Selected Consolidated Financial Statements of Parent, Guarantors, Canada Company and Non-Guarantors (Tables)
 3 Months Ended
Mar. 31, 2015
Selected Consolidated Financial Statements of Parent, Guarantors, Canada Company and Non-Guarantors  
Schedule of selected consolidated Balance sheet statements of Parent, Guarantors, Canada Company and Non-Guarantors
CONSOLIDATED BALANCE SHEETS
 
December 31, 2014
 
Parent
 
Guarantors
 
Canada
Company
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Assets
 

 
 

 
 

 
 

 
 

 
 

Current Assets:
 

 
 

 
 

 
 

 
 

 
 

Cash and Cash Equivalents
$
2,399

 
$
4,713

 
$
4,979

 
$
113,842

 
$
—

 
$
125,933

Restricted Cash
33,860

 
—

 
—

 
—

 
—

 
33,860

Accounts Receivable
—

 
361,330

 
37,137

 
205,798

 
—

 
604,265

Intercompany Receivable
—

 
586,725

 
—

 
—

 
(586,725
)
 
—

Other Current Assets
153

 
88,709

 
2,925

 
61,908

 
(34
)
 
153,661

Total Current Assets
36,412

 
1,041,477

 
45,041

 
381,548

 
(586,759
)
 
917,719

Property, Plant and Equipment, Net
840

 
1,580,337

 
160,977

 
808,573

 
—

 
2,550,727

Other Assets, Net:
 

 
 

 
 

 
 

 
 

 
 

Long-term Notes Receivable from Affiliates and Intercompany Receivable
2,851,651

 
245

 
2,448

 
—

 
(2,854,344
)
 
—

Investment in Subsidiaries
917,170

 
656,877

 
30,751

 
93,355

 
(1,698,153
)
 
—

Goodwill
—

 
1,611,957

 
180,342

 
631,484

 
—

 
2,423,783

Other
31,108

 
375,082

 
26,672

 
245,251

 
—

 
678,113

Total Other Assets, Net
3,799,929

 
2,644,161

 
240,213

 
970,090

 
(4,552,497
)
 
3,101,896

Total Assets
$
3,837,181

 
$
5,265,975

 
$
446,231

 
$
2,160,211

 
$
(5,139,256
)
 
$
6,570,342

Liabilities and Equity
 

 
 

 
 

 
 

 
 

 
 

Intercompany Payable
$
505,083

 
$
—

 
$
3,564

 
$
78,078

 
$
(586,725
)
 
$
—

Current Portion of Long-term Debt
—

 
24,955

 
—

 
27,174

 
(34
)
 
52,095

Total Other Current Liabilities
60,097

 
470,122

 
35,142

 
239,280

 
—

 
804,641

Long-term Debt, Net of Current Portion
2,414,646

 
908,431

 
245,861

 
1,042,498

 
—

 
4,611,436

Long-term Notes Payable to Affiliates and Intercompany Payable
1,000

 
2,851,384

 
—

 
1,960

 
(2,854,344
)
 
—

Other Long-term Liabilities
—

 
115,789

 
37,558

 
78,868

 
—

 
232,215

Commitments and Contingencies (See Note 7)
 

 
 

 
 

 
 

 
 

 
 

Total Iron Mountain Incorporated Stockholders' Equity           
856,355

 
895,294

 
124,106

 
678,753

 
(1,698,153
)
 
856,355

Noncontrolling Interests
—

 
—

 
—

 
13,600

 
—

 
13,600

Total Equity
856,355

 
895,294

 
124,106

 
692,353

 
(1,698,153
)
 
869,955

Total Liabilities and Equity
$
3,837,181

 
$
5,265,975

 
$
446,231

 
$
2,160,211

 
$
(5,139,256
)
 
$
6,570,342

CONSOLIDATED BALANCE SHEETS (Continued)
 
March 31, 2015
 
Parent
 
Guarantors
 
Canada
Company
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Assets
 

 
 

 
 

 
 

 
 

 
 

Current Assets:
 

 
 

 
 

 
 

 
 

 
 

Cash and Cash Equivalents
$
—

 
$
7,395

 
$
7,120

 
$
105,090

 
$
—

 
$
119,605

Restricted Cash
20,000

 
—

 
—

 
—

 
—

 
20,000

Accounts Receivable
—

 
14,842

 
33,975

 
541,209

 
—

 
590,026

Intercompany Receivable
—

 
857,050

 
—

 
—

 
(857,050
)
 
—

Other Current Assets
573

 
93,214

 
3,043

 
61,041

 
(29
)
 
157,842

Total Current Assets
20,573

 
972,501

 
44,138

 
707,340

 
(857,079
)
 
