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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 31, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from                        to                       
Commission file number 1-13045
IRON MOUNTAIN INCORPORATED
(Exact Name of Registrant as Specified in Its Charter)
Delaware23-2588479
(State or other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
One Federal Street, Boston, Massachusetts 02110
(Address of Principal Executive Offices, Including Zip Code)
(617535-4766
(Registrant's Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.01 par valueIRMNYSE
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒    No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒    No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes     No ☒
As of April 30, 2021, the registrant had 288,731,091 outstanding shares of common stock, $.01 par value.


Table of Contents

IRON MOUNTAIN INCORPORATED
2021 FORM 10-Q QUARTERLY REPORT
TABLE OF CONTENTS





Table of Contents
PART I. FINANCIAL INFORMATION
ITEM 1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

IRON MOUNTAIN MARCH 31, 2021 FORM 10-Q
1

Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) (UNAUDITED)
 MARCH 31, 2021DECEMBER 31, 2020
ASSETS 
Current Assets: 
Cash and cash equivalents$138,944 $205,063 
Accounts receivable (less allowances of $60,743 and $56,981 as of March 31, 2021 and
December 31, 2020, respectively)
814,983 859,344 
Prepaid expenses and other220,564 205,380 
Total Current Assets1,174,491 1,269,787 
Property, Plant and Equipment: 
Property, plant and equipment8,254,410 8,246,337 
Less—Accumulated depreciation(3,787,770)(3,743,894)
Property, Plant and Equipment, Net4,466,640 4,502,443 
Other Assets, Net: 
Goodwill4,520,775 4,557,609 
Customer relationships, customer inducements and data center lease-based intangibles1,271,604 1,326,977 
Operating lease right-of-use assets 2,205,299 2,196,502 
Other305,640 295,949 
Total Other Assets, Net8,303,318 8,377,037 
Total Assets$13,944,449 $14,149,267 
LIABILITIES AND EQUITY 
Current Liabilities: 
Current portion of long-term debt$363,911 $193,759 
Accounts payable327,060 359,863 
Accrued expenses and other current liabilities (includes current portion of operating lease liabilities)951,502 1,146,288 
Deferred revenue284,974 295,785 
Total Current Liabilities1,927,447 1,995,695 
Long-term Debt, net of current portion8,552,415 8,509,555 
Long-term Operating Lease Liabilities, net of current portion 2,061,140 2,044,598 
Other Long-term Liabilities191,001 204,508 
Deferred Income Taxes191,138 198,377 
Commitments and Contingencies
Redeemable Noncontrolling Interests61,601 59,805 
Equity:  
Preferred stock (par value $0.01; authorized 10,000,000 shares; none issued and outstanding)
  
Common stock (par value $0.01; authorized 400,000,000 shares; issued and outstanding 288,727,747 and 288,273,049 shares as of March 31, 2021 and December 31, 2020, respectively)
2,888 2,883 
Additional paid-in capital4,347,151 4,340,078 
(Distributions in excess of earnings) Earnings in excess of distributions(3,083,421)(2,950,339)
Accumulated other comprehensive items, net(306,911)(255,893)
Total Equity959,707 1,136,729 
Total Liabilities and Equity$13,944,449 $14,149,267 








The accompanying notes are an integral part of these condensed consolidated financial statements.
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Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)
 THREE MONTHS ENDED
MARCH 31,
 20212020
Revenues:  
Storage rental$708,056 $683,547 
Service373,984 385,184 
Total Revenues1,082,040 1,068,731 
Operating Expenses:
Cost of sales (excluding depreciation and amortization)451,909 466,921 
Selling, general and administrative258,723 238,733 
Depreciation and amortization165,642 162,584 
Restructuring Charges 39,811 41,046 
Intangible impairments 23,000 
(Gain) Loss on disposal/write-down of property, plant and equipment, net (4,451)(1,055)
Total Operating Expenses911,634 931,229 
Operating Income (Loss)170,406 137,502 
Interest Expense, Net (includes Interest Income of $2,571 and $1,448 for the three months ended
March 31, 2021 and 2020, respectively)
104,422 105,649 
Other Expense (Income), Net4,713 (42,726)
Net Income (Loss) Before Provision (Benefit) for Income Taxes61,271 74,579 
Provision (Benefit) for Income Taxes14,640 9,687 
Net Income (Loss)46,631 64,892 
Less: Net Income (Loss) Attributable to Noncontrolling Interests1,028 917 
Net Income (Loss) Attributable to Iron Mountain Incorporated$45,603 $63,975 
Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated:  
Basic$0.16 $0.22 
Diluted$0.16 $0.22 
Weighted Average Common Shares Outstanding—Basic288,756 287,840 
Weighted Average Common Shares Outstanding—Diluted289,528 288,359 












