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Debt (Tables)
 9 Months Ended
Sep. 30, 2016
Debt Disclosure [Abstract]  
Schedule of carrying amount and fair value of long-term debt instruments
Long-term debt is as follows:
 
December 31, 2015
 
Debt
 
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)(4)
1,000,000

 
(16,124
)
 
983,876

 
1,052,500

61/8% CAD Senior Notes due 2021 (the "CAD Notes due 2021")(2)(5)
144,190

 
(1,924
)
 
142,266

 
147,074

61/8% GBP Senior Notes due 2022 (the "GBP Notes")(2)(4)(6)
592,140

 
(8,757
)
 
583,383

 
606,944

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

 
(8,420
)
 
591,580

 
618,000

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

 
(11,902
)
 
988,098

 
961,200

Real Estate Mortgages, Capital Leases and Other(7)
333,559

 
(1,070
)
 
332,489

 
333,559

Accounts Receivable Securitization Program(8)
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

 
 

 
September 30, 2016
 
Debt (inclusive of discount)
 
Unamortized Deferred Financing Costs
 
Carrying Amount
 
Fair
Value
Revolving Credit Facility(1)
$
1,240,761

 
$
(8,166
)
 
$
1,232,595

 
$
1,240,761

Term Loan(1)
234,375


—


234,375

 
234,375

Australian Dollar Term Loan (the "AUD Term Loan")(9)
188,967

 
(3,713
)
 
185,254

 
190,876

6% Notes due 2020(2)(3)(4)
1,000,000


(13,578
)

986,422

 
1,055,000

CAD Notes due 2021(2)(5)
152,179


(1,762
)

150,417

 
158,837

43/8% Senior Notes due 2021 (the "43/8% Notes")(2)(3)(4)
500,000


(8,051
)

491,949

 
515,000

GBP Notes(2)(4)(6)
518,808


(6,816
)

511,992

 
544,748

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


(7,597
)

592,403

 
642,000

53/8% CAD Senior Notes due 2023 (the "CAD Notes due 2023")(2)(4)(5)
190,223

 
(3,370
)
 
186,853

 
191,412

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


(10,872
)

989,128

 
1,032,500

53/8% Senior Notes due 2026 (the "53/8% Notes")(2)(4)(10)
250,000


(4,159
)

245,841

 
249,375

Real Estate Mortgages, Capital Leases and Other(7)
444,772


(1,113
)

443,659

 
444,772

Accounts Receivable Securitization Program(8)
208,800


(461
)

208,339

 
208,800

Total Long-term Debt
6,528,885

 
(69,658
)
 
6,459,227

 
 

Less Current Portion
(121,203
)
 
—

 
(121,203
)
 
 

Long-term Debt, Net of Current Portion
$
6,407,682

 
$
(69,658
)
 
$
6,338,024

 
 

______________________________________________________________________________


(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 most 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 Revolving Credit Facility (defined below). The fair value (Level 3 of fair value hierarchy described at Note 2.g.) 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 December 31, 2015 and September 30, 2016, respectively.

(2)
The fair values (Level 1 of fair value hierarchy described at Note 2.g.) of these debt instruments are based on quoted market prices for these notes on December 31, 2015 and September 30, 2016, 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"), the Special Purpose Subsidiaries (as defined below) and the remainder of our subsidiaries do not guarantee the Parent Notes. See Note 6.

(4)
The 6% Notes due 2020, the 43/8% Notes, the GBP Notes, the CAD Notes due 2023 and the 53/8% Notes (collectively, the "Unregistered 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 Unregistered 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 due 2021 and the CAD Notes due 2023 (collectively, 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.

(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.

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

(8)
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.g.) of this debt approximates its carrying value.

(9)
The fair value (Level 3 of fair value hierarchy described at Note 2.g.) of this debt instrument approximates the carrying value as borrowings under this debt instrument are based on a current variable market interest rate. The amount of debt for the AUD Term Loan reflects an unamortized original issue discount of $1,909 as of September 30, 2016.

(10) Iron Mountain US Holdings, Inc. ("IM US Holdings"), a 100% owned subsidiary of IMI and one of the Guarantors, is the direct obligor on the 53/8% Notes, which are fully and unconditionally guaranteed, on a senior basis, by IMI and the other Guarantors. These guarantees are joint and several obligations of IMI and such Guarantors. See Note 6.



Schedule of Leverage and Fixed Charge Ratios
Our leverage and fixed charge coverage ratios under the Credit Agreement as of December 31, 2015 and September 30, 2016, respectively, and our leverage ratio under our indentures as of December 31, 2015 and September 30, 2016, respectively, are as follows:
 
December 31, 2015
 
September 30, 2016
 
Maximum/Minimum Allowable
Net total lease adjusted leverage ratio
5.6

 
5.7

 
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)
5.5

 
5.4

 
Maximum allowable of 6.5
Fixed charge coverage ratio
2.4

 
2.5

 
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 Former Revolving Credit Facility, the Revolving Credit Facility and the Accounts Receivable Securitization Program (as defined below) for the three and nine months ended September 30, 2015 and 2016 are as follows:
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2015
 
2016
 
2015
 
2016
Commitment fees and letters of credit fees
$
883

 
$
428

 
$
2,741

 
$
1,457