Selected Consolidated Financial Statements of Parent, Guarantors, Canada Company and Non-Guarantors

12 Months Ended

Dec. 31, 2015

Selected Consolidated Financial Statements of Parent, Guarantors, Canada Company and Non-Guarantors

Selected Consolidated Financial Statements of Parent, Guarantors, Canada Company and Non-Guarantors

The following data summarizes the consolidating results of IMI on the equity method of accounting as of December 31, 2014 and 2015 and for the years ended December 31, 2013, 2014 and 2015 and are prepared on the same basis as the consolidated financial statements.

The Parent Notes, CAD Notes and GBP Notes are guaranteed by the subsidiaries referred to below as the Guarantors. These subsidiaries are 100% owned by IMI. The guarantees are full and unconditional, as well as joint and several.

Additionally, IMI guarantees the CAD Notes, which were issued by Canada Company, and the GBP Notes, which were issued by IME. Canada Company and IME do not guarantee the Parent Notes. The subsidiaries that do not guarantee the Parent Notes, the CAD Notes and the GBP Notes, including IME and the Special Purpose Subsidiaries but excluding Canada Company, are referred to below as the Non-Guarantors.

In the normal course of business we periodically change the ownership structure of our subsidiaries to meet the requirements of our business. In the event of such changes, we recast the prior period financial information within this footnote to conform to the current period presentation in the period such changes occur. Generally, these changes do not alter the designation of the underlying subsidiaries as Guarantors or Non-Guarantors. However, they may change whether the underlying subsidiary is owned by the Parent, a Guarantor, Canada Company or a Non-Guarantor. If such a change occurs, the amount of investment in subsidiaries in the below Consolidated Balance Sheets and equity in the earnings (losses) of subsidiaries, net of tax in the below Consolidated Statements of Operations with respect to the relevant Parent, Guarantors, Canada Company, Non-Guarantors and Eliminations columns also would change.

In March 2015, we entered into the Accounts Receivable Securitization Program, which is described more fully in Note 4. The Special Purpose Subsidiaries, which were established in conjunction with the Accounts Receivable Securitization Program, are included in the Non-Guarantors column in the below Consolidated Balance Sheet, Consolidated Statement of Operations and Consolidated Statement of Cash Flows from that date forward. As a result of the Accounts Receivable Securitization Program, certain of our Guarantors sold substantially all of their United States accounts receivable balances to the Special Purpose Subsidiaries. As of December 31, 2015, this resulted in a decrease in accounts receivable, an increase in intercompany receivable and a decrease in long-term debt related to our Guarantors and a corresponding increase in accounts receivable, an increase in intercompany payable and an increase in long-term debt related to our Non-Guarantors. There was no material impact to the Guarantors and Non-Guarantors columns of the below Consolidated Statements of Operations for the year ended December 31, 2015 as a result of the Accounts Receivable Securitization Program. Additionally, the Accounts Receivable Securitization Program resulted in increased financing cash flow activity for the Non-Guarantors for the year ended December 31, 2015, as the proceeds from borrowings under the Accounts Receivable Securitization Program were used to repay intercompany loans with certain of the Guarantors, which resulted in increased cash flows from investing activities for the Guarantors for the year ended December 31, 2015.