The accompanying notes are an integral part of these condensed consolidated financial statements.
IRON MOUNTAIN MARCH 31, 2021 FORM 10-Q
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Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(IN THOUSANDS) (UNAUDITED)
 THREE MONTHS ENDED
MARCH 31,
 20212020
Net Income (Loss)$46,631 $64,892 
Other Comprehensive (Loss) Income:  
Foreign Currency Translation Adjustment(66,355)(223,652)
Change in Fair Value of Derivative Instruments15,206 (8,362)
Total Other Comprehensive (Loss) Income(51,149)(232,014)
Comprehensive (Loss) Income(4,518)(167,122)
Comprehensive Income (Loss) Attributable to Noncontrolling Interests897 (430)
Comprehensive (Loss) Income Attributable to Iron Mountain Incorporated$(5,415)$(166,692)


























The accompanying notes are an integral part of these condensed consolidated financial statements.
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Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(IN THOUSANDS, EXCEPT SHARE DATA) (UNAUDITED)
THREE MONTH PERIOD ENDED MARCH 31, 2021
 IRON MOUNTAIN INCORPORATED STOCKHOLDERS' EQUITY
 COMMON STOCKADDITIONAL
PAID-IN
CAPITAL
(DISTRIBUTIONS
IN EXCESS OF
EARNINGS) EARNINGS IN
EXCESS OF
DISTRIBUTIONS
ACCUMULATED
OTHER
COMPREHENSIVE
ITEMS, NET
NONCONTROLLING
INTERESTS
REDEEMABLE
NONCONTROLLING
INTERESTS
 TOTALSHARESAMOUNTS
Balance, December 31, 2020$1,136,729 288,273,049 $2,883 $4,340,078 $(2,950,339)$(255,893)$ $59,805 
Issuance of shares under employee stock purchase plan and option plans and stock-based compensation6,398 454,698 5 6,393 — — — — 
Change in equity related to redeemable noncontrolling interests680 — — 680 — — — (680)
Parent cash dividends declared(178,685)— — — (178,685)— — — 
Foreign currency translation adjustment(66,224)— — — — (66,224)— (131)
Change in fair value of derivative instruments15,206 — — — — 15,206 — — 
Net income (loss)45,603 — — — 45,603 — — 1,028 
Noncontrolling interests equity contributions— — — — — — — 2,200 
Noncontrolling interests dividends— — — — — — — (621)
Balance, March 31, 2021$959,707 288,727,747 $2,888 $4,347,151 $(3,083,421)$(306,911)$ $61,601 
THREE MONTH PERIOD ENDED MARCH 31, 2020
 IRON MOUNTAIN INCORPORATED STOCKHOLDERS' EQUITY
 COMMON STOCKADDITIONAL
PAID-IN
CAPITAL
(DISTRIBUTIONS
IN EXCESS OF
EARNINGS) EARNINGS IN
EXCESS OF
DISTRIBUTIONS
ACCUMULATED
OTHER
COMPREHENSIVE
ITEMS, NET
NONCONTROLLING
INTERESTS
REDEEMABLE
NONCONTROLLING
INTERESTS
 TOTALSHARESAMOUNTS
Balance, December 31, 2019$1,464,227 287,299,645 $2,873 $4,298,566 $(2,574,896)$(262,581)$265 $67,682 
Issuance of shares under employee stock purchase plan and option plans and stock-based compensation1,917 579,497 6 1,911 — — — — 
Change in equity related to redeemable noncontrolling interests4,000 — — 4,000 — — — (4,000)
Parent cash dividends declared (179,512)— — — (179,512)— — — 
Foreign currency translation adjustment(222,305)— — — — (222,305)— (1,347)
Change in fair value of derivative instruments(8,362)— — — — (8,362)— — 
Net income (loss)63,876 — — — 63,975 — (99)1,016 
Noncontrolling interests dividends— — — — — — — (1,194)
Balance, March 31, 2020$1,123,841 287,879,142 $2,879 $4,304,477 $(2,690,433)$(493,248)$166 $62,157 







