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Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2019
Accounting Policies [Abstract]  
Schedule of changes in the carrying value of goodwill attributable to each reportable operating segment
The changes in the carrying value of goodwill attributable to each reportable operating segment for the nine months ended September 30, 2019 are as follows:
 
North American
Records and Information
Management
Business
 
North American
Data
Management
Business
 
Western
European Business
 
Other International Business
 
Global Data Center Business
 
Corporate and Other Business
 
Total
Consolidated
Goodwill balance, net of accumulated amortization as of December 31, 2018
$
2,251,795

 
$
493,491

 
$
381,806

 
$
818,223

 
$
425,956

 
$
69,759

 
$
4,441,030

Deductible goodwill acquired during the year
5,109

 
—

 
675

 
10,333

 
—

 
—

 
16,117

Non-deductible goodwill acquired during the year
—

 
—

 
5,011

 
4,638

 
—

 
1,904

 
11,553

Fair value and other adjustments(1)
55

 
—

 
(1,012
)
 
1,321

 
258

 
(417
)
 
205

Currency effects
5,501

 
1,495

 
(15,717
)
 
(32,461
)
 
(5,182
)
 
(546
)
 
(46,910
)
Goodwill balance, net accumulated amortization as of September 30, 2019
$
2,262,460

 
$
494,986

 
$
370,763

 
$
802,054

 
$
421,032

 
$
70,700

 
$
4,421,995

Accumulated Goodwill Impairment Balance as of December 31, 2018
$
85,909

 
$
—

 
$
46,500

 
$
—

 
$
—

 
$
3,011

 
$
135,420

Accumulated Goodwill Impairment Balance as of September 30, 2019
$
85,909

 
$
—

 
$
46,500

 
$
—

 
$
—

 
$
3,011

 
$
135,420

_______________________________________________________________________________
(1)
Total fair value and other adjustments primarily include $867 in net adjustments related to property, plant and equipment, customer relationships and data center lease-based intangible assets and deferred income taxes and other liabilities offset by $662 of net cash received related to certain acquisitions completed in 2018.
Schedule of components of amortizable intangible assets The other finite-lived intangible assets as of September 30, 2019 and December 31, 2018 are as follows:
 
September 30, 2019
 
December 31, 2018
 
Gross Carrying
Amount
 
Accumulated
Amortization
 
Net Carrying
Amount
 
Gross Carrying
Amount
 
Accumulated
Amortization
 
Net Carrying
Amount
Other finite-lived intangible assets (included in Other, a component of Other assets, net)
$
19,842

 
$
(17,385
)
 
$
2,457

 
$
20,310

 
$
(14,798
)
 
$
5,512


The gross carrying amount and accumulated amortization of our finite-lived intangible assets as of September 30, 2019 and December 31, 2018 are as follows:
 
September 30, 2019
 
December 31, 2018
 
Gross Carrying
Amount
 
Accumulated
Amortization
 
Net Carrying
Amount
 
Gross Carrying
Amount
 
Accumulated
Amortization
 
Net Carrying
Amount
Assets:
 
 
 
 
 
 
 
 
 
 
 
Customer relationship intangible assets
$
1,747,535

 
$
(529,164
)
 
$
1,218,371

 
$
1,718,919

 
$
(455,705
)
 
$
1,263,214

Customer inducements
53,097

 
(30,298
)
 
22,799

 
56,478

 
(34,181
)
 
22,297

Data center lease-based intangible assets(1)
264,382

 
(90,265
)
 
174,117

 
271,818

 
(50,807
)
 
221,011

Third-party commissions asset(2)
31,708

 
(3,001
)
 
28,707

 
30,071

 
(1,089
)
 
28,982

 
$
2,096,722

 
$
(652,728
)
 
$
1,443,994

 
$
2,077,286

 
$
(541,782
)
 
$
1,535,504

Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Data center below-market leases
$
12,720

 
$
(3,424
)
 
$
9,296

 
$
12,318

 
$
(1,642
)
 
$
10,676

_______________________________________________________________________________
 
(1)
Includes data center in-place lease intangible assets, data center tenant relationship intangible assets and data center above-market in-place lease intangible assets.

