As of December 31, 2016, our five reportable operating segments are described as follows:

•

North American Records and Information Management Business—provides records and information management services, including the storage of physical records, including media such as microfilm and microfiche, master audio and videotapes, film, X-rays and blueprints, including healthcare information services, vital records services, service and courier operations, and the collection, handling and disposal of sensitive documents for corporate customers (“Records Management”); information destruction services (“Destruction”); and Information Governance and Digital Solutions throughout the United States and Canada; as well as fulfillment services and technology escrow services in the United States.

•

North American Data Management Business—provides storage and rotation of backup computer media as part of corporate disaster recovery plans, including service and courier operations (“Data Protection & Recovery”); server and computer backup services; digital content repository systems to house, distribute, and archive key media assets; and storage, safeguarding and electronic or physical delivery of physical media of all types, primarily for entertainment and media industry clients, throughout the United States and Canada.

•

Western European Business—provides records and information management services, including Records Management, Data Protection & Recovery and Information Governance and Digital Solutions throughout Austria, Belgium, France, Germany, Ireland, the Netherlands, Spain, Switzerland and the United Kingdom (consisting of our operations in England, Northern Ireland and Scotland), as well as Information Governance and Digital Solutions in Sweden (the remainder of our business in Sweden is included in the Other International Business segment described below).

•

Other International Business—provides records and information management services throughout the remaining European countries in which we operate, Latin America, Asia Pacific and Africa, including Records Management, Data Protection & Recovery and Information Governance and Digital Solutions. Our European operations included in this segment provide records and information management services, including Records Management, Data Protection & Recovery and Information Governance and Digital Solutions throughout the Czech Republic, Denmark, Finland, Greece, Hungary, Norway, Poland, Romania, Russia, Serbia, Slovakia, Turkey and Ukraine; Records Management and Information Governance and Digital Solutions in Estonia, Latvia and Lithuania; and Records Management in Sweden. Our Latin America operations provide records and information management services, including Records Management, Data Protection & Recovery, Destruction and Information Governance and Digital Solutions throughout Argentina, Brazil, Chile, Colombia, Mexico and Peru. Our Asia Pacific operations provide records and information management services, including Records Management, Data Protection & Recovery, Destruction and Information Governance and Digital Solutions throughout Australia and New Zealand, with Records Management and Data Protection & Recovery also provided in certain markets in China (including Taiwan), Hong Kong-SAR, India, Malaysia, Singapore and Thailand. Our African operations provide Records Management, Data Protection & Recovery, and Information Governance and Digital Solutions in South Africa.

•

Corporate and Other Business—primarily consists of our data center and fine art storage businesses in the United States, the primary product offerings of our Adjacent Businesses operating segment, as well as costs related to executive and staff functions, including finance, human resources and information technology, which benefit the enterprise as a whole. These costs are primarily related to the general management of these functions on a corporate level and the design and development of programs, policies and procedures that are then implemented in the individual segments, with each segment bearing its own cost of implementation. Our Corporate and Other Business segment also includes stock-based employee compensation expense associated with all Employee Stock-Based Awards.

An analysis of our business segment information and reconciliation to the accompanying Consolidated Financial Statements 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
As of and for the Year Ended December 31, 2014
Total Revenues	$	1,795,361		$	390,207		$	449,231		$	469,314	$	13,580		$	3,117,693
Depreciation and Amortization	177,097			21,770			54,582			65,103		34,591			353,143
Depreciation	158,122			21,458			45,895			44,509		34,573			304,557
Amortization	18,975			312			8,687			20,594		18			48,586
Adjusted EBITDA	698,719			226,396			130,423			84,468		(214,209		)	925,797
Total Assets(1)	3,657,366			653,275			952,924			1,025,167		234,533			6,523,265
Expenditures for Segment Assets	198,651			24,387			47,236			186,531		67,659			524,464
Capital Expenditures	145,199			18,076			38,587			93,881		66,181			361,924
Cash Paid for Acquisitions, Net of Cash Acquired	26,450			5,863			4,864			90,916		—			128,093
Acquisitions of Customer Relationships and Customer Inducements	27,002			448			3,785			1,734		1,478			34,447
As of and for the Year Ended December 31, 2015
Total Revenues	1,775,365			390,486			397,513			421,360		23,252			3,007,976
Depreciation and Amortization	183,507			21,591			44,691			57,025		38,650			345,464
Depreciation	163,647			20,838			38,710			39,439		38,585			301,219
Amortization	19,860			753			5,981			17,586		65			44,245
Adjusted EBITDA	714,639			203,803			120,649			87,341		(206,427		)	920,005
Total Assets(1)	3,627,843			641,845			871,571			893,530		315,798			6,350,587
Expenditures for Segment Assets	192,935			23,826			27,278			94,483		120,396			458,918
Capital Expenditures	141,964			16,784			17,378			64,227		49,896			290,249
Cash Paid for Acquisitions, Net of Cash Acquired	12,795			(21		)	2,596			27,688		70,500			113,558
Acquisitions of Customer Relationships and Customer Inducements	38,176			7,063			7,304			2,568		—			55,111
As of and for the Year Ended December 31, 2016
Total Revenues	1,930,699			414,174			454,211			652,516		59,853			3,511,453
Depreciation and Amortization	215,330			29,037			55,582			100,490		51,887			452,326
Depreciation	186,467			22,784			42,613			67,310		46,352			365,526
Amortization	28,863			6,253			12,969			33,180		5,535			86,800
Adjusted EBITDA	775,717			228,486			137,506			169,042		(223,463		)	1,087,288
Total Assets(1)	4,996,216			870,490			1,031,313			2,103,725		485,056			9,486,800
Expenditures for Segment Assets	145,636			27,748			31,530			365,566		100,854			671,334
Capital Expenditures	111,062			24,425			31,014			62,315		99,787			328,603
Cash Paid for Acquisitions, Net of Cash Acquired(2)	(2,591		)	(59		)	(6,878		)	300,451		1,042			291,965
Acquisitions of Customer Relationships and Customer Inducements	37,165			3,382			7,394			2,800		25			50,766