The accompanying notes are an integral part of these condensed consolidated financial statements.
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Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS) (UNAUDITED)
 THREE MONTHS ENDED MARCH 31,
 20212020
Cash Flows from Operating Activities: 
Net income (loss)$46,631 $64,892 
Adjustments to reconcile net income (loss) to cash flows from operating activities:  
Depreciation114,449 113,700 
Amortization (includes amortization of deferred financing costs and discounts of $4,127 and $4,513 for
the three months ended March 31, 2021 and 2020, respectively)
55,320 53,397 
Intangible impairments  23,000 
Revenue reduction associated with amortization of customer inducements and above- and
below-market leases
2,263 2,682 
Stock-based compensation expense10,953 6,527 
(Benefit) provision for deferred income taxes(6,315)(107)
(Gain) loss on disposal/write-down of property, plant and equipment, net (4,451)(1,055)
Foreign currency transactions and other, net9,220 (44,849)
(Increase) decrease in assets(22,154)(45,594)
(Decrease) increase in liabilities(137,087)(47,178)
Cash Flows from Operating Activities 68,829 125,415 
Cash Flows from Investing Activities:  
Capital expenditures (145,528)(97,144)
Cash paid for acquisitions, net of cash acquired (118,069)
Acquisition of customer relationships(874)(1,734)
Customer inducements (1,457)(4,328)
Contract fulfillment costs and third-party commissions(16,719)(11,142)
Investments in joint ventures and other investments(6,500) 
Proceeds from sales of property and equipment and other, net12,448 1,246 
Cash Flows from Investing Activities (158,630)(231,171)
Cash Flows from Financing Activities:  
Repayment of revolving credit facility, term loan facilities and other debt(415,030)(2,581,771)
Proceeds from revolving credit facility, term loan facilities and other debt625,689 2,850,451 
Debt repayment and equity distribution to noncontrolling interests (621)(1,194)
Parent cash dividends(180,992)(181,302)
Net (payments) proceeds associated with employee stock-based awards (4,556)(4,610)
Net proceeds (payments) of debt financing costs and other5,000 (7,816)
Cash Flows from Financing Activities29,490 73,758 
Effect of Exchange Rates on Cash and Cash Equivalents(5,808)(8,873)
(Decrease) increase in Cash and Cash Equivalents(66,119)(40,871)
Cash and Cash Equivalents, including Restricted Cash, Beginning of Period205,063 193,555 
Cash and Cash Equivalents, including Restricted Cash, End of Period$138,944 $152,684 
Supplemental Information:  
Cash Paid for Interest$185,558 $157,541 
Cash Paid for Income Taxes, Net$20,847 $14,004 
Non-Cash Investing and Financing Activities:  
Financing Leases $4,976 $13,061 
Accrued Capital Expenditures$59,490 $60,761 
Fair Value of Investments Applied to Acquisitions $ $27,276 
Dividends Payable$185,560 $184,231 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share data) (Unaudited)
1. GENERAL
The unaudited condensed consolidated financial statements of Iron Mountain Incorporated, a Delaware corporation (“IMI”), and its subsidiaries (“we” or “us”), have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted pursuant to those rules and regulations, but we believe that the disclosures included herein are adequate to make the information presented not misleading. The interim condensed consolidated financial statements are presented herein and, in the opinion of management, reflect all adjustments of a normal recurring nature necessary for a fair presentation. Interim results are not necessarily indicative of results for a full year.
The Condensed Consolidated Financial Statements and Notes thereto, which are included herein, should be read in conjunction with the Consolidated Financial Statements and Notes thereto for the year ended December 31, 2020 included in our Annual Report on Form 10-K filed with the SEC on February 24, 2021 (our “Annual Report”).
We have been organized and have operated as a real estate investment trust for United States federal income tax purposes (“REIT”) beginning with our taxable year ended December 31, 2014.
In March 2020, the World Health Organization declared a novel strain of coronavirus (“COVID-19”) a pandemic. The preventative and protective actions that governments have ordered, or we or our customers have implemented, have resulted in a period of reduced service operations and business disruption for us, our customers and other third parties with which we do business. The broader impacts of the COVID-19 pandemic on our financial position, results of operations and cash flows, including impacts to the estimates we use in the preparation of our financial statements, remain uncertain and difficult to predict as information continues to evolve, and the severity and duration of the pandemic remains unknown, as is our visibility of its effect on the markets we serve and our customers within those markets.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents include cash on hand and cash invested in highly liquid short-term securities, which have remaining maturities at the date of purchase of less than 90 days. Cash and cash equivalents are carried at cost, which approximates fair value.
B. ACCOUNTS RECEIVABLE
We maintain an allowance for doubtful accounts and a credit memo reserve for estimated losses resulting from the potential inability of our customers to make required payments and potential disputes regarding billing and service issues. Rollforward of allowance for doubtful accounts and credit memo reserves for the three months ended March 31, 2021 is as follows:
Balance as of December 31, 2020$56,981 
Credit memos charged to revenue13,026 
Allowance for bad debts charged to expense9,850 
