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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2015
Accounting Policies [Abstract]  
Schedule of foreign currency gain/loss
The total loss on foreign currency transactions for the years ended December 31, 2013, 2014 and 2015 is as follows:
 
Year Ended December 31,
 
2013
 
2014
 
2015
Total loss on foreign currency transactions
$
36,201

 
$
58,316

 
$
70,851
Useful lives of Property, Plant and Equipment
Property, plant and equipment are stated at cost and depreciated using the straight-line method with the following useful lives (in years):
 
 
 
Range
Buildings and building improvements
5 to 40
Leasehold improvements
5 to 10 or life of the lease (whichever is shorter)
Racking
1 to 20 or life of the lease (whichever is shorter)
Warehouse equipment/vehicles
1 to 10
Furniture and fixtures
3 to 10
Computer hardware and software
2 to 5
Property, Plant and Equipment at cost
Property, plant and equipment (including capital leases in the respective category), at cost, consist of the following:
 
December 31,
 
2014
 
2015
Land
$
205,463

 
$
218,174

Buildings and building improvements
1,409,330

 
1,507,224

Leasehold improvements
467,176

 
447,449

Racking
1,559,383

 
1,556,749

Warehouse equipment/vehicles
341,393

 
335,728

Furniture and fixtures
53,189

 
50,307

Computer hardware and software
501,882

 
515,688

Construction in progress
130,889

 
112,917

 
$
4,668,705

 
$
4,744,236
Loss of disposal/write-down of property, plant and equipment (excluding real estate)
e wrote off previously deferred software costs associated with internal use software development projects that were discontinued after implementation, which resulted in a loss on disposal/write-down of property, plant and equipment (excluding real estate), net in the accompanying Consolidated Statements of Operations, by segment as follows:
 
Year Ended December 31,
 
2013
 
2014
 
2015
North American Records and Information Management Business
$
800

 
$
1,000

 
$
—

North American Data Management Business
—

 
—

 
—

Western European Business
—

 
300

 
 
Other International Business
—

 
—

 
—

Corporate and Other Business
300

 
—

 
—

 
$
1,100

 
$
1,300

 
$
—
Reconciliation of liabilities for asset retirement obligations (included in other long-term liabilities)
A reconciliation of liabilities for asset retirement obligations (included in other long-term liabilities) is as follows:
 
December 31,
 
2014
 
2015
Asset Retirement Obligations, beginning of the year
$
11,809

 
$
12,897

Liabilities Incurred
1,366

 
1,030

Liabilities Settled
(1,199
)
 
(966
)
Accretion Expense
1,121

 
1,241

Foreign Currency Exchange Movement
(200
)
 
(205
)
Asset Retirement Obligations, end of the year
$
12,897

 
$
13,997
Schedule of carrying value of goodwill, net for each of the reporting units
The carrying value of goodwill, net for each of our reporting units as of December 31, 2014 was as follows:
 
Carrying Value
as of
December 31, 2014
North American Records and Information Management(1)
$
1,397,484

Intellectual Property Management(1)
38,491

Fulfillment Services(1)
3,247

North American Data Management(2)
375,957

Adjacent Businesses(3)
—

New Western Europe(4)(6)
354,049

Emerging Markets - Eastern Europe(5)
87,408

Latin America(5)
107,240

Australia and Singapore(5)
55,779

Greater China(5)
3,500

India(5)
—

Russia, Ukraine and Denmark(5)
628

Total
$
2,423,783

_______________________________________________________________________________
(1)
This reporting unit is included in the North American Records and Information Management Business segment.
(2)
This reporting unit is included in the North American Data Management Business segment.
(3)
This reporting unit is included in the Corporate and Other Business segment.
(4)
This reporting unit is included in the Western European Business segment.
(5)
This reporting unit is included in the Other International Business segment.
(6)
As of December 31, 2014, the goodwill associated with our operations in Norway was included in the New Western Europe reporting unit. As of December 31, 2015, as a result of changes in the senior management of our business in Norway, which impacted both our reportable operating segments (see Note 9 for a description of our reportable operating segments) as well as our reporting units (described more fully below), the goodwill associated with our operations in Norway is included in the Emerging Markets - Europe reporting unit (defined below).
The carrying value of goodwill, net for each of our reporting units as of December 31, 2015 was as follows:
 