(2)
Third-party commissions asset is included in Other, a component of Other assets, net in the accompanying Condensed Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018. The third-party commissions asset is primarily comprised of additional payments associated with the execution of future customer contracts through the one-year anniversary of the acquisition of IODC, as described in Note 4.
Schedule of amortization expenses
Amortization expense associated with finite-lived intangible assets, revenue reduction associated with the amortization of customer inducements and net revenue reduction associated with the amortization of data center above-market leases and data center below-market leases for the three and nine months ended September 30, 2019 and 2018 are as follows:
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2019
 
2018
 
2019
 
2018
Amortization expense included in depreciation and amortization associated with:
 
 
 
 
 
 
 
 
Customer relationship and customer inducement intangible assets
 
$
29,064

 
$
26,782

 
$
85,228

 
$
84,401

Data center in-place leases and tenant relationships
 
11,356

 
12,036

 
35,337

 
30,437

Third-party commissions asset and other finite-lived intangible assets
 
2,515

 
642

 
5,456

 
3,486

Revenue reduction associated with amortization of:
 
 
 
 
 
 
 
 
Customer inducements
 
$
2,303

 
$
3,229

 
$
7,641

 
$
8,782

Data center above-market leases and data center below-market leases
 
936

 
1,276

 
2,776

 
3,648
Schedule of amortization expense associated with commissions asset and Intake Costs
The costs of the initial intake of customer records into physical storage ("Intake Costs") and capitalized commissions asset (collectively, "Contract Fulfillment Costs") as of September 30, 2019 and December 31, 2018 are as follows:
 
 
 
 
September 30, 2019
 
December 31, 2018
Description
 
Location in
Balance Sheet
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net Carrying Amount
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net Carrying Amount
Intake Costs asset
 
Other (within Other Assets, Net)
 
$
37,938

 
$
(20,974
)
 
$
16,964

 
$
39,748

 
$
(24,504
)
 
$
15,244

Capitalized commissions asset
 
Other (within Other Assets, Net)
 
56,585

 
(21,933
)
 
34,652

 
58,424

 
(34,637
)
 
23,787



Amortization expense associated with the Intake Costs asset and capitalized commissions asset for the three and nine months ended September 30, 2019 and 2018 are as follows:
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
Intake Costs asset
$
2,250

 
$
2,294

 
$
7,764

 
$
7,915

Capitalized commissions asset
4,224

 
3,053

 
14,105

 
10,433
Schedule of deferred revenue liabilities
Deferred revenue liabilities are reflected as follows in our Condensed Consolidated Balance Sheets:
Description
 
Location in Balance Sheet
 
September 30, 2019
 
December 31, 2018
Deferred revenue - Current
 
Deferred revenue
 
$
257,328

 
$
264,823

Deferred revenue - Long-term
 
Other Long-term Liabilities
 
26,572

 
26,401
Schedule of operating and financing lease right-of-use assets and lease liabilities
Operating and financing lease right-of-use assets and lease liabilities as of September 30, 2019 and January 1, 2019 (date of adoption of ASU 2016-02) are as follows:
Description
 
Location in Balance Sheet
 
September 30, 2019
 
January 1, 2019
(Date of Adoption of ASU 2016-02)
Assets:
 
 
 
 
 
 
Operating lease right-of-use assets(1)
 
Operating lease right-of-use assets
 
$
1,765,496

 
$
1,825,721

Financing lease right-of-use assets, net of accumulated depreciation(2)
 
Property, Plant and Equipment, Net
 
327,264

 
361,078

Total
 
 
 
$
2,092,760

 
$
2,186,799

Liabilities:
 
