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Selected Consolidated Financial Statements of Parent, Guarantors, Canada Company and Non-Guarantors (Tables)
 6 Months Ended
Jun. 30, 2018
Selected Consolidated Financial Statements of Parent, Guarantors, Canada Company and Non-Guarantors  
Schedule of selected consolidated Balance sheet statements of Parent, Guarantors, Canada Company and Non-Guarantors
CONSOLIDATED BALANCE SHEETS
 
December 31, 2017
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Assets
 

 
 

 
 

 
 

 
 

Current Assets:
 

 
 

 
 

 
 

 
 

Cash and cash equivalents(1)
$
2,433

 
$
634,317

 
$
383,675

 
$
(94,726
)
 
$
925,699

Accounts receivable
—

 
32,972

 
802,770

 
—

 
835,742

Intercompany receivable
332,293

 
149,731

 
—

 
(482,024
)
 
—

Prepaid expenses and other
1,579

 
103,643

 
83,681

 
(29
)
 
188,874

Total Current Assets
336,305

 
920,663

 
1,270,126

 
(576,779
)
 
1,950,315

Property, Plant and Equipment, Net
316

 
2,030,875

 
1,386,488

 
—

 
3,417,679

Other Assets, Net:
 

 
 

 
 

 
 

 
 

Long-term notes receivable from affiliates and intercompany receivable
4,578,995

 
—

 
—

 
(4,578,995
)
 
—

Investment in subsidiaries
1,858,045

 
885,999

 
—

 
(2,744,044
)
 
—

Goodwill
—

 
2,577,310

 
1,492,957

 
—

 
4,070,267

Other
—

 
796,913

 
737,228

 
—

 
1,534,141

Total Other Assets, Net
6,437,040

 
4,260,222

 
2,230,185

 
(7,323,039
)
 
5,604,408

Total Assets
$
6,773,661

 
$
7,211,760

 
$
4,886,799

 
$
(7,899,818
)
 
$
10,972,402

Liabilities and Equity
 

 
 

 
 

 
 

 
 

Intercompany Payable
$
—

 
$
—

 
$
482,024

 
$
(482,024
)
 
$
—

Debit Balances Under Cash Pools
—

 
56,233

 
38,493

 
(94,726
)
 
—

Current Portion of Long-Term Debt
—

 
54,247

 
92,082

 
(29
)
 
146,300

Total Other Current Liabilities
235,062

 
527,549

 
421,262

 
—

 
1,183,873

Long-Term Debt, Net of Current Portion
4,232,759

 
758,166

 
1,906,046

 
—

 
6,896,971

Long-Term Notes Payable to Affiliates and Intercompany Payable
—

 
4,578,995

 
—

 
(4,578,995
)
 
—

Other Long-term Liabilities
—

 
113,024

 
241,974

 
—

 
354,998

Commitments and Contingencies (See Note 8)
 

 
 

 
 

 
 

 
 

Redeemable Noncontrolling Interests
8,402

 
—

 
83,016

 
—

 
91,418

Total Iron Mountain Incorporated Stockholders' Equity           
2,297,438

 
1,123,546

 
1,620,498

 
(2,744,044
)
 
2,297,438

Noncontrolling Interests
—

 
—

 
1,404

 
—

 
1,404

Total Equity
2,297,438

 
1,123,546

 
1,621,902

 
(2,744,044
)
 
2,298,842

Total Liabilities and Equity
$
6,773,661

 
$
7,211,760

 
$
4,886,799

 
$
(7,899,818
)
 
$
10,972,402

______________________________________________________________
(1)
Included within Cash and Cash Equivalents at December 31, 2017 is approximately $38,400 and $62,000 of cash on deposit associated with our Cash Pools for the Guarantors and Non-Guarantors, respectively.

CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
 
June 30, 2018
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Assets
 

 
 

 
 

 
 

 
 

Current Assets:
 

 
 

 
 

 
 

 
 

Cash and cash equivalents(1)
$
62

 
$
50,056

 
$
227,993

 
$
(89,919
)
 
$
188,192

Accounts receivable
—

 
58,280

 
808,761

 
—

 
867,041

Intercompany receivable
—

 
437,598

 
—

 
(437,598
)
 
—

Prepaid expenses and other
318

 
108,078

 
80,734

 
(29
)
 
189,101

Total Current Assets
380

 
654,012

 
1,117,488

 
(527,546
)
 
1,244,334

Property, Plant and Equipment, Net
251

 
2,939,491

 
1,466,745

 
—

 
4,406,487

Other Assets, Net:
 

 
 

 
 

 
 

 
 