Carrying Value
as of
December 31, 2015
North American Records and Information Management(1)
$
1,342,723

North American Secure Shredding(1)
73,021

North American Data Management(2)
369,907

Adjacent Businesses - Data Centers(3)
—

Adjacent Businesses - Consumer Storage(3)
4,636

Adjacent Businesses - Fine Arts(3)
21,550

UKI(4)
260,202

Continental Western Europe(4)
63,442

Emerging Markets - Europe(5)
87,378

Latin America(5)
78,537

Australia(5)
47,786

Southeast Asia(5)
5,683

India(5)
6,113

Total
$
2,360,978

_______________________________________________________________________________
(1)This reporting unit is included in the North American Records and Information Management Business segment.
(2)This reporting unit is included in the North American Data Management Business segment.
(3)This reporting unit is included in the Corporate and Other Business segment.
(4)This reporting unit is included in the Western European Business segment.
(5)This reporting unit is included in the Other International Business segment.
Schedule of changes in the carrying value of goodwill attributable to each reportable operating segment
The changes in the carrying value of goodwill attributable to each reportable operating segment for the years ended December 31, 2014 and 2015 is as follows:
 
North American
Records and
Information
Management
Business
 
North American
Data Management
Business
 
Western European Business
 
Other International Business
 
Corporate and Other Business
 
Total
Consolidated
Gross Balance as of December 31, 2013
$
1,671,927

 
$
438,423

 
$
440,454

 
$
232,881

 
$
—

 
$
2,783,685

Deductible goodwill acquired during the year
7,745

 
1,936

 
—

 
30,117

 
—

 
39,798

Non-deductible goodwill acquired during the year
7,045

 
—

 
3,405

 
33,869

 
—

 
44,319

Allocated to divestiture (see Note 16)
—

 
—

 
(4,032
)
 
(3,718
)
 
—

 
(7,750
)
Fair value and other adjustments(1)
(26,898
)
 
(6,724
)
 
—

 
(386
)
 
—

 
(34,008
)
Currency effects
(14,610
)
 
(3,653
)
 
(34,257
)
 
(31,305
)
 
—

 
(83,825
)
Gross Balance as of December 31, 2014
1,645,209

 
429,982

 
405,570

 
261,458

 
—

 
2,742,219

Deductible goodwill acquired during the year
29

 
7

 
—

 
—

 
26,186

 
26,222

Non-deductible goodwill acquired during the year
2,730

 
567

 
1,936

 
9,064

 
—

 
14,297

Fair value and other adjustments(2)
104

 
(25
)
 
(448
)
 
(353
)
 
—

 
(722
)
Currency effects
(27,647
)
 
(6,925
)
 
(25,909
)
 
(44,543
)
 
—

 
(105,024
)
Gross Balance as of December 31, 2015
$
1,620,425

 
$
423,606

 
$
381,149

 
$
225,626

 
$
26,186

 
$
2,676,992

Accumulated Amortization Balance as of December 31, 2013
$
206,706

 
$
54,204

 
$
59,253

 
$
170

 
$
—

 
$
320,333

Currency effects
(719
)
 
(179
)
 
(980
)
 
(19
)
 
—

 
(1,897
)
Accumulated Amortization Balance as of December 31, 2014
205,987

 
54,025

 
58,273

 
151

 
—

 
318,436

Currency effects
(1,306
)
 
(326
)
 
(768
)
 
(22
)
 