 
 
 
 
 
Current
 
 
 
 
 
 
   Operating lease liabilities
 
Accrued expenses and other current liabilities
 
$
216,176

 
$
209,911

   Financing lease liabilities
 
Current portion of long-term debt
 
47,112

 
50,437

      Total current lease liabilities
 
 
 
263,288

 
260,348

Long-term
 
 
 
 
 
 
   Operating lease liabilities
 
Long-term Operating Lease Liabilities, net of current portion
 
1,626,907

 
1,685,771

   Financing lease liabilities
 
Long-term Debt, net of current portion
 
318,986

 
350,263

      Total long-term lease liabilities
 
 
 
1,945,893

 
2,036,034

Total
 
 
 
$
2,209,181

 
$
2,296,382

______________________________________________________________
(1) At September 30, 2019, these assets are comprised of approximately 98% real estate related assets (which include land, buildings and racking) and 2% non-real estate related assets (which include warehouse equipment, vehicles, furniture and fixtures and computer hardware and software).
(2) At September 30, 2019, these assets are comprised of approximately 64% real estate related assets and 36% non-real estate related assets.
Schedule of lease, cost
Weighted average remaining lease terms and discount rates as of September 30, 2019 are as follows:
 
 
Remaining Lease Term
Operating leases
 
11.0 Years

Financing leases
 
11.0 Years

 
 
 Discount Rate
Operating leases
 
7.1
%
Financing leases
 
5.6
%


The components of the lease expense for the three and nine months ended September 30, 2019 are as follows:
Description
 
Location in Statement of Operations
 
Three Months Ended
September 30, 2019
 
Nine Months Ended September 30, 2019
Operating lease cost(1)
 
Cost of sales and Selling, general and administrative
 
$
114,727

 
$
343,282

Financing lease cost:
 
 
 
 
 
 
Depreciation of financing lease right-of-use assets
 
Depreciation and amortization
 
$
14,679

 
$
45,950

Interest expense for financing lease liabilities
 
Interest Expense, Net
 
4,905

 
15,972

Total financing lease cost
 
 
 
$
19,584

 
$
61,922

______________________________________________________________
(1) Of the $114,727 incurred for the three months ended September 30, 2019, $111,423 is included within Cost of sales and $3,304 is included within Selling, general and administrative expenses. Of the $343,282 incurred for the nine months ended September 30, 2019, $333,742 is included within Cost of sales and $9,540 is included within Selling, general and administrative expenses. Operating lease cost includes variable lease costs of $26,121 and $78,712 for the three and nine months ended September 30, 2019, respectively.

Supplemental cash flow information relating to our leases for the nine months ended September 30, 2019 is as follows:
Cash paid for amounts included in measurement of lease liabilities:
 
Nine Months Ended
September 30, 2019
Operating cash flows used in operating leases
 
$
252,277

Operating cash flows used in financing leases (interest)
 
15,972

Financing cash flows used in financing leases
 
44,808

Non-cash items:
 
 
Operating lease modifications and reassessments
 
$
42,418

New operating leases (including acquisitions)
 
117,193

New financing leases, modifications and reassessments
 
20,699
Schedule of future minimum lease payments for capital leases
The estimated minimum future lease payments as of September 30, 2019, are as follows:
Year
 
Operating Leases(1)
 
Sublease
Income
 
Financing Leases(1)
2019 (excluding the nine months ended September 30, 2019)
 
$
87,009

 
$
(1,646
)
 
$
32,386

2020
 
323,448

 
(7,520
)
 
57,887

2021
 
298,656

 
(5,185
)
 
52,685

2022
 
274,021

 
(4,905
)
 
46,358

2023
 
248,066

 
(4,795
)
 
38,695

Thereafter
 
1,505,195

 
(10,673
)
 
292,903

Total minimum lease payments
 
2,736,395

 
$
(34,724
)
 
