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Selected Consolidated Financial Statements of Parent, Guarantors and Non-Guarantors
 9 Months Ended
Sep. 30, 2019
Selected Consolidated Financial Statements of Parent, Guarantors, Canada Company and Non-Guarantors  
Selected Consolidated Financial Statements of Parent, Guarantors and Non-Guarantors Selected Consolidated Financial Statements of Parent, Guarantors and Non-Guarantors
The following data summarizes the consolidating results of IMI on the equity method of accounting as of September 30, 2019 and December 31, 2018 and for the three and nine months ended September 30, 2019 and 2018 and are prepared on the same basis as the consolidated financial statements.
The Parent Notes, the CAD Notes, the GBP Notes, and the 53/8% Notes are guaranteed by the subsidiaries referred to below as the Guarantors. These subsidiaries are 100% owned by IMI. The guarantees are full and unconditional, as well as joint and several.
Additionally, IMI guarantees the CAD Notes, which were issued by Iron Mountain Canada Operations ULC ("Canada Company"), the GBP Notes, which were issued by Iron Mountain (UK) PLC ("IM UK"), and the 53/8% Notes, which were issued by Iron Mountain US Holdings, Inc., which is one of the Guarantors. Canada Company and IM UK do not guarantee the Parent Notes. The subsidiaries that do not guarantee the Parent Notes, the CAD Notes, the GBP Notes, and the 53/8% Notes are referred to below as the Non-Guarantors.
In the normal course of business, we periodically change the ownership structure of our subsidiaries to meet the requirements of our business. In the event of such changes, we recast the prior period financial information within this footnote to conform to the current period presentation in the period such changes occur. Generally, these changes do not alter the designation of the underlying subsidiaries as Guarantors or Non-Guarantors. However, they may change whether the underlying subsidiary is owned by the Parent, a Guarantor or a Non-Guarantor. If such a change occurs, the amount of investment in subsidiaries in the below Condensed Consolidated Balance Sheets and equity in the earnings (losses) of subsidiaries, net of tax in the below Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) with respect to the relevant Parent, Guarantors, Non-Guarantors and Eliminations columns also would change.

CONDENSED CONSOLIDATED BALANCE SHEETS
 
September 30, 2019
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Assets
 

 
 

 
 

 
 

 
 

Current Assets:
 

 
 

 
 

 
 

 
 

Cash and cash equivalents(1)
$
10

 
$
157,771

 
$
162,024

 
$
(133,027
)
 
$
186,778

Accounts receivable
—

 
58,400

 
763,526

 
—

 
821,926

Intercompany receivable
—

 
456,222

 
—

 
(456,222
)
 
—

Prepaid expenses and other
—

 
96,737

 
98,481

 
(29
)
 
195,189

Total Current Assets
10

 
769,130

 
1,024,031

 
(589,278
)
 
1,203,893

Property, Plant and Equipment, Net
122

 
3,049,090

 
1,507,507

 
—

 
4,556,719

Other Assets, Net:
 

 
 

 
 

 
 

 
 

Long-term notes receivable from affiliates and intercompany receivable
5,180,133

 
—

 
—

 
(5,180,133
)
 
—

Investment in subsidiaries
1,940,454

 
1,051,609

 
—

 
(2,992,063
)
 
—

Goodwill
—

 
2,853,466

 
1,568,529

 
—

 
4,421,995

Operating lease right-of-use assets
—

 
939,631

 
825,865

 
—

 
1,765,496

Other
1,972

 
945,025

 
682,067

 
—

 
1,629,064

Total Other Assets, Net
7,122,559

 
5,789,731

 
3,076,461

 
(8,172,196
)
 
7,816,555

Total Assets
$
7,122,691

 
$
9,607,951

 
$
5,607,999

 
$
(8,761,474
)
 
$
13,577,167

Liabilities and Equity
 

 
 

 
 

 
 

 
 

Intercompany Payable
$
167,220

 
$
—

 
$
289,002

 
$
(456,222
)
 
$
—

Debit Balances Under Cash Pools
—

 
—

 
133,027

 
(133,027
)
 
—

Current Portion of Long-Term Debt
—

 
54,028

 
340,823

 
(29
)
 
394,822

Total Other Current Liabilities (includes current portion of operating lease liabilities)
233,492

