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Debt (Tables)
 12 Months Ended
Dec. 31, 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
 
Debt (inclusive of discount and premium)
 
Unamortized Deferred Financing Costs
 
Carrying Amount
 
Fair
Value
Former Revolving Credit Facility(1)
$
883,428

 
$
(3,170
)
 
$
880,258

 
$
883,428

Former Term Loan(1)
249,375

 
—

 
249,375

 
249,375

63/4% Euro Senior Subordinated Notes due 2018 (the "63/4% Notes")(2)(3)(4)
308,616

 
(1,817
)
 
306,799

 
309,634

73/4% Senior Subordinated Notes due 2019 (the "73/4% Notes")(2)(3)
400,000

 
(3,982
)
 
396,018

 
429,000

83/8% Senior Subordinated Notes due 2021 (the "83/8% Notes")(2)(3)(4)
106,030

 
(1,055
)
 
104,975

 
110,500

61/8% CAD Senior Notes due 2021 (the "CAD Notes")(2)(5)
172,420

 
(2,707
)
 
169,713

 
175,437

61/8% GBP Senior Notes due 2022 (the "GBP Notes")(2)(6)(7)
622,960

 
(10,438
)
 
612,522

 
639,282

6% Senior Notes due 2023 (the "6% Notes due 2023")(2)(3)
600,000

 
(9,519
)
 
590,481

 
625,500

53/4% Senior Subordinated Notes due 2024 (the "53/4% Notes")(2)(3)
1,000,000

 
(13,275
)
 
986,725

 
1,005,000

Real Estate Mortgages, Capital Leases and Other(8)
320,702

 
(1,114
)
 
319,588

 
320,702

Total Long-term Debt
4,663,531

 
(47,077
)
 
4,616,454

 
 

Less Current Portion
(52,095
)
 
—

 
(52,095
)
 
 

Long-term Debt, Net of Current Portion
$
4,611,436

 
$
(47,077
)
 
$
4,564,359

 
 

 
December 31, 2015
 
Debt (inclusive of discount and premium)
 
Unamortized Deferred Financing Costs
 
Carrying Amount
 
Fair
Value
Revolving Credit Facility(1)
$
784,438


$
(9,410
)

$
775,028

 
$
784,438

Term Loan(1)
243,750


—


243,750

 
243,750

6% Senior Notes due 2020 (the "6% Notes due 2020")(2)(3)(6)
1,000,000


(16,124
)

983,876

 
1,052,500

CAD Notes(2)(5)
144,190


(1,924
)

142,266

 
147,074

GBP Notes(2)(6)(7)
592,140


(8,757
)

583,383

 
606,944

6% Notes due 2023(2)(3)
600,000


(8,420
)

591,580

 
618,000

53/4% Notes(2)(3)
1,000,000


(11,902
)

988,098

 
961,200

Real Estate Mortgages, Capital Leases and Other(8)
333,559


(1,070
)

332,489

 
333,559

Accounts Receivable Securitization Program(9)
205,900


(692
)

205,208

 
205,900

Total Long-term Debt
4,903,977

 
(58,299
)
 
4,845,678

 
 

Less Current Portion
(88,068
)

—


(88,068
)
 
 

Long-term Debt, Net of Current Portion
$
4,815,909

 
$
(58,299
)
 
$
4,757,610

 
 