Deductions and other(1)
(19,114)
Balance as of March 31, 2021$60,743 
(1)Primarily consists of the issuance of credit memos, the write-off of accounts receivable and the impact associated with currency translation adjustments.
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Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
C. LEASES
We lease facilities for certain warehouses, data centers and office space. We also have land leases, including those on which certain facilities are located. Operating and financing lease right-of-use assets and lease liabilities as of March 31, 2021 and December 31, 2020 are as follows:
DESCRIPTIONMARCH 31, 2021DECEMBER 31, 2020
Assets:
Operating lease right-of-use assets$2,205,299 $2,196,502 
Financing lease right-of-use assets, net of accumulated depreciation(1)
300,399 310,534 
Liabilities:
Current
Operating lease liabilities$248,319 $250,239 
Financing lease liabilities(1)
42,692 43,149 
Long-term
Operating lease liabilities2,061,140 2,044,598 
Financing lease liabilities(1)
311,448 323,162 
(1)Financing lease right-of-use assets, current financing lease liabilities and long-term financing lease liabilities are included within Property, Plant and Equipment, Net, Current portion of long-term debt and Long-term Debt, net of current portion, respectively, within our Condensed Consolidated Balance Sheets.
The components of the lease expense for the three months ended March 31, 2021 and 2020 are as follows:
THREE MONTHS ENDED MARCH 31,
DESCRIPTION20212020
Operating lease cost(1)
$132,675 $123,289 
Financing lease cost:
Depreciation of financing lease right-of-use assets$12,648 $12,955 
Interest expense for financing lease liabilities4,975 4,844 
(1)Operating lease cost, the majority of which is included in Cost of sales, includes variable lease costs of $28,368 and $27,805 for the three months ended March 31, 2021 and 2020, respectively.
Other information: Supplemental cash flow information relating to our leases for the three months ended March 31, 2021 and 2020 is as follows:
THREE MONTHS ENDED MARCH 31,
CASH PAID FOR AMOUNTS INCLUDED IN MEASUREMENT OF LEASE LIABILITIES:20212020
Operating cash flows used in operating leases$93,645 $86,418 
Operating cash flows used in financing leases (interest)4,975 4,844 
Financing cash flows used in financing leases12,441 12,739 
NON-CASH ITEMS:
Operating lease modifications and reassessments$31,994 $34,916 
New operating leases (including acquisitions and sale-leaseback transactions)48,200 110,609 
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Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
D. GOODWILL
Our reporting units as of December 31, 2020 are described in detail in Note 2.k. to Notes to Consolidated Financial Statements included in our Annual Report.
The changes in the carrying value of goodwill attributable to each reportable operating segment for the three months ended March 31, 2021 are as follows:
GLOBAL RIM BUSINESSGLOBAL DATA CENTER BUSINESSCORPORATE AND OTHER BUSINESSTOTAL CONSOLIDATED
Goodwill balance, net of accumulated amortization as of
December 31, 2020
$4,024,182 $436,987 $96,440 $4,557,609 
Fair value and other adjustments(5,804)  (5,804)
Currency effects(24,298)(6,359)(373)(31,030)
Goodwill balance, net accumulated amortization as of March 31, 2021$3,994,080 $430,628 $96,067 $4,520,775 
Accumulated goodwill impairment balance as of March 31, 2021$132,409 $ $26,011 $158,420 
E. INVESTMENTS
I. FRANKFURT DATA CENTER JOINT VENTURE
In October 2020, we formed a joint venture with AGC Equity Partners (the “Frankfurt JV”). Our equity interest in the Frankfurt JV at both March 31, 2021 and December 31, 2020 was 20%, and the carrying value of our investment in the Frankfurt JV at March 31, 2021 and December 31, 2020 was $26,257 and $26,500, respectively, which is presented as a component of Other within Other assets, net in our Condensed Consolidated Balance Sheets.
II. MAKESPACE JOINT VENTURE
During 2019, we formed a joint venture with MakeSpace Labs, Inc. (the “MakeSpace JV”). Our equity interest in the MakeSpace JV at March 31, 2021 and December 31, 2020 was 42% and 39%, respectively, and the carrying value of our investment in the MakeSpace JV at March 31, 2021 and December 31, 2020 was $21,075 and $16,924, respectively, which is presented as a component of Other within Other assets, net in our Condensed Consolidated Balance Sheets.
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Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
F. FAIR VALUE MEASUREMENTS
The assets and liabilities carried at fair value measured on a recurring basis as of March 31, 2021 and December 31, 2020 are as follows:
  FAIR VALUE MEASUREMENTS AT MARCH 31, 2021 USING
DESCRIPTIONTOTAL CARRYING
VALUE AT
MARCH 31, 2021
QUOTED PRICES IN
ACTIVE MARKETS
(LEVEL 1)
SIGNIFICANT OTHER
OBSERVABLE INPUTS
(LEVEL 2)
SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
Money Market Funds$7,673 $ $7,673 $ 
Time Deposits1,291  1,291  
Trading Securities11,323 11,067  256   
Derivative Liabilities34,497  34,497  
  FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2020 USING
DESCRIPTIONTOTAL CARRYING
VALUE AT
DECEMBER 31, 2020
QUOTED PRICES IN
ACTIVE MARKETS
(LEVEL 1)
SIGNIFICANT OTHER
OBSERVABLE INPUTS
(LEVEL 2)
SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
Money Market Funds$62,657 $ $62,657 $ 
Time Deposits2,121  2,121  
Trading Securities10,892 10,636  256   
Derivative Liabilities49,703  49,703  
There were no material items that are measured at fair value on a non-recurring basis at March 31, 2021 and December 31, 2020, other than those disclosed in Note 2.o. to Notes to Consolidated Financial Statements included in our Annual Report which are based on Level 3 inputs.