520,914

Less amounts representing interest or imputed interest
 
(893,312
)
 
 

 
(154,816
)
Present value of lease obligations
 
$
1,843,083

 
 

 
$
366,098



The estimated minimum future lease payments as of December 31, 2018 are as follows:
Year
 
Operating Leases(1)
 
Sublease
Income
 
Financing Leases(1)(2)
2019
 
$
323,454

 
$
(7,525
)
 
$
80,513

2020
 
293,276

 
(7,200
)
 
71,335

2021
 
267,379

 
(7,063
)
 
61,269

2022
 
246,128

 
(6,694
)
 
52,832

2023
 
221,808

 
(6,409
)
 
44,722

Thereafter
 
1,287,807

 
(6,279
)
 
377,750

Total minimum lease payments
 
$
2,639,852

 
$
(41,170
)
 
688,421

Less amounts representing interest
 
 
 
 

 
(241,248
)
Present value of lease obligations
 
 
 
 

 
$
447,173

_______________________________________________________________________________
(1)
Estimated minimum future lease payments exclude variable common area maintenance charges, insurance and taxes. Differences in estimated lease payments between September 30, 2019 and December 31, 2018 are primarily related to adjustments to account for certain build to suit leases that were accounted for as financing obligations under ASC 840 but are accounted for as operating leases under ASU 2016-02 and foreign currency exchange rate impacts.
(2)
Includes capital lease and financing obligations associated with build to suit lease transactions at December 31, 2018.
Schedule of finance lease, liability, maturity
The estimated minimum future lease payments as of September 30, 2019, are as follows:
Year
 
Operating Leases(1)
 
Sublease
Income
 
Financing Leases(1)
2019 (excluding the nine months ended September 30, 2019)
 
$
87,009

 
$
(1,646
)
 
$
32,386

2020
 
323,448

 
(7,520
)
 
57,887

2021
 
298,656

 
(5,185
)
 
52,685

2022
 
274,021

 
(4,905
)
 
46,358

2023
 
248,066

 
(4,795
)
 
38,695

Thereafter
 
1,505,195

 
(10,673
)
 
292,903

Total minimum lease payments
 
2,736,395

 
$
(34,724
)
 
520,914

Less amounts representing interest or imputed interest
 
(893,312
)
 
 

 
(154,816
)
Present value of lease obligations
 
$
1,843,083

 
 

 
$
366,098



The estimated minimum future lease payments as of December 31, 2018 are as follows:
Year
 
Operating Leases(1)
 
Sublease
Income
 
Financing Leases(1)(2)
2019
 
$
323,454

 
$
(7,525
)
 
$
80,513

2020
 
293,276

 
(7,200
)
 
71,335

2021
 
267,379

 
(7,063
)
 
61,269

2022
 
246,128

 
(6,694
)
 
52,832

2023
 
221,808

 
(6,409
)
 
44,722

Thereafter
 
1,287,807

 
(6,279
)
 
377,750

Total minimum lease payments
 
$
2,639,852

 
$
(41,170
)
 
688,421

Less amounts representing interest
 
 
 
 

 
(241,248
)
Present value of lease obligations
 
 
 
 

 
$
447,173

_______________________________________________________________________________
(1)
Estimated minimum future lease payments exclude variable common area maintenance charges, insurance and taxes. Differences in estimated lease payments between September 30, 2019 and December 31, 2018 are primarily related to adjustments to account for certain build to suit leases that were accounted for as financing obligations under ASC 840 but are accounted for as operating leases under ASU 2016-02 and foreign currency exchange rate impacts.
(2)
Includes capital lease and financing obligations associated with build to suit lease transactions at December 31, 2018.
Schedule of lessee, operating lease, liability, maturity
The estimated minimum future lease payments as of September 30, 2019, are as follows:
Year
 
Operating Leases(1)
 
Sublease
Income
 
Financing Leases(1)
2019 (excluding the nine months ended September 30, 2019)
 