 
685,486

 
516,311

 
—

 
1,435,289

Long-Term Debt, Net of Current Portion
5,199,103

 
1,457,499

 
1,563,745

 
—

 
8,220,347

Long-Term Operating Lease Liabilities, Net of Current Portion
—

 
871,377

 
755,530

 
—

 
1,626,907

Long-Term Notes Payable to Affiliates and Intercompany Payable
—

 
5,180,133

 
—

 
(5,180,133
)
 
—

Other Long-term Liabilities
12,046

 
52,842

 
254,966

 
—

 
319,854

Commitments and Contingencies (See Note 8)


 


 


 


 


Redeemable Noncontrolling Interests
—

 
—

 
68,099

 
—

 
68,099

Total Iron Mountain Incorporated Stockholders' Equity           
1,510,830

 
1,306,586

 
1,685,477

 
(2,992,063
)
 
1,510,830

Noncontrolling Interests
—

 
—

 
1,019

 
—

 
1,019

Total Equity
1,510,830

 
1,306,586

 
1,686,496

 
(2,992,063
)
 
1,511,849

Total Liabilities and Equity
$
7,122,691

 
$
9,607,951

 
$
5,607,999

 
$
(8,761,474
)
 
$
13,577,167


______________________________________________________________
(1)
Included within Cash and Cash Equivalents at September 30, 2019 is approximately $141,300 and $0 of cash on deposit associated with our Cash Pools for the Guarantors and Non-Guarantors, respectively.


CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
 
December 31, 2018
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Assets
 

 
 

 
 

 
 

 
 

Current Assets:
 

 
 

 
 

 
 

 
 

Cash and cash equivalents(1)
$
132

 
$
63,407

 
$
169,318

 
$
(67,372
)
 
$
165,485

Accounts receivable
—

 
47,472

 
799,417

 
—

 
846,889

Intercompany receivable
—

 
821,324

 
—

 
(821,324
)
 
—

Prepaid expenses and other
93

 
109,480

 
86,196

 
(29
)
 
195,740

Total Current Assets
225

 
1,041,683

 
1,054,931

 
(888,725
)
 
1,208,114

Property, Plant and Equipment, Net
190

 
3,010,767

 
1,478,600

 
—

 
4,489,557

Other Assets, Net:
 

 
 

 
 

 
 

 
 

Long-term notes receivable from affiliates and intercompany receivable
4,954,686

 
—

 
—

 
(4,954,686
)
 
—

Investment in subsidiaries
1,862,048

 
983,018

 
—

 
(2,845,066
)
 
—

Goodwill
—

 
2,861,381

 
1,579,649

 
—

 
4,441,030

Other
—

 
982,932

 
735,585

 
—

 
1,718,517

Total Other Assets, Net
6,816,734

 
4,827,331

 
2,315,234

 
(7,799,752
)
 
6,159,547

Total Assets
$
6,817,149

 
$
8,879,781

 
$
4,848,765

 
$
(8,688,477
)
 
$
11,857,218

Liabilities and Equity
 

 
 

 
 

 
 

 
 

Intercompany Payable
$
462,927

 
$
—

 
$
358,397

 
$
(821,324
)
 
$
—

Debit Balances Under Cash Pools
—

 
10,612

 
56,760

 
(67,372
)
 
—

Current Portion of Long-Term Debt
—

 
63,859

 
62,576

 
(29
)
 
126,406

Total Other Current Liabilities
268,373

 
618,513

 
477,483

 
—

 
1,364,369

Long-Term Debt, Net of Current Portion
4,223,822

 
1,878,079

 
1,914,516

 
—

 
8,016,417

Long-Term Notes Payable to Affiliates and Intercompany Payable
—

 
4,954,686

 
—

 
(4,954,686
)
 
—

Other Long-term Liabilities
973

 
116,895

 
299,163

 
—

 
417,031

Commitments and Contingencies (See Note 8)


 


 


 


 


Redeemable Noncontrolling Interests
—

 
—

 
70,532

 
—

 
70,532

Total Iron Mountain Incorporated Stockholders' Equity           
1,861,054

 
1,237,137

 
1,607,929

 
(2,845,066
)
 
1,861,054

Noncontrolling Interests
—

 
—

 
1,409

 
—

 
1,409

Total Equity
1,861,054

 
1,237,137

 
1,609,338

 
(2,845,066
)
 
1,862,463

Total Liabilities and Equity
$
6,817,149

 
$
8,879,781

 
$
4,848,765

 
$
(8,688,477
)
 
$
11,857,218

______________________________________________________________
(1)
Included within Cash and Cash Equivalents at December 31, 2018 is approximately $58,900 and $12,700 of cash on deposit associated with our Cash Pools for the Guarantors and Non-Guarantors, respectively.




CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
 
Three Months Ended September 30, 2019
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Revenues:
 

 
 

 
 

 
 

 
 

Storage rental
$
—

 
$
416,967

 
$
256,351

 
$
—

 
$
673,318

Service
—

 
245,584

 
143,322


—

 
388,906

Intercompany revenues
—

 
1,173

 
5,631

 
(6,804
)
 
—

Total Revenues
—

 
663,724

 
405,304

 
(6,804
)
 
1,062,224

Operating Expenses:
 

 
 

 
 

 
 

 
 

Cost of sales (excluding depreciation and amortization)
—

 
262,183

 
189,134

 
—

 
451,317

Intercompany
—

 
5,631

 
1,173

 
(6,804
)
 
—

Selling, general and administrative
161

 
162,052

 
76,943


—


239,156

Depreciation and amortization
23

 
100,023

 
57,515

 
—

 
157,561

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

 
(8,922
)
 
(362
)
 
—

 
(9,284
)
Total Operating Expenses
184

 
520,967

 
324,403

 
(6,804
)
 
838,750

Operating (Loss) Income
(184
)
 
142,757

 
80,901

 
—

 
223,474

Interest Expense (Income), Net(1)
52,166

 
6,074

 
48,437

 
—

 
106,677

Other (Income) Expense, Net
(596
)
 
11,577

 
(24,396
)
 
—

 
(13,415
)
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes
(51,754
)

125,106

 
56,860

 
—

 
130,212

Provision (Benefit) for Income Taxes
—

 
12,814

 
9,114

 
—

 
21,928

Equity in the (Earnings) Losses of Subsidiaries, Net of Tax
(159,429
)
 
(46,345
)
 
—

 
205,774

 
—

Income (Loss) from Continuing Operations
107,675

 
158,637

 
47,746

 
(205,774
)
 
108,284

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

 
—

 
—

 
—

 
—

Net Income (Loss)
107,675

 
158,637

 
47,746

 
(205,774
)
 
108,284

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

 
—

 
609

 
—

 
609

Net Income (Loss) Attributable to Iron Mountain Incorporated
$
107,675

 
$
158,637

 
$
47,137

 
$
(205,774
)
 
$
107,675

Net Income (Loss)
$
107,675

 
$
158,637

 
$
47,746

 
$
(205,774
)
 
$
108,284

Other Comprehensive (Loss) Income:
 
 
 
 
 
 
 
 
 
Foreign Currency Translation Adjustments
13,101

 
—

 
(96,696
)
 
—

 
(83,595
)
Change in Fair Value of Derivative Instruments
(1,496
)
 
—

 
—

 
—

 
(1,496
)
Equity in Other Comprehensive (Loss) Income of Subsidiaries
(95,987
)
 
(81,135
)
 
—

 
177,122

 
—

Total Other Comprehensive (Loss) Income
(84,382
)
 
(81,135
)
 
(96,696
)
 
177,122

 
(85,091
)
Comprehensive Income (Loss)
23,293

 
77,502

 
(48,950
)
 
(28,652
)
 
23,193

Comprehensive (Loss) Income Attributable to Noncontrolling Interests
—

 
—

 
(100
)
 
—

 
(100
)
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated
$
23,293

 
$
77,502

 
$
(48,850
)
 
$
(28,652
)
 
$
23,293

__________________________________________________________
(1)
Included within Interest Expense (Income), Net are intercompany management fees and royalty fees, which are eliminated in our consolidated financial statements.