—

 
(2,422
)
Accumulated Amortization Balance as of December 31, 2015
$
204,681

 
$
53,699

 
$
57,505

 
$
129

 
$
—

 
$
316,014

Net Balance as of December 31, 2014
$
1,439,222

 
$
375,957

 
$
347,297

 
$
261,307

 
$
—

 
$
2,423,783

Net Balance as of December 31, 2015
$
1,415,744

 
$
369,907

 
$
323,644

 
$
225,497

 
$
26,186

 
$
2,360,978

Accumulated Goodwill Impairment Balance as of December 31, 2014
$
85,909

 
$
—

 
$
46,500

 
$
—

 
$
—

 
$
132,409

Accumulated Goodwill Impairment Balance as of December 31, 2015
$
85,909

 
$
—

 
$
46,500

 
$
—

 
$
—

 
$
132,409

_______________________________________________________________________________
(1)
Total fair value and other adjustments primarily include $(32,265) in net adjustments to deferred income taxes and $(443) related to property, plant and equipment and other assumed liabilities, as well as $(1,300) of cash received related to certain 2013 acquisitions.

(2)
Total fair value and other adjustments primarily include $622 in net adjustments to deferred income taxes and $(5,036) related to customer relationships and acquisition costs and other assumed liabilities (which represent adjustments within the applicable measurement period, to provisional amounts recognized in purchase accounting), as well as $3,692 of cash paid related to certain 2014 acquisitions.
Gain on the sale of real estate
Gain on sale of real estate, net of tax, which consists primarily of the sale of buildings in the United Kingdom and Canada, for the years ended December 31, 2013, 2014 and 2015 is as follows:
 
Year Ended December 31,
 
2013
 
2014
 
2015
Gain on sale of real estate
$
1,847

 
$
10,512

 
$
1,059

Tax effect on gain on sale of real estate
(430
)
 
(2,205
)
 
(209
)
Gain on sale of real estate, net of tax
$
1,417

 
$
8,307

 
$
850
Components of amortizable intangible assets
The gross carrying amount and accumulated amortization are as follows:
 
 
December 31,
Gross Carrying Amount
 
2014
 
2015
Customer relationship intangible assets and Customer Inducements
 
$
904,866

 
$
937,174

Other intangible assets (included in other assets, net)
 
10,630

 
11,111

Accumulated Amortization
 
 

 
 

Customer relationship intangible assets and Customer Inducements
 
$
297,029

 
$
333,860

Other intangible assets (included in other assets, net)
 
8,608

 
8,325
Schedule of amortization expenses
The amortization expense for the years ended December 31, 2013, 2014 and 2015 is as follows:
 
 
Year Ended December 31,
 
 
2013
 
2014
 
2015
Customer relationship intangible assets and Customer Inducements:
 
 

 
 

 
 

Amortization expense included in depreciation and amortization
 
$
37,725

 
$
46,733

 
$
43,614

Amortization expense offsetting revenues
 
11,788

 
11,715

 
11,670

Other intangible assets:
 
 

 
 

 
 

Amortization expense included in depreciation and amortization
 
1,456

 
1,853

 
631
Estimated amortization expense for existing intangible assets for the next five succeeding fiscal years
Estimated amortization expense for existing intangible assets (excluding deferred financing costs, as disclosed in Note 2.j) is as follows:
 
Estimated Amortization
 
Included in Depreciation
and Amortization
 
Charged to Revenues
2016
$
45,763

 
$
7,445

2017
45,012

 
5,526

2018
44,139

 
4,296

2019
42,666

 
2,491

2020
40,831

 
1,704
Schedule of amortization of deferred financing costs
Estimated amortization expense for deferred financing costs, which are amortized as a component of interest expense, is as follows:
 
Estimated Amortization of
Deferred Financing Costs
2016
$
10,525

2017
10,525

2018
10,289

2019
9,066

2020
6,685
Components of prepaid expenses
Prepaid expenses and accrued expenses with items greater than 5% of total current assets and liabilities shown separately, respectively, consist of the following:
 