$
87,009

 
$
(1,646
)
 
$
32,386

2020
 
323,448

 
(7,520
)
 
57,887

2021
 
298,656

 
(5,185
)
 
52,685

2022
 
274,021

 
(4,905
)
 
46,358

2023
 
248,066

 
(4,795
)
 
38,695

Thereafter
 
1,505,195

 
(10,673
)
 
292,903

Total minimum lease payments
 
2,736,395

 
$
(34,724
)
 
520,914

Less amounts representing interest or imputed interest
 
(893,312
)
 
 

 
(154,816
)
Present value of lease obligations
 
$
1,843,083

 
 

 
$
366,098



The estimated minimum future lease payments as of December 31, 2018 are as follows:
Year
 
Operating Leases(1)
 
Sublease
Income
 
Financing Leases(1)(2)
2019
 
$
323,454

 
$
(7,525
)
 
$
80,513

2020
 
293,276

 
(7,200
)
 
71,335

2021
 
267,379

 
(7,063
)
 
61,269

2022
 
246,128

 
(6,694
)
 
52,832

2023
 
221,808

 
(6,409
)
 
44,722

Thereafter
 
1,287,807

 
(6,279
)
 
377,750

Total minimum lease payments
 
$
2,639,852

 
$
(41,170
)
 
688,421

Less amounts representing interest
 
 
 
 

 
(241,248
)
Present value of lease obligations
 
 
 
 

 
$
447,173

_______________________________________________________________________________
(1)
Estimated minimum future lease payments exclude variable common area maintenance charges, insurance and taxes. Differences in estimated lease payments between September 30, 2019 and December 31, 2018 are primarily related to adjustments to account for certain build to suit leases that were accounted for as financing obligations under ASC 840 but are accounted for as operating leases under ASU 2016-02 and foreign currency exchange rate impacts.
(2)
Includes capital lease and financing obligations associated with build to suit lease transactions at December 31, 2018.
Schedule of lessor, operating lease, maturity
The future minimum lease payments we expect to receive under non-cancellable data center operating leases, for which we are the lessor, excluding month to month leases, for the next five years are as follows:
Year
 
Future minimum lease payments
2019 (excluding the nine months ended September 30, 2019)
 
$
58,381

2020
 
177,528

2021
 
118,980

2022
 
83,677

2023
 
67,569
Schedule of stock option activity
A summary of stock option activity for the nine months ended September 30, 2019 is as follows:
 
Stock Options
Outstanding at December 31, 2018
4,271,834

Granted
920,706

Exercised
(236,704
)
Forfeited
(13,542
)
Expired
(16,715
)
Outstanding at September 30, 2019
4,925,579

Options exercisable at September 30, 2019
3,128,621

Options expected to vest
1,716,446
Schedule of restricted stock and RSU activity
The fair value of RSUs vested during the three and nine months ended September 30, 2019 and 2018 is as follows:
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
Fair value of RSUs vested
$
3,092

 
$
3,189

 
$
20,802

 
$
19,195

A summary of RSU activity for the nine months ended September 30, 2019 is as follows:
 
RSUs
Non-vested at December 31, 2018
1,196,566

Granted
752,555

Vested
(611,828
)
Forfeited
(81,437
)
Non-vested at September 30, 2019
1,255,856
Schedule of performance units
The fair value of earned PUs that vested during the three and nine months ended September 30, 2019 and 2018 is as follows:
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
Fair value of earned PUs that vested
$
1,176

 
$
84

 
$
7,679

 
$
3,117
Schedule of Performance Unit (PU) activity
A summary of PU activity for the nine months ended September 30, 2019 is as follows:
 
Original
PU Awards
 
PU Adjustment(1)
 
Total
PU Awards
Non-vested at December 31, 2018
967,049

 
(299,948
)
 
667,101

Granted
380,856

 
—

 
380,856

Vested
(202,141
)
 