CONSOLIDATED BALANCE SHEETS

	December 31, 2014
	Parent		Guarantors		Canada Company		Non- Guarantors		Eliminations			Consolidated
Assets
Current Assets:
Cash and Cash Equivalents	$	2,399	$	4,713	$	4,979	$	113,842	$	—		$	125,933
Restricted Cash	33,860		—		—		—		—			33,860
Accounts Receivable	—		361,330		37,137		205,798		—			604,265
Intercompany Receivable	—		586,725		—		—		(586,725		)	—
Other Current Assets	153		88,709		2,925		61,908		(34		)	153,661
Total Current Assets	36,412		1,041,477		45,041		381,548		(586,759		)	917,719
Property, Plant and Equipment, Net	840		1,580,337		160,977		808,573		—			2,550,727
Other Assets, Net:
Long-term Notes Receivable from Affiliates and Intercompany Receivable	2,851,651		245		2,448		—		(2,854,344		)	—
Investment in Subsidiaries	917,170		656,877		30,751		93,355		(1,698,153		)	—
Goodwill	—		1,611,957		180,342		631,484		—			2,423,783
Other	1,459		371,912		23,965		233,700		—			631,036
Total Other Assets, Net	3,770,280		2,640,991		237,506		958,539		(4,552,497		)	3,054,819
Total Assets	$	3,807,532	$	5,262,805	$	443,524	$	2,148,660	$	(5,139,256	)	$	6,523,265
Liabilities and Equity
Intercompany Payable	$	505,083	$	—	$	3,564	$	78,078	$	(586,725	)	$	—
Current Portion of Long-term Debt	—		24,955		—		27,174		(34		)	52,095
Total Other Current Liabilities	60,097		470,122		35,142		239,280		—			804,641
Long-term Debt, Net of Current Portion	2,384,997		905,261		243,154		1,030,947		—			4,564,359
Long-term Notes Payable to Affiliates and Intercompany Payable	1,000		2,851,384		—		1,960		(2,854,344		)	—
Other Long-term Liabilities	—		115,789		37,558		78,868		—			232,215
Commitments and Contingencies (See Note 10)
Total Iron Mountain Incorporated Stockholders' Equity	856,355		895,294		124,106		678,753		(1,698,153		)	856,355
Noncontrolling Interests	—		—		—		13,600		—			13,600
Total Equity	856,355		895,294		124,106		692,353		(1,698,153		)	869,955
Total Liabilities and Equity	$	3,807,532	$	5,262,805	$	443,524	$	2,148,660	$	(5,139,256	)	$	6,523,265

CONSOLIDATED BALANCE SHEETS (Continued)

	December 31, 2015
	Parent		Guarantors		Canada Company		Non- Guarantors		Eliminations			Consolidated
Assets
Current Assets:
Cash and Cash Equivalents	$	151	$	6,472	$	13,182	$	108,576	$	—		$	128,381
Accounts Receivable	—		14,069		30,428		519,904		—			564,401
Intercompany Receivable	—		1,038,141		—		—		(1,038,141		)	—
Other Current Assets	898		106,670		2,305		55,286		(29		)	165,130
Total Current Assets	1,049		1,165,352		45,915		683,766		(1,038,170		)	857,912
Property, Plant and Equipment, Net	661		1,600,886		137,100		758,511		—			2,497,158
Other Assets, Net:
Long-term Notes Receivable from Affiliates and Intercompany Receivable	3,255,049		1,869		—		—		(3,256,918		)	—
Investment in Subsidiaries	797,666		459,429		27,731		2,862		(1,287,688		)	—
Goodwill	—		1,618,593		152,975		589,410		—			2,360,978
Other	623		392,987		22,637		218,292		—			634,539
Total Other Assets, Net	4,053,338		2,472,878		203,343		810,564		(4,544,606		)	2,995,517
Total Assets	$	4,055,048	$	5,239,116	$	386,358	$	2,252,841	$	(5,582,776	)	$	6,350,587
Liabilities and Equity
Intercompany Payable	$	879,649	$	—	$	5,892	$	152,600	$	(1,038,141	)	$	—
Current Portion of Long-term Debt	—		41,159		—		46,938		(29		)	88,068
Total Other Current Liabilities	56,740		454,924		26,804		215,295		—			753,763
Long-term Debt, Net of Current Portion	2,608,818		674,190		284,798		1,189,804		—			4,757,610
Long-term Notes Payable to Affiliates and Intercompany Payable	1,000		3,255,049		869		—		(3,256,918		)	—
Other Long-term Liabilities	—		115,950		37,402		69,187		—			222,539
Commitments and Contingencies (See Note 10)
Total Iron Mountain Incorporated Stockholders' Equity	508,841		697,844		30,593		559,251		(1,287,688		)	508,841
Noncontrolling Interests	—		—		—		19,766		—			19,766
Total Equity	508,841		697,844		30,593		579,017		(1,287,688		)	528,607
Total Liabilities and Equity	$	4,055,048	$	5,239,116	$	386,358	$	2,252,841	$	(5,582,776	)	$	6,350,587

