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Debt (Tables)
 3 Months Ended
Mar. 31, 2014
Debt  
Schedule of carrying amount and fair value of long-term debt instruments

 

 

 
   December 31, 2013   March 31, 2014  
 
   Carrying
Amount		   Fair
Value		   Carrying
Amount		   Fair
Value		  

Revolving Credit Facility(1)

   $ 675,717   $ 675,717   $ 1,108,537   $ 1,108,537  

71/4% GBP Senior Subordinated Notes due 2014 (the "71/4% Notes")(2)(3)

     247,808     248,117     —     —  

63/4% Euro Senior Subordinated Notes due 2018 (the "63/4% Notes")(2)(3)

     350,272     355,071     349,854     355,460  

73/4% Senior Subordinated Notes due 2019 (the "73/4% Notes")(2)(3)

     400,000     446,000     400,000     440,750  

83/8% Senior Subordinated Notes due 2021 (the "83/8% Notes")(2)(3)

     411,518     444,470     411,550     437,767  

61/8% CAD Senior Notes due 2021 (the "Senior Subsidiary Notes")(2)(4)

     187,960     187,960     181,020     185,998  

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

     600,000     614,820     600,000     633,000  

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

     1,000,000     930,000     1,000,000     978,100  

Real Estate Mortgages, Capital Leases and Other(5)

     298,447     298,447     292,728     292,728  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Long-term Debt

     4,171,722           4,343,689        

Less Current Portion

     (52,583 )         (55,084 )      
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Long-term Debt, Net of Current Portion

   $ 4,119,139         $ 4,288,605        
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       
(1)
The capital stock or other equity interests of most of our U.S. subsidiaries, and up to 66% of the capital stock or other equity interests 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 U.S. subsidiary guarantors. In addition, Iron Mountain Canada Operations ULC (f/k/a Iron Mountain Canada Corporation) ("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 these debt instruments. The fair value (Level 3 of fair value hierarchy described at Note 2.k.) of this long-term debt 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, 2013 and March 31, 2014, respectively.

(2)
The fair values (Level 1 of fair value hierarchy described at Note 2.k.) of these debt instruments are based on quoted market prices for these notes on December 31, 2013 and March 31, 2014, 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 substantially all of its direct and indirect 100% owned U.S. subsidiaries (the "Guarantors"). These guarantees are joint and several obligations of the Guarantors. Canada Company and the remainder of our subsidiaries do not guarantee the Parent Notes.

(4)
Canada Company is the direct obligor on the Senior Subsidiary 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 to Notes to Consolidated Financial Statements.

(5)
We believe the fair value (Level 3 of fair value hierarchy described at Note 2.k.) of this debt approximates its carrying value.