G. ACCUMULATED OTHER COMPREHENSIVE ITEMS, NET
The changes in accumulated other comprehensive items, net for the three months ended March 31, 2021 and 2020 are as follows:
THREE MONTHS ENDED MARCH 31, 2021THREE MONTHS ENDED MARCH 31, 2020
 FOREIGN
CURRENCY
TRANSLATION AND OTHER
ADJUSTMENTS
CHANGE IN FAIR VALUE OF
DERIVATIVE
INSTRUMENTS
TOTALFOREIGN
CURRENCY
TRANSLATION AND OTHER
ADJUSTMENTS
CHANGE IN FAIR VALUE OF DERIVATIVE INSTRUMENTSTOTAL
Beginning of Period$(206,190)$(49,703)$(255,893)$(252,825)$(9,756)$(262,581)
Other comprehensive (loss) income:
Foreign currency translation and other adjustments(66,224) (66,224)(222,305) (222,305)
Change in fair value of derivative instruments 15,206 15,206  (8,362)(8,362)
Total other comprehensive (loss) income(66,224)15,206 (51,018)(222,305)(8,362)(230,667)
End of Period$(272,414)$(34,497)$(306,911)$(475,130)$(18,118)$(493,248)
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Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
H. REVENUES
The costs associated with the initial movement of customer records into physical storage and certain commissions are considered costs to obtain or fulfill customer contracts (collectively, “Contract Fulfillment Costs”). Contract Fulfillment Costs as of March 31, 2021 and December 31, 2020, are as follows:
MARCH 31, 2021DECEMBER 31, 2020
GROSS
CARRYING
AMOUNT
ACCUMULATED
AMORTIZATION
NET
CARRYING
AMOUNT
GROSS
CARRYING
AMOUNT
ACCUMULATED
AMORTIZATION
NET
CARRYING
AMOUNT
Intake Costs asset$66,337 $(35,904)$30,433 $63,721 $(33,352)$30,369 
Commissions asset99,721 (43,125)56,596 91,069 (38,787)52,282 
Deferred revenue liabilities are reflected in our Condensed Consolidated Balance Sheets as follows:
DESCRIPTIONLOCATION IN BALANCE SHEETMARCH 31, 2021DECEMBER 31, 2020
Deferred revenue - CurrentDeferred revenue$284,974 $295,785 
Deferred revenue - Long-termOther Long-term Liabilities36,581 35,612 
DATA CENTER LESSOR CONSIDERATIONS
Our Global Data Center Business features storage rental provided to customers at contractually specified rates over a fixed contractual period, which are accounted for in accordance with Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842), as amended (“ASU 2016-02”). Storage rental revenue, including revenue associated with power and connectivity, associated with our Global Data Center Business for the three months ended March 31, 2021 and 2020 are as follows:
THREE MONTHS ENDED MARCH 31,
20212020
Storage rental revenue(1)
$67,157 $64,595 
(1)Revenue associated with power and connectivity included within storage rental revenue was $13,133 and $11,413 for the three months ended March 31, 2021 and 2020, respectively.
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Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
I. STOCK-BASED COMPENSATION
Stock-based compensation expense for the cost of stock options, restricted stock units (“RSUs”), performance units (“PUs”) and shares of stock issued under our employee stock purchase plan (collectively, “Employee Stock-Based Awards”) for the three months ended March 31, 2021 and 2020 is as follows:
THREE MONTHS ENDED MARCH 31,
20212020
Stock-based compensation expense$10,953 $6,527 
As of March 31, 2021, unrecognized compensation cost related to the unvested portion of our Employee Stock-Based Awards was $80,625.
RESTRICTED STOCK UNITS AND PERFORMANCE UNITS
The fair value of RSUs and earned PUs that vested during the three months ended March 31, 2021 and 2020 is as follows:
THREE MONTHS ENDED MARCH 31,
 20212020
Fair value of RSUs vested$19,861 $18,379 
Fair value of earned PUs that vested5,591 10,890 
As of March 31, 2021, we expected 100% achievement of each of the predefined targets associated with the awards of PUs made in 2021, 2020 and 2019.
J. OTHER EXPENSE (INCOME), NET
Consolidated other expense (income), net for the three months ended March 31, 2021 and 2020 consists of the following:
 THREE MONTHS ENDED MARCH 31,
DESCRIPTION20212020
Foreign currency transaction losses (gains), net$2,314 $(37,399)
Other, net(1)
2,399 (5,327)
Other Expense (Income), Net$4,713 $(42,726)
(1)Other, net for the three months ended March 31, 2021 is primarily comprised of losses on our equity method investments. Other, net for the three months ended March 31, 2020 is primarily comprised of a gain on our previously held 25% equity investment in OSG Records Management (Europe) Limited (“OSG”), which is partially offset by losses on our equity method investments.
K. INCOME TAXES
We provide for income taxes during interim periods based on our estimate of the effective tax rate for the year.
Our effective tax rates for the three months ended March 31, 2021 and 2020 are as follows:
 THREE MONTHS ENDED MARCH 31,
2021(1)
2020(2)
Effective Tax Rate23.9 %13.0 %
(1)The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate for the three months ended March 31, 2021 were the benefits derived from the dividends paid deduction and the impacts of differences in the tax rates at which our foreign earnings are subject.
(2)The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate for the three months ended March 31, 2020 were the benefits derived from the dividends paid deduction and foreign exchange losses in different jurisdictions with different tax rates as well as the impacts of differences in the tax rates at which our foreign earnings are subject.
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Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
L. INCOME (LOSS) PER SHARE—BASIC AND DILUTED
The calculation of basic and diluted income (loss) per share for the three months ended March 31, 2021 and 2020 are as follows:
 