—

 
(202,141
)
Forfeited/Performance or Market Conditions Not Achieved
(13,898
)
 
(14,850
)
 
(28,748
)
Non-vested at September 30, 2019
1,131,866

 
(314,798
)
 
817,068

_______________________________________________________________________________

(1)
Represents an increase or decrease in the number of original PUs awarded based on either the final performance criteria or market condition achievement at the end of the performance period of such PUs.
Schedule of calculation of basic and diluted net income (loss) per share attributable to the entity
The calculation of basic and diluted income (loss) per share for the three and nine months ended September 30, 2019 and 2018 are as follows:
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019

2018
 
2019

2018
Income (loss) from continuing operations
$
108,284

 
$
77,349

 
$
231,107

 
$
209,001

Less: Net income (loss) attributable to noncontrolling interests
609

 
(125
)
 
1,534

 
485

Income (loss) from continuing operations (utilized in numerator of Earnings Per Share calculation)
$
107,675

 
$
77,474

 
$
229,573

 
$
208,516

(Loss) income from discontinued operations, net of tax
$
—

 
$
(11,605
)
 
$
104

 
$
(12,427
)
Net income (loss) attributable to Iron Mountain Incorporated
$
107,675

 
$
65,869

 
$
229,677

 
$
196,089

 
 
 
 
 
 
 
 
Weighted-average shares—basic
287,152,000

 
286,159,000

 
286,869,000

 
285,801,000

Effect of dilutive potential stock options
93,752

 
264,451

 
157,928

 
250,574

Effect of dilutive potential RSUs and PUs
445,081

 
558,891

 
528,387

 
463,583

Weighted-average shares—diluted
287,690,833

 
286,982,342

 
287,555,315

 
286,515,157

 
 
 
 
 
 
 
 
Earnings (losses) per share—basic:
 

 
 

 
 

 
 

Income (loss) from continuing operations
$
0.37

 
$
0.27

 
$
0.80

 
$
0.73

(Loss) income from discontinued operations, net of tax
—

 
(0.04
)
 
—

 
(0.04
)
Net income (loss) attributable to Iron Mountain Incorporated(1)
$
0.37

 
$
0.23

 
$
0.80

 
$
0.69

 
 
 
 
 
 
 
 
Earnings (losses) per share—diluted:
 

 
 

 
 

 
 

Income (loss) from continuing operations
$
0.37

 
$
0.27

 
$
0.80

 
$
0.73

(Loss) income from discontinued operations, net of tax
—

 
(0.04
)
 
—

 
(0.04
)
Net income (loss) attributable to Iron Mountain Incorporated(1)
$
0.37

 
$
0.23

 
$
0.80

 
$
0.68

 


 
 
 
 
 
 
Antidilutive stock options, RSUs and PUs, excluded from the calculation
4,782,661

 
3,253,975

 
4,590,645

 
3,256,206

_______________________________________________________________________________

(1) Columns may not foot due to rounding.
Schedule of effective income tax rate reconciliation
Our effective tax rates for the three and nine months ended September 30, 2019 and 2018 are as follows:
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019(1)
 
2018(1)
 
2019(1)
 
2018(2)
Effective Tax Rate
16.8
%

15.3
%

15.7
%
 
16.0
%
_______________________________________________________________________________

(1)
The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate for the three and nine months ended September 30, 2019 and for the three months ended September 30, 2018 were the benefit derived from the dividends paid deduction and the impact of differences in the tax rates at which our foreign earnings are subject, including foreign exchange gains and losses in different jurisdictions with different tax rates.  
(2)
The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate for the nine months ended September 30, 2018 were the benefit derived from the dividends paid deduction, a discrete tax benefit of approximately $14,000 associated with the resolution of a tax matter and the impact of differences in the tax rates at which our foreign earnings are subject, including foreign exchange gains and losses in different jurisdictions with different tax rates.
Schedule of assets and liabilities carried at fair value measured on a recurring basis
The assets and liabilities carried at fair value measured on a recurring basis as of September 30, 2019 and December 31, 2018, respectively, are as follows:
 