CONSOLIDATED STATEMENTS OF OPERATIONS

	Year Ended December 31, 2013
	Parent			Guarantors			Canada Company			Non- Guarantors			Eliminations			Consolidated
Revenues:
Storage Rental	$	—		$	1,174,978		$	129,987		$	479,756		$	—		$	1,784,721
Service	—			754,090			35,119			450,693			—			1,239,902
Intercompany service	—			—			—			32,810			(32,810		)	—
Total Revenues	—			1,929,068			165,106			963,259			(32,810		)	3,024,623
Operating Expenses:
Cost of sales (excluding depreciation and amortization)	—			771,271			27,354			490,253			—			1,288,878
Intercompany service charges	—			—			32,810			—			(32,810		)	—
Selling, general and administrative	227			655,052			15,792			252,960			—			924,031
Depreciation and amortization	319			195,794			12,383			113,541			—			322,037
Loss (Gain) on disposal/write-down of property, plant and equipment (excluding real estate), net	5			(100		)	21			504			—			430
Total Operating Expenses	551			1,622,017			88,360			857,258			(32,810		)	2,535,376
Operating (Loss) Income	(551		)	307,051			76,746			106,001			—			489,247
Interest Expense (Income), Net	206,682			(19,731		)	40,537			26,686			—			254,174
Other Expense (Income), Net	54,144			1,283			5,410			14,365			—			75,202
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes and Gain on Sale of Real Estate	(261,377		)	325,499			30,799			64,950			—			159,871
(Benefit) Provision for Income Taxes	(16		)	33,767			12,361			16,015			—			62,127
Gain on Sale of Real Estate, Net of Tax	—			—			—			(1,417		)	—			(1,417		)
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax	(357,823		)	(63,775		)	(5,681		)	(18,438		)	445,717			—
Income (Loss) from Continuing Operations	96,462			355,507			24,119			68,790			(445,717		)	99,161
(Loss) Income from Discontinued Operations, Net of Tax	—			(529		)	—			1,360			—			831
Net Income (Loss)	96,462			354,978			24,119			70,150			(445,717		)	99,992
Less: Net Income (Loss) Attributable to Noncontrolling Interests	—			—			—			3,530			—			3,530
Net Income (Loss) Attributable to Iron Mountain Incorporated	$	96,462		$	354,978		$	24,119		$	66,620		$	(445,717	)	$	96,462
Net Income (Loss)	$	96,462		$	354,978		$	24,119		$	70,150		$	(445,717	)	$	99,992
Other Comprehensive Income (Loss):
Foreign Currency Translation Adjustments	(3,237		)	1,177			(11,096		)	(18,376		)	—			(31,532		)
Market Value Adjustments for Securities	—			926			—			—			—			926
Equity in Other Comprehensive (Loss) Income of Subsidiaries	(25,737		)	(26,862		)	(4,037		)	(11,096		)	67,732			—
Total Other Comprehensive (Loss) Income	(28,974		)	(24,759		)	(15,133		)	(29,472		)	67,732			(30,606		)
Comprehensive Income (Loss)	67,488			330,219			8,986			40,678			(377,985		)	69,386
Comprehensive Income (Loss) Attributable to Noncontrolling Interests	—			—			—			1,898			—			1,898
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated	$	67,488		$	330,219		$	8,986		$	38,780		$	(377,985	)	$	67,488

CONSOLIDATED STATEMENTS OF OPERATIONS (Continued)