THREE MONTHS ENDED MARCH 31,
 20212020
Net Income (Loss)$46,631 $64,892 
Less: Net Income (Loss) Attributable to Noncontrolling Interests1,028 917 
Net Income (Loss) Attributable to Iron Mountain Incorporated (utilized in numerator of Earnings Per Share calculation)$45,603 $63,975 
Weighted-average shares—basic288,756,000 287,840,000 
Effect of dilutive potential stock options56,437 51,799 
Effect of dilutive potential RSUs and PUs715,850 467,334 
Weighted-average shares—diluted289,528,287 288,359,133 
Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated:  
 Basic$0.16 $0.22 
 Diluted$0.16 $0.22 
Antidilutive stock options, RSUs and PUs, excluded from the calculation4,708,068 5,513,714 
M. RECENT ACCOUNTING PRONOUNCEMENTS
In December 2019, the Financial Accounting Standards Board issued ASU No. 2019-12, Income Taxes (Topic 740) (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions for recognizing deferred taxes for investments, performing intra-period allocation and calculating income taxes in interim periods. ASU 2019-12 also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. We adopted ASU 2019-12 on January 1, 2021. ASU 2019-12 did not have a material impact on our consolidated financial statements.

IRON MOUNTAIN MARCH 31, 2021 FORM 10-Q
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Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
3. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Derivative instruments we are party to include: (i) interest rate swap agreements (which are designated as cash flow hedges) and (ii) cross-currency swap agreements (which are designated as net investment hedges).
INTEREST RATE SWAP AGREEMENTS DESIGNATED AS CASH FLOW HEDGES
In March 2018, we entered into interest rate swap agreements to limit our exposure to changes in interest rates on a portion of our floating rate indebtedness. As of March 31, 2021 and December 31, 2020, we had $350,000 in notional value of interest rate swap agreements outstanding, which expire in March 2022. Under the interest rate swap agreements, we receive variable rate interest payments associated with the notional amount of each interest rate swap, based upon one-month LIBOR, in exchange for the payment of fixed interest rates as specified in the interest rate swap agreements.
In July 2019, we entered into forward-starting interest rate swap agreements to limit our exposure to changes in interest rates on a portion of our floating rate indebtedness once our current interest rate swap agreements expire in March 2022. The forward-starting interest rate swap agreements have $350,000 in notional value, commence in March 2022 and expire in March 2024. Under the forward-starting interest rate swap agreements, we will receive variable rate interest payments based upon one-month LIBOR, in exchange for the payment of fixed interest rates as specified in the interest rate swap agreements.
We have designated these interest rate swap agreements, including the forward-starting interest rate swap agreements, as cash flow hedges. Unrealized gains are recognized as assets, while unrealized losses are recognized as liabilities.
CROSS-CURRENCY SWAP AGREEMENTS DESIGNATED AS A HEDGE OF NET INVESTMENT
In August 2019, we entered into cross-currency swap agreements to hedge the variability of exchange rate impacts between the United States dollar and the Euro. Under the terms of the cross-currency swap agreements, we notionally exchanged approximately $110,000 at an interest rate of 6.0% for approximately 99,055 Euros at a weighted average interest rate of approximately 3.65%. These cross-currency swap agreements expire in August 2023 (“August 2023 Cross Currency Swap Agreements”).
In September 2020, we entered into cross-currency swap agreements to hedge the variability of exchange rate impacts between the United States dollar and the Euro. Under the terms of the cross-currency swap agreements, we notionally exchanged approximately $359,200 at an interest rate of 4.5% for approximately 300,000 Euros at a weighted average interest rate of approximately 3.4%. These cross-currency swap agreements expire in February 2026 (“February 2026 Cross Currency Swap Agreements”).
We have designated these cross-currency swap agreements as hedge of net investments against certain of our Euro denominated subsidiaries and they require an exchange of the notional amounts at maturity. These cross-currency swap agreements are marked to market at each reporting period, representing the fair values of the cross-currency swap agreements, and any changes in fair value are recognized as a component of Accumulated other comprehensive items, net. Unrealized gains are recognized as assets while unrealized losses are recognized as liabilities. These swaps are all deemed to be effective hedges and, therefore, all unrealized changes in fair value are included as a component of Accumulated other comprehensive items, net.
(Liabilities) assets recognized in our Condensed Consolidated Balance Sheets at March 31, 2021 and December 31, 2020, by derivative instrument, are as follows:
DERIVATIVE INSTRUMENTS(1)
MARCH 31, 2021DECEMBER 31, 2020
Cash Flow Hedges(2)
  