Long-term notes receivable from affiliates and intercompany receivable
4,764,133

 
—

 
—

 
(4,764,133
)
 
—

Investment in subsidiaries
1,892,689

 
935,316

 
—

 
(2,828,005
)
 
—

Goodwill
—

 
2,860,920

 
1,605,714

 
—

 
4,466,634

Other
2,203

 
944,678

 
748,198

 
—

 
1,695,079

Total Other Assets, Net
6,659,025

 
4,740,914

 
2,353,912

 
(7,592,138
)
 
6,161,713

Total Assets
$
6,659,656

 
$
8,334,417

 
$
4,938,145

 
$
(8,119,684
)
 
$
11,812,534

Liabilities and Equity
 

 
 

 
 

 
 

 
 

Intercompany Payable
$
114,379

 
$
—

 
$
323,219

 
$
(437,598
)
 
$
—

Debit Balances Under Cash Pools
—

 
48,576

 
41,343

 
(89,919
)
 
—

Current Portion of Long-Term Debt
—

 
60,363

 
63,484

 
(29
)
 
123,818

Total Other Current Liabilities
246,808

 
532,092

 
370,385

 
—

 
1,149,285

Long-Term Debt, Net of Current Portion
4,227,267

 
1,637,813

 
2,096,681

 
—

 
7,961,761

Long-Term Notes Payable to Affiliates and Intercompany Payable
—

 
4,764,133

 
—

 
(4,764,133
)
 
—

Other Long-term Liabilities
—

 
118,575

 
306,308

 
—

 
424,883

Commitments and Contingencies (See Note 8)
 

 
 

 
 

 
 

 
 

Redeemable Noncontrolling Interests
15,262

 
—

 
80,078

 
—

 
95,340

Total Iron Mountain Incorporated Stockholders' Equity           
2,055,940

 
1,172,865

 
1,655,140

 
(2,828,005
)
 
2,055,940

Noncontrolling Interests
—

 
—

 
1,507

 
—

 
1,507

Total Equity
2,055,940

 
1,172,865

 
1,656,647

 
(2,828,005
)
 
2,057,447

Total Liabilities and Equity
$
6,659,656

 
$
8,334,417

 
$
4,938,145

 
$
(8,119,684
)
 
$
11,812,534


______________________________________________________________
(1)
Included within Cash and Cash Equivalents at June 30, 2018 is approximately $42,000 and $50,600 of cash on deposit associated with our Cash Pools for the Guarantors and Non-Guarantors, respectively.
Schedule of selected consolidated Income statements of Parent, Guarantors, Canada Company and Non-Guarantors
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
 
Three Months Ended June 30, 2017
 
Parent
 
Guarantors
 
Canada
Company
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Revenues:
 

 
 

 
 

 
 

 
 

 
 

Storage rental and service (excluding intercompany)
$
—

 
$
574,211

 
$
47,587

 
$
328,008

 
$
—

 
$
949,806

Intercompany
—

 
1,141

 
—

 
21,649

 
(22,790
)
 
—

Total Revenues
—

 
575,352

 
47,587

 
349,657

 
(22,790
)
 
949,806

Operating Expenses
 

 
 

 
 

 
 

 
 

 


Cost of sales (excluding depreciation and amortization) and Selling, general and administrative
273

 
389,679

 
10,585

 
251,192

 
—

 
651,729

Intercompany
—

 
6,590

 
15,059

 
1,141

 
(22,790
)
 
—

Depreciation and amortization
43

 
75,129

 
4,309

 
48,618

 
—

 
128,099

(Gain) Loss on disposal/write-down of property, plant and equipment (excluding real estate), net
—

 
(246
)
 
4

 
26

 
—

 
(216
)
Total Operating Expenses
316

—

471,152

—

29,957

—

300,977

 
(22,790
)
 
779,612

Operating (Loss) Income
(316
)
 
104,200

 
17,630

 
48,680

 
—

 
170,194

Interest Expense (Income), Net
40,377

 
15,637

 
(6,035
)
 
39,987

 
—

 
89,966

Other Expense (Income), Net
339

 
543

 
(127
)
 
(20,121
)
 
—

 
(19,366
)
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes and Gain on Sale of Real Estate
(41,032
)
 
88,020

 
23,792

 
28,814

 
—

 
99,594

Provision (Benefit) for Income Taxes
—

 
436

 
10,010

 
7,563

 
—

 
18,009

Gain on Sale of Real Estate, Net of Tax
—

 
—

 
—

 
(1,563
)
 
—

 
(1,563
)
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax
(119,662
)
 
(29,962
)
 