	Year Ended December 31, 2014
	Parent			Guarantors			Canada Company			Non- Guarantors			Eliminations			Consolidated
Revenues:
Storage Rental	$	—		$	1,208,380		$	124,551		$	527,312		$	—		$	1,860,243
Service	—			749,711			68,669			439,070			—			1,257,450
Intercompany service	—			—			—			64,794			(64,794		)	—
Total Revenues	—			1,958,091			193,220			1,031,176			(64,794		)	3,117,693
Operating Expenses:
Cost of sales (excluding depreciation and amortization)	—			793,274			23,040			528,322			—			1,344,636
Intercompany service charges	—			—			64,794			—			(64,794		)	—
Selling, general and administrative	1,182			580,568			13,304			274,518			—			869,572
Depreciation and amortization	225			214,341			11,797			126,780			—			353,143
Loss (Gain) on disposal/write-down of property, plant and equipment (excluding real estate), net	—			829			173			63			—			1,065
Total Operating Expenses	1,407			1,589,012			113,108			929,683			(64,794		)	2,568,416
Operating (Loss) Income	(1,407		)	369,079			80,112			101,493			—			549,277
Interest Expense (Income), Net	187,650			(23,295		)	36,946			59,416			—			260,717
Other Expense (Income), Net	78			(203,380		)	(91		)	268,580			—			65,187
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes and Gain on Sale of Real Estate	(189,135		)	595,754			43,257			(226,503		)	—			223,373
(Benefit) Provision for Income Taxes	—			(114,947		)	12,876			4,796			—			(97,275		)
Gain on Sale of Real Estate, Net of Tax	—			(196		)	(832		)	(7,279		)	—			(8,307		)
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax	(515,254		)	196,310			(992		)	(31,215		)	351,151			—
Income (Loss) from Continuing Operations	326,119			514,587			32,205			(192,805		)	(351,151		)	328,955
(Loss) Income from Discontinued Operations, Net of Tax	—			(937		)	—			728			—			(209		)
Net Income (Loss)	326,119			513,650			32,205			(192,077		)	(351,151		)	328,746
Less: Net Income (Loss) Attributable to Noncontrolling Interests	—			—			—			2,627			—			2,627
Net Income (Loss) Attributable to Iron Mountain Incorporated	$	326,119		$	513,650		$	32,205		$	(194,704	)	$	(351,151	)	$	326,119
Net Income (Loss)	$	326,119		$	513,650		$	32,205		$	(192,077	)	$	(351,151	)	$	328,746
Other Comprehensive Income (Loss):
Foreign Currency Translation Adjustments	6,328			47			(10,306		)	(62,936		)	—			(66,867		)
Market Value Adjustments for Securities	—			53			—			—			—			53
Equity in Other Comprehensive (Loss) Income of Subsidiaries	(72,662		)	(73,696		)	288			(10,306		)	156,376			—
Total Other Comprehensive (Loss) Income	(66,334		)	(73,596		)	(10,018		)	(73,242		)	156,376			(66,814		)
Comprehensive Income (Loss)	259,785			440,054			22,187			(265,319		)	(194,775		)	261,932
Comprehensive Income (Loss) Attributable to Noncontrolling Interests	—			—			—			2,184			—			2,184
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated	$	259,785		$	440,054		$	22,187		$	(267,503	)	$	(194,775	)	$	259,748

CONSOLIDATED STATEMENTS OF OPERATIONS (Continued)