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

 
 

 
 

 
 

 
 

Storage rental
$
—

 
$
404,397

 
$
252,576

 
$
—

 
$
656,973

Service
—

 
250,471

 
153,547

 
—

 
404,018

Intercompany revenues
—

 
1,192

 
4,330

 
(5,522
)
 
—

Total Revenues
—

 
656,060

 
410,453

 
(5,522
)
 
1,060,991

Operating Expenses:
 

 
 

 
 

 
 

 


Cost of sales (excluding depreciation and amortization)
—

 
254,068

 
193,950

 
—

 
448,018

Intercompany cost of sales
—

 
4,330

 
1,192

 
(5,522
)
 
—

Selling, general and administrative
(427
)
 
177,777

 
82,579

 
—

 
259,929

Depreciation and amortization
31

 
100,210

 
57,556

 
—

 
157,797

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

 
(1,669
)
 
1,281

 
—

 
(388
)
Total Operating Expenses
(396
)
 
534,716

 
336,558

 
(5,522
)
 
865,356

Operating Income (Loss)
396

 
121,344

 
73,895

 
—

 
195,635

Interest Expense (Income), Net(1)
49,964

 
3,151

 
50,823

 
—

 
103,938

Other Expense (Income), Net
439

 
4,155

 
(4,269
)
 
—

 
325

(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes
(50,007
)
 
114,038

 
27,341

 
—

 
91,372

Provision (Benefit) for Income Taxes
—

 
9,012

 
5,011

 
—

 
14,023

Equity in the (Earnings) Losses of Subsidiaries, Net of Tax
(115,876
)
 
(25,414
)
 
—

 
141,290

 
—

Income (Loss) from Continuing Operations
65,869

 
130,440

 
22,330

 
(141,290
)
 
77,349

(Loss) Income from Discontinued Operations
—

 
(11,588
)
 
(17
)
 
—

 
(11,605
)
Net Income (Loss)
65,869

 
118,852

 
22,313

 
(141,290
)
 
65,744

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

 
—

 
(125
)
 
—

 
(125
)
Net Income (Loss) Attributable to Iron Mountain Incorporated
$
65,869

 
$
118,852

 
$
22,438

 
$
(141,290
)
 
$
65,869

Net Income (Loss)
$
65,869

 
$
118,852

 
$
22,313

 
$
(141,290
)
 
$
65,744

Other Comprehensive (Loss) Income:
 
 
 
 
 
 
 
 
 
Foreign Currency Translation Adjustment
2,139

 
—

 
(26,908
)
 
—

 
(24,769
)
Change in Fair Value of Derivative Instruments
1,980

 
—

 
—

 
—

 
1,980

Equity in Other Comprehensive (Loss) Income of Subsidiaries
(24,929
)
 
(14,443
)
 
—

 
39,372

 
—

Total Other Comprehensive (Loss) Income
(20,810
)
 
(14,443
)
 
(26,908
)
 
39,372

 
(22,789
)
Comprehensive Income (Loss)
45,059

 
104,409

 
(4,595
)
 
(101,918
)
 
42,955

Comprehensive (Loss) Income Attributable to Noncontrolling Interests
—

 
—

 
(2,104
)
 
—

 
(2,104
)
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated
$
45,059

 
$
104,409

 
$
(2,491
)
 
$
(101,918
)
 
$
45,059

_____________________________________________________________
(1)
Included within Interest Expense (Income), Net are intercompany management fees and royalty fees, which are eliminated in our consolidated financial statements.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Continued)
 
Nine Months Ended September 30, 2019
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Revenues:
 

 
 

 
 

 
 

 
 

Storage rental
$
—

 
$
1,235,353

 
$
770,227

 
$
—

 
$
2,005,580

Service
—

 
733,247

 
444,167

 
—

 
1,177,414

Intercompany revenues
—

 
3,485

 
15,094

 
(18,579
)
 
—

Total Revenues
—

 
1,972,085

 
1,229,488

 
(18,579
)
 
3,182,994

Operating Expenses:
 

 
 

 
 

 
 

 
 
Cost of sales (excluding depreciation and amortization)
—

 
788,864

 
589,099

 
—

 
1,377,963

Intercompany cost of sales
—

 
15,094

 
3,485

 
(18,579
)
 
—

Selling, general and administrative
310

 
523,844

 
238,325

 
—

 
762,479

Depreciation and amortization
68

 
308,284

 
176,023

 
—

 
484,375

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

 
18,436

 
(35,523
)
 
—

 
(17,087
)
Total Operating Expenses
378

 
1,654,522

 
971,409

 
(18,579
)
 
2,607,730

Operating (Loss) Income
(378
)
 