(363
)
 
(13,782
)
 
163,769

 
—

Income (Loss) from Continuing Operations
78,630

 
117,546

 
14,145

 
36,596

 
(163,769
)
 
83,148

(Loss) Income from Discontinued Operations
—

 
(1,155
)
 
—

 
(871
)
 
—

 
(2,026
)
Net Income (Loss)
78,630

 
116,391

 
14,145

 
35,725

 
(163,769
)
 
81,122

Less: Net Income (Loss) Attributable to Noncontrolling Interests
—

 
—

 
—

 
2,492

 
—

 
2,492

Net Income (Loss) Attributable to Iron Mountain Incorporated
$
78,630

 
$
116,391

 
$
14,145

 
$
33,233

 
$
(163,769
)
 
$
78,630

Net Income (Loss)
$
78,630

 
$
116,391

 
$
14,145

 
$
35,725

 
$
(163,769
)
 
$
81,122

Other Comprehensive Income (Loss):
 
 
 
 
 
 
 
 
 
 
 
Foreign Currency Translation Adjustments
(7,076
)
 
—

 
2,704

 
11,910

 
—

 
7,538

Equity in Other Comprehensive Income (Loss) of Subsidiaries
14,725

 
11,213

 
970

 
2,704

 
(29,612
)
 
—

Total Other Comprehensive Income (Loss)
7,649

 
11,213

 
3,674

 
14,614

 
(29,612
)
 
7,538

Comprehensive Income (Loss)
86,279

 
127,604

 
17,819

 
50,339

 
(193,381
)
 
88,660

Comprehensive Income (Loss) Attributable to Noncontrolling Interests
—

 
—

 
—

 
2,381

 
—

 
2,381

Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated
$
86,279

 
$
127,604

 
$
17,819

 
$
47,958

 
$
(193,381
)
 
$
86,279

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Continued)
 
Three Months Ended June 30, 2018
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Revenues:
 

 
 

 
 

 
 

 
 

Storage rental and service (excluding intercompany)
$
—

 
$
641,852

 
$
418,971

 
$
—

 
$
1,060,823

Intercompany
—

 
1,216

 
4,305

 
(5,521
)
 
—

Total Revenues
—

 
643,068

 
423,276

 
(5,521
)
 
1,060,823

Operating Expenses:
 

 
 

 
 

 
 

 
 

Cost of sales (excluding depreciation and amortization) and Selling, general and administrative
36

 
419,099

 
282,655

 
—

 
701,790

Intercompany
—

 
4,305

 
1,216

 
(5,521
)
 
—

Depreciation and amortization
32

 
96,170

 
60,018

 
—

 
156,220

(Gain) Loss on disposal/write-down of property, plant and equipment (excluding real estate), net
—

 
(462
)
 
(84
)
 
—

 
(546
)
Total Operating Expenses
68

 
519,112

 
343,805

 
(5,521
)
 
857,464

Operating (Loss) Income
(68
)
 
123,956

 
79,471

 
—

 
203,359

Interest Expense (Income), Net
50,313

 
3,005

 
48,789

 
—

 
102,107

Other Expense (Income), Net
2,767

 
6,575

 
(28,398
)
 
—

 
(19,056
)
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes
(53,148
)

114,376


59,080


—


120,308

Provision (Benefit) for Income Taxes
—

 
12,509

 
13,896

 
—

 
26,405

Equity in the (Earnings) Losses of Subsidiaries, Net of Tax
(146,549
)
 
(39,711
)
 
—

 
186,260

 
—

Income (Loss) from Continuing Operations
93,401

 
141,578

 
45,184

 
(186,260
)
 
93,903

(Loss) Income from Discontinued Operations, Net of Tax
—

 
(273
)
 
(87
)
 
—

 
(360
)
Net Income (Loss)
93,401

 
141,305

 
45,097

 
(186,260
)
 
93,543

Less: Net (Loss) Income Attributable to Noncontrolling Interests
—

 
—

 
142

 
—

 
142

Net Income (Loss) Attributable to Iron Mountain Incorporated
$
93,401

 
$
141,305

 
$
44,955

 
$
(186,260
)
 
$
93,401

Net Income (Loss)
$
93,401

 
$
141,305

 
$
45,097

 
$
(186,260
)
 
$
93,543

Other Comprehensive Income (Loss):
 

 
 

 
 

 
 

 
 

Foreign Currency Translation Adjustments
10,257

 
—

 
(149,429
)
 
—

 
(139,172
)
Change in fair value of interest rate swap agreements
2,388

 
—

 
—

 
—

 
2,388

Equity in Other Comprehensive Income (Loss) of Subsidiaries
(146,018
)
 