	Year Ended December 31, 2015
	Parent			Guarantors			Canada Company			Non- Guarantors			Eliminations			Consolidated
Revenues:
Storage Rental	$	—		$	1,226,299		$	118,908		$	492,690		$	—		$	1,837,897
Service	—			734,883			61,717			373,479			—			1,170,079
Intercompany service	—			3,476			—			71,516			(74,992		)	—
Total Revenues	—			1,964,658			180,625			937,685			(74,992		)	3,007,976
Operating Expenses:
Cost of sales (excluding depreciation and amortization)	—			788,278			25,213			476,534			—			1,290,025
Intercompany service cost of sales	—			13,384			58,132			3,476			(74,992		)	—
Selling, general and administrative	117			594,994			14,734			235,115			—			844,960
Depreciation and amortization	181			224,214			12,427			108,642			—			345,464
Loss (Gain) on disposal/write-down of property, plant and equipment (excluding real estate), net	—			962			41			1,997			—			3,000
Total Operating Expenses	298			1,621,832			110,547			825,764			(74,992		)	2,483,449
Operating (Loss) Income	(298		)	342,826			70,078			111,921			—			524,527
Interest Expense (Income), Net	159,848			(30,559		)	36,521			98,061			—			263,871
Other Expense (Income), Net	23,675			(82,820		)	55,230			102,505			—			98,590
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes and Gain on Sale of Real Estate	(183,821		)	456,205			(21,673		)	(88,645		)	—			162,066
Provision (Benefit) for Income Taxes	—			13,632			12,787			11,294			—			37,713
Gain on Sale of Real Estate	—			—			—			(850		)	—			(850		)
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax	(307,062		)	135,720			(2,552		)	34,462			139,432			—
Net Income (Loss)	123,241			306,853			(31,908		)	(133,551		)	(139,432		)	125,203
Less: Net Income (Loss) Attributable to Noncontrolling Interests	—			—			—			1,962			—			1,962
Net Income (Loss) Attributable to Iron Mountain Incorporated	$	123,241		$	306,853		$	(31,908	)	$	(135,513	)	$	(139,432	)	$	123,241
Net Income (Loss)	$	123,241		$	306,853		$	(31,908	)	$	(133,551	)	$	(139,432	)	$	125,203
Other Comprehensive (Loss) Income:
Foreign Currency Translation Adjustments	3,284			—			(19,003		)	(85,251		)	—			(100,970		)
Market Value Adjustments for Securities	—			(245		)	—			—			—			(245		)
Equity in Other Comprehensive (Loss) Income of Subsidiaries	(103,170		)	(103,521		)	(3,176		)	(19,003		)	228,870			—
Total Other Comprehensive (Loss) Income	(99,886		)	(103,766		)	(22,179		)	(104,254		)	228,870			(101,215		)
Comprehensive Income (Loss)	23,355			203,087			(54,087		)	(237,805		)	89,438			23,988
Comprehensive Income (Loss) Attributable to Noncontrolling Interests	—			—			—			633			—			633
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated	$	23,355		$	203,087		$	(54,087	)	$	(238,438	)	$	89,438		$	23,355

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Year Ended December 31, 2013
	Parent			Guarantors			Canada Company			Non- Guarantors			Eliminations			Consolidated
Cash Flows from Operating Activities:
Cash Flows from Operating Activities-Continuing Operations	$	(195,786	)	$	528,011		$	28,580		$	145,788		$	—		$	506,593
Cash Flows from Operating Activities-Discontinued Operations	—			(129		)	—			1,082			—			953
Cash Flows from Operating Activities	(195,786		)	527,882			28,580			146,870			—			507,546
Cash Flows from Investing Activities:
Capital expenditures	—			(180,047		)	(6,534		)	(100,714		)	—			(287,295		)
Cash paid for acquisitions, net of cash acquired	—			(212,042		)	—			(105,058		)	—			(317,100		)
Intercompany loans to subsidiaries	387,299			398,299			—			—			(785,598		)	—
Investment in subsidiaries	(63,149		)	(63,149		)	—			—			126,298			—
Investment in restricted cash	(248		)	—			—			—			—			(248		)
Acquisitions of customer relationships and customer inducements	—			(18,083		)	(498		)	(11,610		)	—			(30,191		)
Proceeds from sales of property and equipment and other, net (including real estate)	—			54			(3,175		)	5,205			—			2,084
Cash Flows from Investing Activities-Continuing Operations	323,902			(74,968		)	(10,207		)	(212,177		)	(659,300		)	(632,750		)
Cash Flows from Investing Activities-Discontinued Operations	—			(4,937		)	—			—			—			(4,937		)
Cash Flows from Investing Activities	323,902			(79,905		)	(10,207		)	(212,177		)	(659,300		)	(637,687		)
Cash Flows from Financing Activities:
Repayment of revolving credit and term loan facilities and other debt	—			(5,077,356		)	(341,336		)	(107,980		)	—			(5,526,672		)
Proceeds from revolving credit and term loan facilities and other debt	—			4,948,691			438,188			274,871			—			5,661,750
Early retirement of senior subordinated notes	(514,239		)	—			(170,895		)	—			—			(685,134		)
Net proceeds from sales of senior notes	591,000			—			191,307			—			—			782,307
Debt financing (repayment to) and equity contribution from (distribution to) noncontrolling interests, net	(14,852		)	—			—			(3,384		)	—			(18,236		)
Intercompany loans from parent	—			(379,910		)	(232,436		)	(173,252		)	785,598			—
Equity contribution from parent	—			63,149			—			63,149			(126,298		)	—
Parent cash dividends	(206,798		)	—			—			—			—			(206,798		)
Proceeds from exercise of stock options and employee stock purchase plan	17,664			—			—			—			—			17,664
Excess tax benefits from stock-based compensation	2,389			—			—			—			—			2,389
Payment of debt financing and stock issuance costs	(2,037		)	(5,657		)	(750		)	(262		)	—			(8,706		)
Cash Flows from Financing Activities-Continuing Operations	(126,873		)	(451,083		)	(115,922		)	53,142			659,300			18,564
Cash Flows from Financing Activities-Discontinued Operations	—			—			—			—			—			—
Cash Flows from Financing Activities	(126,873		)	(451,083		)	(115,922		)	53,142			659,300			18,564
Effect of exchange rates on cash and cash equivalents	—			—			(4,703		)	(6,609		)	—			(11,312		)
Increase (Decrease) in cash and cash equivalents	1,243			(3,106		)	(102,252		)	(18,774		)	—			(122,889		)
Cash and cash equivalents, beginning of year	—			13,472			103,346			126,597			—			243,415
Cash and cash equivalents, end of year	$	1,243		$	10,366		$	1,094		$	107,823		$	—		$	120,526

