Debt (Tables)

6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

Schedule of carrying amount and fair value of long-term debt instruments

Long-term debt is as follows:

	December 31, 2014					June 30, 2015
	Carrying Amount			Fair Value		Carrying Amount			Fair Value
IMI Revolving Credit Facility(1)	$	883,428		$	883,428	$	834,753		$	834,753
IMI Term Loan (1)	249,375			249,375		248,125			248,125
63/4% Euro Senior Subordinated Notes due 2018 (the "63/4% Notes")(2)(3)	308,616			309,634		284,243			283,702
73/4% Senior Subordinated Notes due 2019 (the "73/4% Notes")(2)(3)	400,000			429,000		400,000			421,240
83/8% Senior Subordinated Notes due 2021 (the "83/8% Notes")(2)(3)	106,030			110,500		106,047			109,831
61/8% CAD Senior Notes due 2021 (the "CAD Notes")(2)(4)	172,420			175,437		160,950			165,376
61/8% GBP Senior Notes due 2022 (the "GBP Notes")(2)(5)	622,960			639,282		629,100			644,010
6% Senior Notes due 2023 (the "6% Notes")(2)(3)	600,000			625,500		600,000			624,000
53/4% Senior Subordinated Notes due 2024 (the "53/4% Notes")(2)(3)	1,000,000			1,005,000		1,000,000			1,002,500
Accounts Receivable Securitization Program(6)(7)	—			—		217,500			217,500
Real Estate Mortgages, Capital Leases and Other(7)	320,702			320,702		308,432			308,432
Total Long-term Debt	4,663,531					4,789,150
Less Current Portion	(52,095		)			(70,235		)
Long-term Debt, Net of Current Portion	$	4,611,436				$	4,718,915

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(1) The capital stock or other equity interests of most of our United States subsidiaries, and up to 66% of the capital stock or other equity interests 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 ("Canada Company") 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 Canadian dollar subfacility under the IMI Revolving Credit Facility (defined below). The fair value (Level 3 of fair value hierarchy described at Note 2.k.) 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 both December 31, 2014 and June 30, 2015.

(2) The fair values (Level 1 of fair value hierarchy described at Note 2.k.) of these debt instruments are based on quoted market prices for these notes on December 31, 2014 and June 30, 2015, respectively.

(3) Collectively, the "Parent Notes." IMI is the direct obligor on the Parent Notes, which are fully and unconditionally guaranteed, on a senior or senior subordinated basis, as the case may be, by most of its direct and indirect 100% owned United States subsidiaries (the "Guarantors"). These guarantees are joint and several obligations of the Guarantors. Canada Company, Iron Mountain Europe PLC ("IME"), the Special Purpose Subsidiaries (as defined below) and the remainder of our subsidiaries do not guarantee the Parent Notes.

(4) Canada Company is the direct obligor on the CAD Notes, which are fully and unconditionally guaranteed, on a senior basis, by IMI and the Guarantors. These guarantees are joint and several obligations of IMI and the Guarantors. See Note 6 to Notes to Consolidated Financial Statements.

(5) IME is the direct obligor on the GBP Notes, which are fully and unconditionally guaranteed, on a senior basis, by IMI and the Guarantors. These guarantees are joint and several obligations of IMI and the Guarantors. See Note 6 to Notes to Consolidated Financial Statements.

(6) The Special Purpose Subsidiaries are the obligors under this program.

(7) We believe the fair value (Level 3 of fair value hierarchy described at Note 2.k.) of this debt approximates its carrying

value.

Schedule of Leverage and Fixed Charge Ratios

Our leverage and fixed charge coverage ratios under the Credit Agreement as of December 31, 2014 and June 30, 2015 are as follows:

	December 31, 2014	June 30, 2015	Maximum//Minimum Allowable
Net total lease adjusted leverage ratio	5.4	5.7	Maximum allowable of 6.5
Net secured debt lease adjusted leverage ratio	2.6	2.8	Maximum allowable of 4.0
Bond leverage ratio (not lease adjusted)	5.7	5.8	Maximum allowable of 6.5
Fixed charge coverage ratio	2.5	2.3	Minimum allowable of 1.5

Schedule of Line of Credit Facilities

Commitment fees and letters of credit fees, which are based on the unused balances under the IMI Revolving Credit Facility and the Accounts Receivable Securitization Program for the three and six months ended June 30, 2014 and 2015 is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2015		2014		2015
Commitment fees and letters of credit fees	$	509	$	991	$	1,167	$	1,858