(129,860
)
 
—

 
275,878

 
—

Total Other Comprehensive Income (Loss)
(133,373
)
 
(129,860
)
 
(149,429
)
 
275,878

 
(136,784
)
Comprehensive Income (Loss)
(39,972
)
 
11,445

 
(104,332
)
 
89,618

 
(43,241
)
Comprehensive (Loss) Income Attributable to Noncontrolling Interests
—

 
—

 
(3,274
)
 
—

 
(3,274
)
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated
$
(39,972
)
 
$
11,445

 
$
(101,058
)
 
$
89,618

 
$
(39,967
)
Schedule of selected consolidated cash flow statements of Parent, Guarantors, Canada Company and Non-Guarantors
CONSOLIDATED STATEMENTS OF CASH FLOWS
 
Six Months Ended June 30, 2017
 
Parent
 
Guarantors
 
Canada
Company
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Cash Flows from Operating Activities:
 

 
 

 
 

 
 

 
 

 
 

Cash Flows from Operating Activities—Continuing Operations
$
(81,406
)
 
$
305,548

 
$
27,976

 
$
69,922

 
$
—

 
$
322,040

Cash Flows from Operating Activities—Discontinued Operations
—

 
(957
)
 
—

 
(1,406
)
 
—

 
(2,363
)
Cash Flows from Operating Activities
(81,406
)
 
304,591

 
27,976

 
68,516

 
—

 
319,677

Cash Flows from Investing Activities:
 

 
 

 
 

 
 

 
 

 
 

Capital expenditures
—

 
(124,559
)
 
(4,171
)
 
(36,477
)
 
—

 
(165,207
)
Cash paid for acquisitions, net of cash acquired
—

 
(6,380
)
 
—

 
(31,843
)
 
—

 
(38,223
)
Intercompany loans to subsidiaries
(51,119
)
 
(41,642
)
 
—

 
(474
)
 
93,235

 
—

Investment in subsidiaries
(16,170
)
 
—

 
—

 
—

 
16,170

 
—

Acquisitions of customer relationships and customer inducements
—

 
(26,924
)
 
(410
)
 
(1,176
)
 
—

 
(28,510
)
Net proceeds from Divestments (see Note 10)
—

 
—

 
—

 
2,423

 
—

 
2,423

Proceeds from sales of property and equipment and other, net (including real estate)
—

 
12,933

 
2

 
(4,388
)
 
—

 
8,547

Cash Flows from Investing Activities—Continuing Operations
(67,289
)
 
(186,572
)
 
(4,579
)
 
(71,935
)
 
109,405

 
(220,970
)
Cash Flows from Investing Activities—Discontinued Operations
—

 
—

 
—

 
—

 
—

 
—

Cash Flows from Investing Activities
(67,289
)
 
(186,572
)
 
(4,579
)
 
(71,935
)
 
109,405

 
(220,970
)
Cash Flows from Financing Activities:
 

 
 

 
 

 
 

 
 

 
 

Repayment of revolving credit, term loan facilities and other debt
(262,579
)
 
(3,197,148
)
 
(51
)
 
(2,291,638
)
 
—

 
(5,751,416
)
Proceeds from revolving credit, term loan facilities and other debt
224,660

 
2,913,810

 
—

 
2,355,655

 
—

 
5,494,125

Net proceeds from sales of senior notes
332,683

 
—

 
—

 
—

 
—

 
332,683

Debit balances (payments) under cash pools
—

 
136,379

 
—

 
25,171

 
(161,550
)
 
—

Debt financing from (repayment to) and equity contribution from (distribution to) noncontrolling interests, net
—

 
—

 
—

 
10,151

 
—

 
10,151

Intercompany loans from parent
—

 
44,957

 
(43,089
)
 
91,367

 
(93,235
)
 
—

Equity contribution from parent
—

 
—

 
—

 
16,170

 
(16,170
)
 
—

Parent cash dividends
(147,393
)
 
—

 
—

 
—

 
—

 
(147,393
)
Net proceeds (payments) associated with employee stock-based awards
810

 
—

 
—

 
—

 
—

 
810

Payment of debt financing and stock issuance costs              
(471
)
 
—

 
(73
)
 
—

 
—

 
(544
)
Cash Flows from Financing Activities—Continuing Operations
147,710

 
(102,002
)
 
(43,213
)
 
206,876

 
(270,955
)
 
(61,584
)
Cash Flows from Financing Activities—Discontinued Operations
—

 
—

 
—

 
—

 
—

 
—

Cash Flows from Financing Activities
147,710

 
(102,002
)
 