December 31,
 
2014
 
2015
Income tax receivable
$
41,559

 
$
33,173

Other
97,910

 
109,778

Prepaid expenses
$
139,469

 
$
142,951
Components of accrued expenses
 
December 31,
 
2014
 
2015
Interest
$
69,525

 
$
68,316

Payroll and vacation
75,050

 
50,143

Incentive compensation
66,552

 
61,422

Self-insured liabilities (Note 10.b.)
33,381

 
33,508

Other
159,977

 
137,672

Accrued expenses
$
404,485

 
$
351,061
Stock-based compensation expense for Employee Stock-Based Awards related to continuing operations
Stock-based compensation expense for Employee Stock-Based Awards included in the accompanying Consolidated Statements of Operations related to continuing operations is as follows:
 
Year Ended December 31,
 
2013
 
2014
 
2015
Cost of sales (excluding depreciation and amortization)
$
293

 
$
680

 
$
220

Selling, general and administrative expenses
30,061

 
28,944

 
27,365

Total stock-based compensation
$
30,354

 
$
29,624

 
$
27,585
Summary of the weighted average assumptions used for stock option grants
The following table summarizes the weighted average assumptions used for grants in the year ended December 31:
Weighted Average Assumptions
 
2013
 
2014
 
2015
Expected volatility
 
33.8
%
 
34.0
%
 
28.4
%
Risk-free interest rate
 
1.13
%
 
2.04
%
 
1.70
%
Expected dividend yield
 
3
%
 
4
%
 
5
%
Expected life
 
6.3 years

 
6.7 years

 
5.4 years
Summary of stock option activity
A summary of option activity for the year ended December 31, 2015 is as follows:
 
Options
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual
Term (Years)
 
Aggregate
Intrinsic
Value
Outstanding at December 31, 2014
3,678,246

 
$
23.37

 
 
 
 

Granted
787,224

 
42.21

 
 
 
 

Exercised
(719,300
)
 
21.23

 
 
 
 

Forfeited
(34,144
)
 
25.64

 
 
 
 

Expired
(23,212
)
 
22.19

 
 
 
 

Outstanding at December 31, 2015
3,688,814

 
$
27.79

 
5.56
 
$
12,086

Options exercisable at December 31, 2015
2,386,622

 
$
22.96

 
3.96
 
$
11,472

Options expected to vest
1,241,658

 
$
36.56

 
8.48
 
$
595
Aggregate intrinsic value of stock options exercised
The aggregate intrinsic value of stock options exercised for the years ended December 31, 2013, 2014 and 2015 is as follows:
 
Year Ended December 31,
 
2013
 
2014
 
2015
Aggregate intrinsic value of stock options exercised
$
11,024

 
$
23,178

 
$
9,056
Summary of restricted stock and RSU activity
The fair value of restricted stock and RSUs vested during the years ended December 31, 2013, 2014 and 2015, are as follows:
 
Year Ended December 31,
 
2013
 
2014
 
2015
Fair value of restricted stock vested
$
1

 
$
1

 
$
—

Fair value of RSUs vested
16,638

 
22,535

 
24,345

A summary of restricted stock and RSU activity for the year ended December 31, 2015 is as follows:
 
Restricted
Stock and
RSUs
 
Weighted-
Average
Grant-Date
Fair Value
Non-vested at December 31, 2014
1,405,569

 
$
28.78

Granted
623,936

 
37.42

Vested
(696,871
)
 
31.26

Forfeited
(115,037
)
 
32.86

Non-vested at December 31, 2015
1,217,597

 
$
33.68

Cash dividends accrued and paid on RSUs for the years ended December 31, 2013, 2014 and 2015, is as follows:
 
Year Ended December 31,
 
2013
 
2014
 
2015
Cash dividends accrued on RSUs
$
1,854

 
$
3,698

 
$
2,508

Cash dividends paid on RSUs
820

 
1,377

 
2,927
Schedule of performance units
The fair value of PUs that vested during the years ended December 31, 2013, 2014 and 2015, is as follows:
 