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

	Year Ended December 31, 2014
	Parent			Guarantors			Canada Company			Non- Guarantors			Eliminations			Consolidated
Cash Flows from Operating Activities:
Cash Flows from Operating Activities-Continuing Operations	$	(192,058	)	$	452,577		$	55,538		$	156,891		$	—		$	472,948
Cash Flows from Operating Activities-Discontinued Operations	—			—			—			—			—			—
Cash Flows from Operating Activities	(192,058		)	452,577			55,538			156,891			—			472,948
Cash Flows from Investing Activities:
Capital expenditures	—			(217,924		)	(6,877		)	(137,123		)	—			(361,924		)
Cash paid for acquisitions, net of cash acquired	—			(3,371		)	(29,016		)	(95,706		)	—			(128,093		)
Intercompany loans to subsidiaries	1,307,133			112,845			—			—			(1,419,978		)	—
Investment in subsidiaries	(48,203		)	(48,203		)	—			—			96,406			—
Acquisitions of customer relationships and customer inducements	—			(26,788		)	(2,140		)	(5,519		)	—			(34,447		)
Proceeds from sales of property and equipment and other, net (including real estate)	—			2,641			1,871			39,974			—			44,486
Cash Flows from Investing Activities-Continuing Operations	1,258,930			(180,800		)	(36,162		)	(198,374		)	(1,323,572		)	(479,978		)
Cash Flows from Investing Activities-Discontinued Operations	—			—			—			—			—			—
Cash Flows from Investing Activities	1,258,930			(180,800		)	(36,162		)	(198,374		)	(1,323,572		)	(479,978		)
Cash Flows from Financing Activities:
Repayment of revolving credit and term loan facilities and other debt	—			(7,949,523		)	(667,505		)	(207,683		)	—			(8,824,711		)
Proceeds from revolving credit and term loan facilities and other debt	—			8,327,608			645,848			311,731			—			9,285,187
Early retirement of senior subordinated notes	(566,352		)	—			—			—			—			(566,352		)
Net proceeds from sales of senior notes	—			—			—			642,417			—			642,417
Debt financing (repayment to) and equity contribution from (distribution to) noncontrolling interests, net	—			5,716			—			(20,486		)	—			(14,770		)
Intercompany loans from parent	—			(708,935		)	5,866			(716,909		)	1,419,978			—
Equity contribution from parent	—			48,203			—			48,203			(96,406		)	—
Parent cash dividends	(542,298		)	—			—			—			—			(542,298		)
Proceeds from exercise of stock options and employee stock purchase plan	44,290			—			—			—			—			44,290
Excess tax deficiency from stock-based compensation	(60		)	—			—			—			—			(60		)
Payment of debt financing and stock issuance costs	(1,296		)	(499		)	(12		)	(2,039		)	—			(3,846		)
Cash Flows from Financing Activities-Continuing Operations	(1,065,716		)	(277,430		)	(15,803		)	55,234			1,323,572			19,857
Cash Flows from Financing Activities-Discontinued Operations	—			—			—			—			—			—
Cash Flows from Financing Activities	(1,065,716		)	(277,430		)	(15,803		)	55,234			1,323,572			19,857
Effect of exchange rates on cash and cash equivalents	—			—			312			(7,732		)	—			(7,420		)
Increase (Decrease) in cash and cash equivalents	1,156			(5,653		)	3,885			6,019			—			5,407
Cash and cash equivalents, beginning of year	1,243			10,366			1,094			107,823			—			120,526
Cash and cash equivalents, end of year	$	2,399		$	4,713		$	4,979		$	113,842		$	—		$	125,933