_______________________________________________________________________________
(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 Former Revolving Credit Facility and the Revolving Credit Facility (each of which is defined below). The fair value (Level 3 of fair value hierarchy described at Note 2.s) 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 2015.
(2)
The fair values (Level 1 of fair value hierarchy described at Note 2.s.) of these debt instruments are based on quoted market prices for these notes on December 31, 2014 and 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 its direct and indirect 100% owned United States subsidiaries that represent the substantial majority of our United States operations (the "Guarantors"). These guarantees are joint and several obligations of the Guarantors. Canada Company, Iron Mountain Europe PLC ("IME") and the remainder of our subsidiaries do not guarantee the Parent Notes. See Note 5 to Notes to Consolidated Financial Statements.
(4)
As of December 31, 2014, the amount of debt for the 63/4% Notes and the 83/8% Notes reflect an unamortized original issue discount of $1,018 and $220, respectively.
(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 5 to Notes to Consolidated Financial Statements.
(6)
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.
(7)
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 5 to Notes to Consolidated Financial Statements.
(8)
Includes (a) real estate mortgages of $5,107 and $2,713 as of December 31, 2014 and 2015, respectively, which bear interest at approximately 4.9% and are payable in various installments through 2021, (b) capital lease obligations of $241,866 and $235,348 as of December 31, 2014 and 2015, respectively, which bear a weighted average interest rate of 5.8% at December 31, 2014 and 7.2% at December 31, 2015, and (c) other notes and other obligations, which were assumed by us as a result of certain acquisitions, of $73,729 and $95,498 as of December 31, 2014 and 2015, respectively, and bear a weighted average interest rate of 11.5% and 12.6% as of December 31, 2014 and 2015, respectively. We believe the fair value (Level 3 of fair value hierarchy described at Note 2.s.) of this debt approximates its carrying value.
(9)
The Special Purpose Subsidiaries are the obligors under this program. We believe the fair value (Level 3 of fair value hierarchy described at Note 2.s.) of this debt approximates its carrying value.


Schedule of leverage ratios
Our leverage and fixed charge coverage ratios under both the Former Credit Agreement and the Credit Agreement as of December 31, 2014 and 2015, respectively, and our leverage ratio under our indentures as of December 31, 2014 and 2015 are as follows:
 
December 31, 2014
 
December 31, 2015
 
Maximum/Minimum Allowable(1)
Net total lease adjusted leverage ratio
5.4

 
5.6

 
Maximum allowable of 6.5
Net secured debt lease adjusted leverage ratio
2.6

 
2.6

 
Maximum allowable of 4.0
Bond leverage ratio (not lease adjusted)
5.7

 
5.5

 
Maximum allowable of 6.5
Fixed charge coverage ratio
2.5

 
2.4

 
Minimum allowable of 1.5
______________________________________________________________________________
(1)
The maximum and minimum allowable ratios under the Credit Agreement are substantially similar to the Former Credit Agreement.
Schedule of commitment fees and letters of credit fees
Commitment fees and letters of credit fees, which are based on the unused balances under the Former Revolving Credit Facility, the Revolving Credit Facility and the Accounts Receivable Securitization Program (as defined below) for the years ended December 31, 2013, 2014 and 2015, are as follows:
 
Year Ended December 31,
 
2013
 
2014
 
2015
Commitment fees and letters of credit fees
$
3,167

 
$
3,322

 
$
3,743
Schedule of redemption dates and prices of the senior or senior subordinated notes
After these dates, the notes may be redeemed at 100% of face value:
Redemption Date
 
6% Notes due 2020
October 1,
 
CAD Notes
August 15,
 
GBP Notes
September 15,
 
6% Notes due 2023
August 15,
 
53/4% Notes
August 15,
 
2015
 
—

 
—

 
—

 
—

 
—

 
2016
 
—

 
—

 
—

 
—

 
—

 
2017
 
103.000
%
(1)
103.063
%
(1)
104.594
%
(1)
—

 
102.875
%
(1)
2018
 
101.500
%
 
101.531
%
 
103.063
%
 
103.000
%
(1)
101.917
%
 
2019
 
100.000
%
 
100.000
%
 
101.531
%
 
102.000
%
 
100.958
%
 
2020
 
100.000

 
100.000
%
 
100.000
%
 
101.000
%
 
100.000
%
 
2021
 
—

 
100.000
%
 
100.000
%
 
100.000
%
 
100.000
%
 
2022
 
—

 
—

 
100.000
%
 
100.000
%
 
100.000
%
 
2023
 
—

 
—

 
—

 
100.000
%
 
100.000
%
 
2024
 
—

 
—

 
—

 
—

 
100.000
%
 
_______________________________________________________________________________

(1)
Prior to this date, the relevant notes are redeemable, at our option, in whole or in part, at a specified make-whole price.
Schedule of maturities of long-term debt
Maturities of long-term debt are as follows:
Year
 
Amount
2016
 
$
88,068

2017
 
98,093

2018
 
260,847

2019
 
1,015,626

2020
 
1,017,774

Thereafter
 
2,423,569

 
 
4,903,977

Net Deferred Financing Costs
 
(58,299
)
Total Long-term Debt (including current portion)
 
$
4,845,678