Year Ended December 31,
 
2013
 
2014
 
2015
Fair value of earned PUs that vested
$
2,962

 
$
1,216

 
$
2,107

Cash dividends accrued and paid on PUs for the years ended December 31, 2013, 2014 and 2015, are as follows:
 
Year Ended December 31,
 
2013
 
2014
 
2015
Cash dividends accrued on PUs
$
681

 
$
1,341

 
$
874

Cash dividends paid on PUs
—

 
312

 
1,015
Summary of Performance Unit (PU) activity
A summary of PU activity for the year ended December 31, 2015 is as follows:
 
Original
PU Awards
 
PU Adjustment(1)
 
Total
PU Awards
 
Weighted-
Average
Grant-Date
Fair Value
Non-vested at December 31, 2014
461,666

 
(82,609
)
 
379,057

 
$
30.80

Granted
159,334

 
—

 
159,334

 
39.24

Vested
(80,035
)
 
(4,350
)
 
(84,385
)
 
29.62

Forfeited
(20,201
)
 
—

 
(20,201
)
 
31.27

Non-vested at December 31, 2015
520,764

 
(86,959
)
 
433,805

 
$
34.11

_______________________________________________________________________________

(1)
Represents an increase or decrease in the number of original PUs awarded based on either (a) the final performance criteria achievement at the end of the defined performance period of such PUs or (b) a change in estimated awards based on the forecasted performance against the predefined targets.
Calculation of basic and diluted net income (loss) per share attributable to the entity
The following table presents the calculation of basic and diluted income (loss) per share:
 
Year Ended December 31,
 
2013
 
2014
 
2015
Income (loss) from continuing operations
$
99,161

 
$
328,955

 
$
125,203

Total income (loss) from discontinued operations (see Note 14)
$
831

 
$
(209
)
 
$
—

Net income (loss) attributable to Iron Mountain Incorporated
$
96,462

 
$
326,119

 
$
123,241

Weighted-average shares—basic
190,994,000

 
195,278,000

 
210,764,000

Effect of dilutive potential stock options
995,836

 
913,926

 
834,659

Effect of dilutive potential restricted stock, RSUs and PUs
422,045

 
557,269

 
519,426

Weighted-average shares—diluted
192,411,881

 
196,749,195

 
212,118,085

Earnings (losses) per share—basic:
 

 
 

 
 

Income (loss) from continuing operations
$
0.52

 
$
1.68

 
$
0.59

Total income (loss) from discontinued operations (see Note 14)
$
—

 
$
—

 
$
—

Net income (loss) attributable to Iron Mountain Incorporated—basic
$
0.51

 
$
1.67

 
$
0.58

Earnings (losses) per share—diluted:
 

 
 

 
 

Income (loss) from continuing operations
$
0.52

 
$
1.67

 
$
0.59

Total income (loss) from discontinued operations (see Note 14)
$
—

 
$
—

 
$
—

Net income (loss) attributable to Iron Mountain Incorporated—diluted
$
0.50

 
$
1.66

 
$
0.58

Antidilutive stock options, RSUs and PUs, excluded from the calculation
903,416

 
872,039

 
1,435,297
Roll forward of allowance for doubtful accounts and credit memo reserves
Rollforward of allowance for doubtful accounts and credit memo reserves is as follows:
Year Ended December 31,
 
Balance at
Beginning of
the Year
 
Credit Memos
Charged to
Revenue
 
Allowance for
Bad Debts
Charged to
Expense
 
Other(1)
 
Deductions(2)
 
Balance at
End of
the Year
2013
 
$
25,209

 
$
49,483

 
$
11,321

 
$
3,612

 
$
(54,980
)
 
$
34,645

2014
 
34,645

 
47,137

 
14,209

 
(572
)
 
(63,278
)
 
32,141

2015
 
32,141

 
42,497

 
15,326

 
(4,511
)
 
(54,006
)
 