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

	Year Ended December 31, 2015
	Parent			Guarantors			Canada Company			Non- Guarantors			Eliminations			Consolidated
Cash Flows from Operating Activities:
Cash Flows from Operating Activities	$	(161,287	)	$	568,360		$	39,181		$	95,506		$	—		$	541,760
Cash Flows from Investing Activities:
Capital expenditures	—			(189,213		)	(15,128		)	(85,908		)	—			(290,249		)
Cash paid for acquisitions, net of cash acquired	—			(9,902		)	(5,260		)	(98,396		)	—			(113,558		)
Intercompany loans to subsidiaries	334,019			320,932			—			—			(654,951		)	—
Investment in subsidiaries	(25,276		)	(25,276		)	—			—			50,552			—
Decrease in restricted cash	33,860			—			—			—			—			33,860
Acquisitions of customer relationships and customer inducements	—			(44,024		)	(576		)	(10,511		)	—			(55,111		)
Proceeds from sales of property and equipment and other, net (including real estate)	—			586			49			1,637			—			2,272
Cash Flows from Investing Activities	342,603			53,103			(20,915		)	(193,178		)	(604,399		)	(422,786		)
Cash Flows from Financing Activities:
Repayment of revolving credit and term loan facilities and other debt	—			(8,456,062		)	(754,703		)	(1,586,108		)	—			(10,796,873		)
Proceeds from revolving credit and term loan facilities and other debt	47,198			8,220,200			835,101			1,823,210			—			10,925,709
Early retirement of senior subordinated notes	(814,728		)	—			—			—			—			(814,728		)
Net proceeds from sales of senior notes	985,000			—			—			—			—			985,000
Debt financing (repayment to) and equity contribution from (distribution to) noncontrolling interests, net	—			—			—			5,574			—			5,574
Intercompany loans from parent	—			(398,514		)	(94,038		)	(162,399		)	654,951			—
Equity contribution from parent	—			25,276			—			25,276			(50,552		)	—
Parent cash dividends	(406,508		)	—			—			—			—			(406,508		)
Proceeds from exercise of stock options and employee stock purchase plan	7,149			—			—			—			—			7,149
Excess tax benefit from stock-based compensation	327			—			—			—			—			327
Payment of debt financing costs and stock issuance costs	(2,002		)	(10,604		)	—			(1,555		)	—			(14,161		)
Cash Flows from Financing Activities	(183,564		)	(619,704		)	(13,640		)	103,998			604,399			(108,511		)
Effect of exchange rates on cash and cash equivalents	—			—			3,577			(11,592		)	—			(8,015		)
(Decrease) Increase in cash and cash equivalents	(2,248		)	1,759			8,203			(5,266		)	—			2,448
Cash and cash equivalents, beginning of year	2,399			4,713			4,979			113,842			—			125,933
Cash and cash equivalents, end of year	$	151		$	6,472		$	13,182		$	108,576		$	—		$	128,381