. INCOME TAXES
We provide for income taxes during interim periods based on our estimate of the effective tax rate for the year. Our effective tax rates for the three and six months ended June 30, 2025 and 2024 are as follows:
 THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
2025(1)
2024(2)
2025(1)
2024
Effective Tax Rate60.3 %27.8 %773.6 %21.1 %
(1)The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate for the three and six months ended June 30, 2025 were the lack of tax benefits recognized for the foreign exchange losses we recorded in Other expense (income), net, during the period, disallowed interest expenses of certain entities, as well as the differences in the tax rates to which our foreign earnings are subject, partially offset by the benefits derived from the dividends paid deduction.
(2)The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate for the three months ended June 30, 2024 were the lack of tax benefits recognized for the year to date ordinary losses of certain entities, the benefits derived from the dividends paid deduction and the differences in the tax rates to which our foreign earnings are subject.
M. (LOSS) INCOME PER SHARE—BASIC AND DILUTED
The calculations of basic and diluted (loss) income per share for the three and six months ended June 30, 2025 and 2024 are as follows:
 THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
 2025202420252024
Net (Loss) Income$(43,340)$34,621 $(27,107)$111,646 
Less: Net Income (Loss) Attributable to Noncontrolling Interests1,581 (1,162)1,862 1,802 
Net (Loss) Income Attributable to Iron Mountain Incorporated (utilized in numerator of Earnings Per Share calculation)$(44,921)$35,783 $(28,969)$109,844 
Weighted-average shares—basic295,364,000 293,340,000 294,935,000 293,043,000 
Effect of dilutive potential stock options— 2,068,000 — 1,977,000 
Effect of dilutive potential RSUs and PUs— 430,000 — 509,000 
Weighted-average shares—diluted295,364,000 295,838,000 294,935,000 295,529,000 
Net (Loss) Income Per Share Attributable to Iron Mountain Incorporated: 
 Basic$(0.15)$0.12 $(0.10)$0.37 
 Diluted$(0.15)$0.12 $(0.10)$0.37 
Antidilutive stock options, RSUs and PUs excluded from the calculation2,413,370 506,149 2,632,028 435,957