 
 
 
Fair Value Measurements at
September 30, 2019 Using
Description
 
Total Carrying
Value at
September 30, 2019
 
Quoted prices
in active
markets
(Level 1)
 
 
 
Significant other
observable
inputs
(Level 2)
 
 
 
Significant
unobservable
inputs
(Level 3)
Money Market Funds(1)
 
$
30,123

 
$
—

 
 
 
$
30,123

 
 
 
$
—

Trading Securities
 
9,996

 
9,540

 
(2)
 
456

 
(3)
 
—

Derivative Assets(4)
 
1,972

 
—

 
 
 
1,972

 
 
 
—

Derivative Liabilities(4)
 
12,046

 
—

 
 
 
12,046

 
 
 
—

 
 
 
 
Fair Value Measurements at
December 31, 2018 Using
Description
 
Total Carrying
Value at
December 31, 2018
 
Quoted prices
in active
markets
(Level 1)
 
 
 
Significant other
observable
inputs
(Level 2)
 
 
 
Significant
unobservable
inputs
(Level 3)
Time Deposits(1)
 
$
956

 
$
—

 
 
 
$
956

 
 
 
$
—

Trading Securities
 
10,753

 
10,248

 
(2)
 
505

 
(3)
 
—

Derivative Assets(4)
 
93

 
—

 
 
 
93

 
 
 
—

Derivative Liabilities(4)
 
973

 
—

 
 
 
973

 
 
 
—

_______________________________________________________________________________

(1)
Money market funds and time deposits are measured based on quoted prices for similar assets and/or subsequent transactions.
(2)
Certain trading securities are measured at fair value using quoted market prices.
(3)
Certain trading securities are measured based on inputs that are observable other than quoted market prices.
(4)
Derivative assets and liabilities include (i) interest rate swap agreements, including forward-starting interest rate swap agreements, to limit our exposure to changes in interest rates on a portion of our floating rate indebtedness, (ii) cross-currency swap agreements to hedge the variability of exchange rates impacts between the United States dollar and the Euro and certain of our Euro denominated subsidiaries and (iii) short-term (six months or less) foreign exchange currency forward contracts that we have entered into to hedge certain of our foreign exchange intercompany exposures. Our derivative financial instruments are measured using industry standard valuation models using market-based observable inputs, including interest rate curves, forward and spot prices for currencies and implied volatilities. Credit risk is also factored into the determination of the fair value of our derivative financial instruments. See Note 3 for additional information on our derivative financial instruments.
Schedule of changes in accumulated other comprehensive items, net
The changes in accumulated other comprehensive items, net for the three and nine months ended September 30, 2019, respectively, are as follows:
 
Three Months Ended September 30, 2019
 
Nine Months Ended September 30, 2019
 
Foreign
Currency
Translation
Adjustments
 
Change in Fair Value of Derivative Instruments
 
Total
 
Foreign
Currency
Translation
Adjustments
 
Change in Fair Value of Derivative Instruments
 
Total
Beginning of Period
$
(253,243
)
 
$
(8,578
)
 
$
(261,821
)
 
$
(264,691
)
 
$
(973
)
 
$
(265,664
)
Other comprehensive (loss) income:


 


 


 
 
 
 
 
 
Foreign currency translation adjustment
(82,886
)
 
—

 
(82,886
)
 
(71,438
)
 
—

 
(71,438
)
Change in fair value of derivative instruments
—

 
(1,496
)
 
(1,496
)
 
—

 
(9,101
)
 
(9,101
)
Total other comprehensive (loss) income
(82,886
)
 
(1,496
)
 
(84,382
)
 
(71,438
)
 
(9,101
)
 