317,563

 
258,079


—


575,264

Interest Expense (Income), Net(1)
151,392

 
19,128

 
143,907

 
—

 
314,427

Other (Income) Expense, Net
(55
)
 
16,636

 
(29,978
)
 
—

 
(13,397
)
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes
(151,715
)
 
281,799

 
144,150


—


274,234

Provision (Benefit) for Income Taxes
—

 
15,268

 
27,859

 
—

 
43,127

Equity in the (Earnings) Losses of Subsidiaries, Net of Tax
(381,392
)
 
(111,897
)
 
—

 
493,289

 
—

Income (Loss) from Continuing Operations
229,677

 
378,428

 
116,291


(493,289
)

231,107

Income (Loss) from Discontinued Operations
—

 
120

 
(16
)
 
—

 
104

Net Income (Loss)
229,677

 
378,548

 
116,275

 
(493,289
)
 
231,211

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

 
—

 
1,534

 
—

 
1,534

Net Income (Loss) Attributable to Iron Mountain Incorporated
$
229,677

 
$
378,548

 
$
114,741

 
$
(493,289
)
 
$
229,677

Net Income (Loss)
$
229,677

 
$
378,548

 
$
116,275

 
$
(493,289
)
 
$
231,211

Other Comprehensive (Loss) Income:
 
 
 
 
 
 
 
 
 
Foreign Currency Translation Adjustments
14,962

 
—

 
(86,157
)
 
—

 
(71,195
)
Change in Fair Value of Derivative Instruments
(9,101
)
 
—

 
—

 
—

 
(9,101
)
Equity in Other Comprehensive (Loss) Income of Subsidiaries
(86,400
)
 
(72,858
)
 
—

 
159,258

 
—

Total Other Comprehensive (Loss) Income
(80,539
)
 
(72,858
)
 
(86,157
)
 
159,258

 
(80,296
)
Comprehensive Income (Loss)
149,138

 
305,690

 
30,118

 
(334,031
)
 
150,915

Comprehensive Income (Loss) Attributable to Noncontrolling Interests
—

 
—

 
1,777

 
—

 
1,777

Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated
$
149,138

 
$
305,690

 
$
28,341

 
$
(334,031
)
 
$
149,138

_____________________________________________________________
(1)
Included within Interest Expense (Income), Net are intercompany management fees and royalty fees, which are eliminated in our consolidated financial statements.

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

 
 

 
 

 
 

 
 

Storage rental
$
—

 
$
1,201,035

 
$
762,526

 
$
—

 
$
1,963,561

Service
—

 
726,915

 
473,796

 
—

 
1,200,711

Intercompany revenues
—

 
3,613

 
13,126

 
(16,739
)
 
—

Total Revenues
—

 
1,931,563

 
1,249,448

 
(16,739
)
 
3,164,272

Operating Expenses:
 

 
 

 
 

 
 

 
 
Cost of sales (excluding depreciation and amortization)
—

 
753,837

 
594,366

 
—

 
1,348,203

Intercompany cost of sales
—

 
13,126

 
3,613

 
(16,739
)
 
—

Selling, general and administrative
(348
)
 
531,507

 
258,165

 
—

 
789,324

Depreciation and amortization
96

 
299,372

 
175,127

 
—

 
474,595

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

 
(2,491
)
 
427

 
—

 
(2,064
)
Total Operating Expenses
(252
)
 
1,595,351

 
1,031,698

 
(16,739
)
 
2,610,058

Operating Income (Loss)
252

 
336,212

 
217,750

 
—

 
554,214

Interest Expense (Income), Net(1)
150,218

 
4,863

 
148,755

 
—

 
303,836

Other Expense (Income), Net
2,049

 
12,323

 
(12,952
)
 
—

 
1,420

(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes
(152,015
)
 
319,026

 
81,947

 
—

 
248,958

Provision (Benefit) for Income Taxes
—

 
14,810

 
25,147

 
—

 
39,957

Equity in the (Earnings) Losses of Subsidiaries, Net of Tax
(348,104
)
 
(54,395
)
 
—

 
402,499

 
—

Income (Loss) from Continuing Operations
196,089

 
358,611

 
56,800

 
(402,499
)
 
209,001

(Loss) Income from Discontinued Operations
—

 
(12,283
)
 