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(1)	Excludes all intercompany receivables or payables and investment in subsidiary balances.

(2)

Cash paid for acquisitions, net of cash acquired for the Other International Business segment for the year ended December 31, 2016 primarily consists of the cash component of the purchase price for the Recall Transaction, as the IMI entity that made the cash payment was an Australian subsidiary. However, the Recall Transaction also benefited the North American Records and Information Management Business, North American Data Management Business and Western European Business segments.

The accounting policies of the reportable segments are the same as those described in Note 2. Adjusted EBITDA for each segment is defined as income (loss) from continuing operations before interest expense, net, provision (benefit) for income taxes, depreciation and amortization, and also excludes certain items that we believe are not indicative of our core operating results, specifically: (i) loss (gain) on disposal/write-down of property, plant and equipment (excluding real estate), net; (ii) intangible impairments; (iii) other expense (income), net; (iv) gain on sale of real estate, net of tax; (v) Recall Costs (as defined below); and (vi) costs associated with our conversion to a REIT, excluding REIT compliance costs beginning January 1, 2014 which we expect to recur in future periods ("REIT Costs"). Internally, we use Adjusted EBITDA as the basis for evaluating the performance of, and allocated resources to, our operating segments.

A reconciliation of Adjusted EBITDA to income (loss) from continuing operations on a consolidated basis is as follows:



	Year Ended December 31,
	2014			2015			2016
Adjusted EBITDA	$	925,797		$	920,005		$	1,087,288
(Add)/Deduct:
Gain on Sale of Real Estate, Net of Tax	(8,307		)	(850		)	(2,180		)
(Benefit) Provision for Income Taxes	(97,275		)	37,713			44,944
Other Expense, Net	65,187			98,590			44,300
Interest Expense, Net	260,717			263,871			310,662
Loss (Gain) on Disposal/Write-down of Property, Plant and Equipment (Excluding Real Estate), Net	1,065			3,000			1,412
Depreciation and Amortization	353,143			345,464			452,326
Recall Costs(1)	—			47,014			131,944
REIT Costs	22,312			—			—
Income (Loss) from Continuing Operations	$	328,955		$	125,203		$	103,880

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(1)

Includes operating expenditures associated with our acquisition of Recall, including operating expenditures to complete the Recall Transaction, including advisory and professional fees and costs to complete the Divestments required in connection with receipt of regulatory approval and to provide transitional services required to support the divested businesses during a transition period ("Recall Deal Close & Divestment Costs"), as well as operating expenditures to integrate Recall with our existing operations, including moving, severance, facility upgrade, REIT conversion and system upgrade costs ("Recall Integration Costs" and, collectively with Recall Deal Close & Divestment Costs, "Recall Costs").

Information as to our operations in different geographical areas is as follows:



	Year Ended December 31,
	2014		2015		2016
Revenues:
United States	$	1,967,169	$	1,973,872	$	2,173,782
United Kingdom	280,020		250,123		237,032
Canada	231,979		215,232		230,944
Australia	80,521		64,969		148,175
Other International	558,004		503,780		721,520
Total Revenues	$	3,117,693	$	3,007,976	$	3,511,453
Long-lived Assets:
United States	$	3,586,577	$	3,710,301	$	5,238,807
United Kingdom	464,311		434,461		400,937
Canada	406,571		345,783		463,396
Australia	116,589		102,247		542,055
Other International	1,031,498		899,883		1,729,498
Total Long-lived Assets	$	5,605,546	$	5,492,675	$	8,374,693

Information as to our revenues by product and service lines is as follows:



	Year Ended December 31,
	2014		2015		2016
Revenues:
Records Management(1)(2)	$	2,329,546	$	2,255,206	$	2,631,895
Data Management(1)(3)	531,516		509,261		549,335
Information Destruction(1)(4)	256,631		243,509		330,223
Total Revenues	$	3,117,693	$	3,007,976	$	3,511,453

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(1)	Each of the offerings within our product and service lines has a component of revenue that is storage rental related and a component that is service revenues, except the Destruction service offering, which does not have a storage rental component.


(2)	Includes Business Records Management, Compliant Records Management and Consulting Services, Information Governance and Digital Solutions, Fulfillment Services, Health Information Management Solutions, Energy Data Services and Technology Escrow Services.


(3)	Includes Data Protection & Recovery and Entertainment Services.


(4)	Includes Secure Shredding and Compliant Information Destruction.