Interest Rate Swap Agreements$(16,861)$(21,062)
Net Investment Hedges(3)
August 2023 Cross Currency Swap Agreements(3,478)(8,229)
February 2026 Cross Currency Swap Agreements(14,158)(20,412)
(1)Our derivative assets are included as a component of Other within Other assets, net and our derivative liabilities are included as a component of Other long-term liabilities in our Condensed Consolidated Balance Sheets.
(2)As of March 31, 2021, cumulative net losses of $16,861 are recorded within Accumulated other comprehensive items, net associated with these interest rate swap agreements.
(3)As of March 31, 2021, cumulative net losses of $17,636 are recorded within Accumulated other comprehensive items, net associated with these cross-currency swap agreements.
14
IRON MOUNTAIN MARCH 31, 2021 FORM 10-Q

Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
3. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (CONTINUED)
Unrealized gains (losses) recognized during the three months ended March 31, 2021 and 2020, by derivative instrument, are as follows:
THREE MONTHS ENDED MARCH 31,
DERIVATIVE INSTRUMENTS(1)
20212020
Cash Flow Hedges  
Interest Rate Swap Agreements$4,201 $(14,732)
Net Investment Hedges
August 2023 Cross Currency Swap Agreements4,751 6,370 
February 2026 Cross Currency Swap Agreements6,254  
(1)These amounts are recognized as unrealized gains (losses), a component of Accumulated other comprehensive items, net.
EURO NOTES DESIGNATED AS A HEDGE OF NET INVESTMENT
Prior to their redemption in August 2020, we designated a portion of our previously outstanding 3% Euro Senior Notes due 2025 (the “Euro Notes”) as a hedge of net investment of certain of our Euro denominated subsidiaries. From January 1, 2020 through March 31, 2020, we designated 300,000 Euros of our Euro Notes as a hedge of net investment of certain of our Euro denominated subsidiaries. As a result, we recorded foreign exchange (gains) losses related to the change in fair value of such debt due to currency translation adjustments as a component of Accumulated other comprehensive items, net.
Foreign exchange gains (losses) associated with this hedge of net investment for the three months ended March 31, 2021 and 2020 are as follows:
 