(80,539
)
End of Period
$
(336,129
)
 
$
(10,074
)
 
$
(346,203
)
 
$
(336,129
)
 
$
(10,074
)
 
$
(346,203
)

The changes in accumulated other comprehensive items, net for the three and nine months ended September 30, 2018, respectively, are as follows:
 
Three Months Ended September 30, 2018
 
Nine Months Ended September 30, 2018
 
Foreign
Currency
Translation
Adjustments
 
Change in Fair Value of Derivative Instruments
 
Total
 
Foreign
Currency
Translation
Adjustments
 
Change in Fair Value of Derivative Instruments
 
Total
Beginning of Period
$
(209,653
)
 
$
2,203

 
$
(207,450
)
 
$
(103,989
)
 
$
—

 
$
(103,989
)
Other comprehensive (loss) income:


 


 


 
 
 
 
 
 
Foreign currency translation adjustment
(22,790
)
 
—

 
(22,790
)
 
(128,454
)
 
—

 
(128,454
)
Change in fair value of derivative instruments
—

 
1,980

 
1,980

 
—

 
4,183

 
4,183

Total other comprehensive (loss) income
(22,790
)
 
1,980

 
(20,810
)
 
(128,454
)
 
4,183

 
(124,271
)
End of Period
$
(232,443
)
 
$
4,183

 
$
(228,260
)
 
$
(232,443
)
 
$
4,183

 
$
(228,260
)
Schedule of other expense (income), net
Other (income) expense, net for the three and nine months ended September 30, 2019 and 2018 consists of the following:
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
Foreign currency transaction (gains) losses, net
$
(18,251
)

$
664

 
$
(19,885
)

$
3,825

Other, net
4,836


(339
)
 
6,488


(2,405
)
Other (Income) Expense, Net

$
(13,415
)

$
325

 
$
(13,397
)

$
1,420
Schedule of immaterial restatement
The following table sets forth the effect of the immaterial restatement to certain line items of our Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2018:
 
 
Three Months Ended September 30, 2018
 
Nine Months Ended September 30, 2018
Selling, general and administrative
 
$
1,459

 
$
10,798

Total Operating Expenses
 
$
1,459

 
$
10,798

Operating Income (Loss)
 
$
(1,459
)
 
$
(10,798
)
Interest Expense, Net
 
$
97

 
$
262

Income (Loss) from Continuing Operations Before Provision (Benefit) for Income Taxes
 
$
(1,556
)
 
$
(11,060
)
Provision (Benefit) for Income Taxes
 
$
(277
)
 
$
(1,916
)
Income (Loss) from Continuing Operations
 
$
(1,279
)
 
$
(9,144
)
Net Income (Loss)
 
$
(1,279
)
 
$
(9,144
)
Net Income (Loss) Attributable to Iron Mountain Incorporated
 
$
(1,279
)
 
$
(9,144
)
Earnings (Losses) per Share - Basic:
 
 
 
 
Income (Loss) from Continuing Operations
 
$
(0.01
)
 
$
(0.03
)
Net Income (Loss) Attributable to Iron Mountain Incorporated
 
$
—

 
$
(0.03
)
Earnings (Losses) per Share - Diluted:
 
 
 
 
Income (Loss) from Continuing Operations
 
$
—

 
$
(0.03
)
Net Income (Loss) Attributable to Iron Mountain Incorporated
 
$
—

 
$
(0.04
)
The following table sets forth the effect of the immaterial restatement to certain line items of our Consolidated Balance Sheet as of December 31, 2018:
 
 
December 31, 2018
Total Other Assets, Net
 
$
4,971

Total Assets
 
$
4,971

Accrued expenses and other current liabilities
 
$
28,097

Total Current Liabilities
 
$
28,097

(Distribution in excess of earnings) Earnings in excess of distributions
 
$
(23,126
)
Total Iron Mountain Incorporated Stockholders' Equity
 
$
(23,126
)