(144
)
 
—

 
(12,427
)
Net Income (Loss)
196,089

 
346,328

 
56,656

 
(402,499
)
 
196,574

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

 
—

 
485

 
—

 
485

Net Income (Loss) Attributable to Iron Mountain Incorporated
$
196,089

 
$
346,328

 
$
56,171

 
$
(402,499
)
 
$
196,089

Net Income (Loss)
$
196,089

 
$
346,328

 
$
56,656

 
$
(402,499
)
 
$
196,574

Other Comprehensive (Loss) Income:
 
 
 
 
 
 
 
 
 
Foreign Currency Translation Adjustment
6,761

 
—

 
(139,051
)
 
—

 
(132,290
)
Change in Fair Value of Derivative Instruments
4,183

 
—

 
—

 
—

 
4,183

Equity in Other Comprehensive (Loss) Income of Subsidiaries
(135,215
)
 
(105,967
)
 
—

 
241,182

 
—

Total Other Comprehensive (Loss) Income
(124,271
)
 
(105,967
)
 
(139,051
)
 
241,182

 
(128,107
)
Comprehensive Income (Loss)
71,818

 
240,361

 
(82,395
)
 
(161,317
)
 
68,467

Comprehensive (Loss) Income Attributable to Noncontrolling Interests
—

 
—

 
(3,351
)
 
—

 
(3,351
)
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated
$
71,818

 
$
240,361

 
$
(79,044
)
 
$
(161,317
)
 
$
71,818

______________________________________________________
(1)
Included within Interest Expense (Income), Net are intercompany management fees and royalty fees, which are eliminated in our consolidated financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
Nine Months Ended September 30, 2019
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Cash Flows from Operating Activities:
 

 
 

 
 

 
 

 
 

Cash Flows from Operating Activities—Continuing Operations
$
(161,288
)
 
$
596,529

 
$
212,904

 
$
—

 
$
648,145

Cash Flows from Operating Activities—Discontinued Operations
—

 
—

 
—

 
—

 
—

Cash Flows from Operating Activities
(161,288
)
 
596,529

 
212,904

 
—

 
648,145

Cash Flows from Investing Activities:
 

 
 

 
 

 
 

 
 

Capital expenditures
—

 
(306,567
)
 
(227,047
)
 
—

 
(533,614
)
Cash paid for acquisitions, net of cash acquired
—

 
(9,508
)
 
(46,991
)
 
—

 
(56,499
)
Intercompany loans to subsidiaries
(295,124
)
 
6,526

 
—

 
288,598

 
—

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

 
(86,052
)
 
(27,457
)
 
—

 
(113,509
)
Investments in joint ventures (see Note 10)
—

 
(19,222
)
 
—

 
—

 
(19,222
)
Proceeds from sales of property and equipment and other, net
—

 
33,031

 
49,117

 
—

 
82,148

Cash Flows from Investing Activities—Continuing Operations
(295,124
)
 
(381,792
)
 
(252,378
)
 
288,598

 
(640,696
)
Cash Flows from Investing Activities—Discontinued Operations
—

 
2,564

 
2,497

 
—

 
5,061

Cash Flows from Investing Activities
(295,124
)
 
(379,228
)
 
(249,881
)
 
288,598

 
(635,635
)
Cash Flows from Financing Activities:
 

 
 

 
 

 
 

 
 

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

 
(9,507,136
)
 
(3,183,555
)
 
—

 
(12,690,691
)
Proceeds from revolving credit facility, term loan facilities and other debt
—

 
9,068,245

 
3,188,031

 
—

 
12,256,276

Net proceeds from sales of senior notes
987,500

 
—

 
—

 
—

 
987,500

Debit (payments) balances under cash pools
—

 
(10,612
)
 
76,267

 
(65,655
)
 
—

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

 
—

 
(1,464
)
 
—

 
(1,464
)
Intercompany loans from parent
—

 
326,566

 
(37,968
)
 
(288,598
)
 
—

Parent cash dividends
(528,908
)
 
—

 
—

 
—

 
(528,908
)
Net (payments) proceeds associated with employee stock-based awards
(2,059
)
 
—

 
—

 
—

 
(2,059
)
Payment of debt financing and stock issuance costs              
(243
)
 
—

 
(526
)
 