(43,213
)
 
206,876

 
(270,955
)
 
(61,584
)
Effect of exchange rates on cash and cash equivalents
—

 
—

 
2,706

 
14,706

 
—

 
17,412

(Decrease) Increase in cash and cash equivalents
(985
)
 
16,017

 
(17,110
)
 
218,163

 
(161,550
)
 
54,535

Cash and cash equivalents, beginning of period
2,405

 
23,380

 
17,110

 
193,589

 
—

 
236,484

Cash and cash equivalents, end of period
$
1,420

 
$
39,397

 
$
—

 
$
411,752

 
$
(161,550
)
 
$
291,019

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
 
Six Months Ended June 30, 2018
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Cash Flows from Operating Activities:
 

 
 

 
 

 
 

 
 

Cash Flows from Operating Activities—Continuing Operations
$
(117,979
)
 
$
409,167

 
$
102,618

 
$
—

 
$
393,806

Cash Flows from Operating Activities—Discontinued Operations
—

 
(477
)
 
—

 
—

 
(477
)
Cash Flows from Operating Activities
(117,979
)
 
408,690

 
102,618

 
—

 
393,329

Cash Flows from Investing Activities:
 

 
 

 
 

 
 

 
 

Capital expenditures
—

 
(142,737
)
 
(74,864
)
 
—

 
(217,601
)
Cash paid for acquisitions, net of cash acquired
—

 
(1,314,370
)
 
(352,499
)
 
—

 
(1,666,869
)
Intercompany loans to subsidiaries
370,423

 
19,092

 
—

 
(389,515
)
 
—

Investment in subsidiaries
—

 
—

 
—

 
—

 
—

Acquisitions of customer relationships, customer inducements and data center lease-based intangibles
—

 
(24,922
)
 
(12,311
)
 
—

 
(37,233
)
Proceeds from sales of property and equipment and other, net (including real estate)
—

 
—

 
207

 
—

 
207

Cash Flows from Investing Activities—Continuing Operations
370,423

 
(1,462,937
)
 
(439,467
)
 
(389,515
)
 
(1,921,496
)
Cash Flows from Investing Activities—Discontinued Operations
—

 
—

 
—

 
—

 
—

Cash Flows from Investing Activities
370,423

 
(1,462,937
)
 
(439,467
)
 
(389,515
)
 
(1,921,496
)
Cash Flows from Financing Activities:
 

 
 

 
 

 
 

 
 

Repayment of revolving credit, term loan facilities and other debt
—

 
(3,657,315
)
 
(4,219,481
)
 
—

 
(7,876,796
)
Proceeds from revolving credit, term loan facilities and other debt
—

 
4,531,603

 
4,412,813

 
—

 
8,944,416

Debit (payments) balances under cash pools
—

 
(7,657
)
 
2,850

 
4,807

 
—

Debt financing from (repayment to) and equity contribution from (distribution to) noncontrolling interests, net
—

 
—

 
(1,079
)
 
—

 
(1,079
)
Intercompany loans from parent
—

 
(384,323
)
 
(5,192
)
 
389,515

 
—

Parent cash dividends
(337,052
)
 
—

 
—

 
—

 
(337,052
)
Net (payments) proceeds associated with employee stock-based awards
(2,259
)
 
—

 
—

 
—

 
(2,259
)
Net proceeds associated with the Over-Allotment Option exercise
76,192

 
—

 
—

 
—

 
76,192

Net proceeds associated with the At the Market (ATM) Program
8,716

 
—

 
—

 
—

 
8,716

Payment of debt financing and stock issuance costs              
(412
)
 
(12,322
)
 
(651
)
 
—

 
(13,385
)
Cash Flows from Financing Activities—Continuing Operations
(254,815
)
 
469,986

 
189,260

 
394,322

 
798,753

Cash Flows from Financing Activities—Discontinued Operations
—

 
—

 
—

 
—

 
—

Cash Flows from Financing Activities
(254,815
)
 
469,986

 
189,260

 
394,322

 
798,753

Effect of exchange rates on cash and cash equivalents
—

 
—

 
(8,093
)
 
—

 
(8,093
)
Increase (Decrease) in cash and cash equivalents
(2,371
)
 
(584,261
)
 
(155,682
)
 
4,807

 
(737,507
)
Cash and cash equivalents, beginning of period
2,433

 
634,317

 
383,675

 
(94,726
)
 
925,699

Cash and cash equivalents, end of period
$
62

 
$
50,056

 
$
227,993

 
$
(89,919
)
 
$
188,192