THREE MONTHS ENDED MARCH 31,
20212020
Foreign exchange gains (losses) associated with net investment hedge$ $6,453 
As of March 31, 2021, cumulative net gains of $3,256, net of tax, are recorded in Accumulated other comprehensive items, net associated with this net investment hedge.

IRON MOUNTAIN MARCH 31, 2021 FORM 10-Q
15

Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
4. DEBT
Long-term debt is as follows:
 MARCH 31, 2021DECEMBER 31, 2020
 
DEBT
(INCLUSIVE OF
DISCOUNT)
UNAMORTIZED
DEFERRED
FINANCING
COSTS
CARRYING
AMOUNT
FAIR
VALUE
DEBT
(INCLUSIVE OF
DISCOUNT)
UNAMORTIZED
DEFERRED
FINANCING
COSTS
CARRYING
AMOUNT
FAIR
VALUE
Revolving Credit Facility(1)
$60,000 $(7,758)$52,242 $60,000 $ $(8,620)$(8,620)$ 
Term Loan A(1)
212,500  212,500 212,500 215,625  215,625 215,625 
Term Loan B677,927 (5,932)671,995 679,000 679,621 (6,244)673,377 680,750 
Australian Dollar Term Loan (the “AUD Term Loan”)238,433 (1,374)237,059 239,162 243,152 (1,624)241,528 244,014 
UK Bilateral Revolving Credit Facility (the “UK Bilateral Facility”)192,732 (1,147)191,585 192,732 191,101 (1,307)189,794 191,101 
37/8% GBP Senior Notes due 2025 (the “GBP Notes”)
550,662 (4,765)545,897 556,180 546,003 (4,983)541,020 553,101 
47/8% Senior Notes due 2027 (the “47/8% Notes due 2027”)(2)
1,000,000 (9,243)990,757 1,025,000 1,000,000 (9,598)990,402 1,046,250 
51/4% Senior Notes due 2028 (the “51/4% Notes due 2028”)(2)
825,000 (8,266)816,734 856,969 825,000