—

 
(769
)
Cash Flows from Financing Activities—Continuing Operations
456,290

 
(122,937
)
 
40,785

 
(354,253
)
 
19,885

Cash Flows from Financing Activities—Discontinued Operations
—

 
—

 
—

 
—

 
—

Cash Flows from Financing Activities
456,290

 
(122,937
)
 
40,785

 
(354,253
)
 
19,885

Effect of exchange rates on cash and cash equivalents
—

 
—

 
(11,102
)
 
—

 
(11,102
)
(Decrease) Increase in cash and cash equivalents
(122
)
 
94,364

 
(7,294
)
 
(65,655
)
 
21,293

Cash and cash equivalents, including Restricted Cash, beginning of period
132

 
63,407

 
169,318

 
(67,372
)
 
165,485

Cash and cash equivalents, including Restricted Cash,
end of period
$
10

 
$
157,771

 
$
162,024


$
(133,027
)
 
$
186,778

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

 
 

 
 

 
 

 
 

Cash Flows from Operating Activities—Continuing Operations
$
(208,384
)
 
$
644,493

 
$
189,429

 
$
—

 
$
625,538

Cash Flows from Operating Activities—Discontinued Operations
—

 
(995
)
 
—

 
—

 
(995
)
Cash Flows from Operating Activities
(208,384
)
 
643,498

 
189,429

 
—

 
624,543

Cash Flows from Investing Activities:
 

 
 

 
 

 
 

 
 

Capital expenditures
—

 
(224,594
)
 
(105,359
)
 
—

 
(329,953
)
Cash paid for acquisitions, net of cash acquired
—

 
(1,332,235
)
 
(378,776
)
 
—

 
(1,711,011
)
Intercompany loans to subsidiaries
629,918

 
(23,092
)
 
—

 
(606,826
)
 
—

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

 
(47,531
)
 
(16,030
)
 
—

 
(63,561
)
Net proceeds from Divestments
—

 
1,019

 
—

 
—

 
1,019

Proceeds from sales of property and equipment and other, net
—

 
283

 
430

 
—

 
713

Cash Flows from Investing Activities—Continuing Operations
629,918

 
(1,626,150
)
 
(499,735
)
 
(606,826
)
 
(2,102,793
)
Cash Flows from Investing Activities—Discontinued Operations
—

 
—

 
—

 
—

 
—

Cash Flows from Investing Activities
629,918

 
(1,626,150
)
 
(499,735
)
 
(606,826
)
 
(2,102,793
)
Cash Flows from Financing Activities:
 

 
 

 
 

 
 

 
 

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

 
(5,386,024
)
 
(5,840,147
)
 
—

 
(11,226,171
)
Proceeds from revolving credit facility, term loan facilities and other debt
—

 
6,456,050

 
5,980,967

 
—

 
12,437,017

Debit (payments) balances under cash pools
—

 
(832
)
 
(389
)
 
1,221

 
—

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

 
—

 
(2,035
)
 
—

 
(2,035
)
Intercompany loans from parent
—

 
(664,591
)
 
57,765

 
606,826

 
—

Parent cash dividends
(505,403
)
 
—

 
—

 
—

 
(505,403
)
Net (payments) proceeds associated with employee stock-based awards
(2,800
)
 
—

 
—

 
—

 
(2,800
)
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
)
 
(12,388
)
 
(3,157
)
 
—

 
(15,957
)
Cash Flows from Financing Activities—Continuing Operations
(423,707
)
 
392,215

 
193,004

 
608,047

 
769,559

Cash Flows from Financing Activities—Discontinued Operations
—

 
—

 
—

 
—

 
—

Cash Flows from Financing Activities
(423,707
)
 
392,215

 
193,004

 
608,047

 
769,559

Effect of exchange rates on cash and cash equivalents
—

 
—

 
(19,332
)
 
—

 
(19,332
)
(Decrease) Increase in cash and cash equivalents
(2,173
)
 
(590,437
)
 
(136,634
)
 
1,221

 
(728,023
)
Cash and cash equivalents, including Restricted Cash, beginning of period
2,433

 
642,408

 
375,584

 
(94,726
)
 
925,699

Cash and cash equivalents, including Restricted Cash,
end of period
$
260

 
$
51,971

 
$
238,950

 
$
(93,505
)
 
$
197,676