Debt (Tables)

9 Months Ended

Sep. 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					September 30, 2015
	Carrying Amount			Fair Value		Carrying Amount			Fair Value
IMI Revolving Credit Facility(1)	$	883,428		$	883,428	$	—		$	—
IMI Term Loan (1)	249,375			249,375		—			—
New Revolving Credit Facility(1)	—			—		284,886			284,886
New Term Loan(1)	—			—		246,875			246,875
6 3/4% Euro Senior Subordinated Notes due 2018 (the "6 3/4% Notes")(2)(3)	308,616			309,634		285,202			285,306
7 3/4% Senior Subordinated Notes due 2019 (the "7 3/4% Notes")(2)(3)	400,000			429,000		400,000			416,060
6% Senior Notes due 2020 (the "6% Notes due 2020")(2)(3)(4)	—			—		1,000,000			1,012,500
8 3/8% Senior Subordinated Notes due 2021 (the "8 3/8% Notes")(2)(3)	106,030			110,500		106,055			108,890
6 1/8% CAD Senior Notes due 2021 (the "CAD Notes")(2)(5)	172,420			175,437		149,240			151,852
6 1/8% GBP Senior Notes due 2022 (the "GBP Notes")(2)(4)(6)	622,960			639,282		606,180			600,118
6% Senior Notes due 2023 (the "6% Notes due 2023")(2)(3)	600,000			625,500		600,000			591,000
5 3/4% Senior Subordinated Notes due 2024 (the "5 3/4% Notes")(2)(3)	1,000,000			1,005,000		1,000,000			960,000
Accounts Receivable Securitization Program(7)(8)	—			—		198,300			198,300
Real Estate Mortgages, Capital Leases and Other(8)	320,702			320,702		297,556			297,556
Total Long-term Debt	4,663,531					5,174,294
Less Current Portion(9)	(52,095		)			(253,726		)
Long-term Debt, Net of Current Portion	$	4,611,436				$	4,920,568

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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 both the IMI Revolving Credit Facility and the New Revolving Credit Facility (each of which is 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 September 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 September 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) The 6% Notes due 2020 and the GBP 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 6% Notes due 2020 and the GBP Notes may be offered only in transactions that are exempt from registration under the Securities Act or the securities laws of any other jurisdiction.

(5) 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.

(6) 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.

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

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

value.

(9) The Current Portion of Long-term debt at September 30, 2015 includes $175,000 in aggregate principal amount of our outstanding 6³/₄% Notes, 7³/₄% Notes and 8³/₈% Notes redeemed in October 2015. The $175,000 presented within the Current Portion of Long-term debt represents the portion of the 6³/₄% Notes, the 7³/₄% Notes and the 8³/₈% Notes redeemed in October 2015 utilizing funds that were invested in money market funds as of September 30, 2015. See Note 11 to Notes to Consolidated Financial Statements.

Schedule of Leverage and Fixed Charge Ratios

Our leverage and fixed charge coverage ratios under both the Credit Agreement and the New Credit Agreement as of December 31, 2014 and September 30, 2015, respectively, and our leverage ratio under our indentures as of December 31, 2014 and September 30, 2015 are as follows:

	December 31, 2014	September 30, 2015	Maximum//Minimum Allowable(1)
Net total lease adjusted leverage ratio	5.4	5.7	Maximum allowable of 6.5
Net secured debt lease adjusted leverage ratio	2.6	1.9	Maximum allowable of 4.0
Bond leverage ratio (not lease adjusted)	5.7	5.7	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, the New Revolving Credit Facility and the Accounts Receivable Securitization Program for the three and nine months ended September 30, 2014 and 2015 are as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2015		2014		2015
Commitment fees and letters of credit fees	$	700	$	883	$	1,867	$	2,741