31,447

_______________________________________________________________________________
(1)
Primarily consists of recoveries of previously written-off accounts receivable, allowances of businesses acquired and the impact associated with currency translation adjustments.
(2)
Primarily consists of the issuance of credit memos and the write-off of accounts receivable.
Assets and liabilities carried at fair value measured on a recurring basis
The assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2014 and 2015, respectively, are as follows:
 
 
 
Fair Value Measurements at
December 31, 2014 Using
Description
Total Carrying
Value at
December 31,
2014
 
Quoted prices
in active
markets
(Level 1)
 
Significant other
observable
inputs
(Level 2)
 
Significant
unobservable
inputs
(Level 3)
Money Market Funds(1)
$
36,828

 
$
—

 
$
36,828

 
$
—

Time Deposits(1)
16,204

 
—

 
16,204

 
—

Trading Securities
13,172

 
12,428

(2)
744

(1)
—

Available-for-Sale Securities
1,457

 
1,457

(2)
—

 
—

Derivative Liabilities(3)
2,411

 
—

 
2,411

 
—

 
 
 
Fair Value Measurements at
December 31, 2015 Using
Description
Total Carrying
Value at
December 31,
2015
 
Quoted prices
in active
markets
(Level 1)
 
Significant other
observable
inputs
(Level 2)
 
Significant
unobservable
inputs
(Level 3)
Time Deposits(1)
$
18,645

 
$
—

 
$
18,645

 
$
—

Trading Securities
10,371

 
9,514

(2
)
857

(1)
—

Available-for-Sale Securities
624

 
624

(2
)
—

 
—

_______________________________________________________________________________

(1)
Money market funds, time deposits and certain trading securities are measured based on quoted prices for similar assets and/or subsequent transactions.
(2)
Available-for-sale securities and certain trading securities are measured at fair value using quoted market prices.
(3)
Our derivative liabilities primarily relate to short-term (six months or less) foreign currency contracts that we have entered into to hedge certain of our intercompany exposures, as more fully disclosed at Note 3. We calculate the fair value of such forward contracts by adjusting the spot rate utilized at the balance sheet date for translation purposes by an estimate of the forward points observed in active markets.
Schedule of changes in accumulated other comprehensive items, net
The changes in accumulated other comprehensive items, net for the years ended December 31, 2013, 2014 and 2015 is as follows:
 
Foreign Currency
Translation
Adjustments
 
Market Value
Adjustments
for Securities
 
Total
Balance as of December 31, 2012
$
20,314

 
$
—

 
$
20,314

Other comprehensive (loss) income:
 
 
 
 
 
Foreign currency translation adjustments
(29,900
)
 
—

 
(29,900
)
Market value adjustments for securities
—

 
926

 
926

Total other comprehensive (loss) income
(29,900
)
 
926

 
(28,974
)
Balance as of December 31, 2013
$
(9,586
)
 
$
926

 
$
(8,660
)
Other comprehensive (loss) income:
 

 
 

 
 

Foreign currency translation adjustments
(66,424
)
 
—

 
(66,424
)
Market value adjustments for securities
—

 
53

 
53

Total other comprehensive (loss) income
(66,424
)
 
53

 
(66,371
)
Balance as of December 31, 2014
$
(76,010
)
 
$
979

 
$
(75,031
)
Other comprehensive (loss) income:
 

 
 

 
 

Foreign currency translation adjustments
(99,641
)
 
—

 
(99,641
)
Market value adjustments for securities
—

 
(245
)
 
(245
)
Total other comprehensive (loss) income
(99,641
)
 
(245
)
 
(99,886
)
Balance as of December 31, 2015
$
(175,651
)
 
$
734

 
$
(174,917
)
Other expense (income), net
Other expense (income), net consists of the following:
 
Year Ended December 31,
 
2013
 
2014
 
2015
Foreign currency transaction losses (gains), net
$
36,201

 
$
58,316

 
$
70,851

Debt extinguishment expense, net
43,724

 
16,495

 
27,305

Other, net
(4,723
)
 
(9,624
)
 
434

 
$
75,202

 
$
65,187

 
$
98,590