887,473

Property, Plant and Equipment, Net
795

 
1,580,203

 
147,886

 
747,918

 
—

 
2,476,802

Other Assets, Net:
 

 
 

 
 

 
 

 
 

 
 

Long-term Notes Receivable from Affiliates and Intercompany Receivable
2,919,207

 
1,000

 
2,234

 
—

 
(2,922,441
)
 
—

Investment in Subsidiaries
867,150

 
607,661

 
28,066

 
91,633

 
(1,594,510
)
 
—

Goodwill
—

 
1,612,151

 
165,582

 
580,828

 
—

 
2,358,561

Other
30,145

 
375,615

 
24,370

 
218,488

 
—

 
648,618

Total Other Assets, Net
3,816,502

 
2,596,427

 
220,252

 
890,949

 
(4,516,951
)
 
3,007,179

Total Assets
$
3,837,870

 
$
5,149,131

 
$
412,276

 
$
2,346,207

 
$
(5,374,030
)
 
$
6,371,454

Liabilities and Equity
 

 
 

 
 

 
 

 
 

 
 

Intercompany Payable
$
658,287

 
$
—

 
$
3,292

 
$
195,471

 
$
(857,050
)
 
$
—

Current Portion of Long-term Debt
—

 
23,254

 
—

 
31,258

 
(29
)
 
54,483

Total Other Current Liabilities
55,930

 
394,054

 
26,613

 
189,251

 
—

 
665,848

Long-term Debt, Net of Current Portion
2,379,798

 
846,299

 
227,442

 
1,213,820

 
—

 
4,667,359

Long-term Notes Payable to Affiliates and Intercompany Payable
1,000

 
2,921,441

 
—

 
—

 
(2,922,441
)
 
—

Other Long-term Liabilities
—

 
118,005

 
35,230

 
74,027

 
—

 
227,262

Commitments and Contingencies (See Note 7)
 

 
 

 
 

 
 

 
 

 
 

Total Iron Mountain Incorporated Stockholders' Equity           
742,855

 
846,078

 
119,699

 
628,733

 
(1,594,510
)
 
742,855

Noncontrolling Interests
—

 
—

 
—

 
13,647

 
—

 
13,647

Total Equity
742,855

 
846,078

 
119,699

 
642,380

 
(1,594,510
)
 
756,502

Total Liabilities and Equity
$
3,837,870

 
$
5,149,131

 
$
412,276

 
$
2,346,207

 
$
(5,374,030
)
 
$
6,371,454
Schedule of selected consolidated Income statements of Parent, Guarantors, Canada Company and Non-Guarantors
CONSOLIDATED STATEMENTS OF OPERATIONS
 
Three Months Ended March 31, 2014
 
Parent
 
Guarantors
 
Canada
Company
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Revenues:
 

 
 

 
 

 
 

 
 

 
 

Storage Rental
$
—

 
$
300,329

 
$
30,411

 
$
128,149

 
$
—

 
$
458,889

Service
—

 
186,430

 
16,150

 
108,657

 
—

 
311,237

Intercompany Service
—

 
—

 
—

 
17,358

 
(17,358
)
 
—

Total Revenues
—

 
486,759

 
46,561

 
254,164

 
(17,358
)
 
770,126

Operating Expenses:
 

 
 

 
 

 
 

 
 

 
 

Cost of Sales (Excluding Depreciation and Amortization)
—

 
202,920

 
6,242

 
125,983

 
—

 
335,145

Intercompany Service Cost of Sales
—

 
—

 
17,358

 
—

 
(17,358
)
 
—

Selling, General and Administrative
28

 
146,578

 
3,753

 
64,421

 
—

 
214,780

Depreciation and Amortization
77

 
52,640

 
2,999

 
30,717

 
—

 
86,433

Loss (Gain) on Disposal/Write-down of Property, Plant and Equipment (Excluding Real Estate), net
—

 
929

 
1

 
222

 
—

 
1,152

Total Operating Expenses
105

 
403,067

 
30,353

 
221,343

 
(17,358
)
 
637,510

Operating (Loss) Income
(105
)
 
83,692

 
16,208

 
32,821

 
—

 
132,616

Interest Expense (Income), Net
48,165

 
(4,852
)
 
9,547

 
9,452

 
—

 
62,312

Other (Income) Expense, Net
(1,280
)
 
1,507

 
(20
)
 
5,110

 
—

 
5,317

(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes and (Gain) Loss on Sale of Real Estate
(46,990
)
 
87,037

 
6,681

 
18,259

 
—

 
64,987

Provision (Benefit) for Income Taxes
—

 
23,803

 
2,538

 
3,393

 
—

 
29,734

(Gain) Loss on Sale of Real Estate, Net of Tax
—

 
(197
)
 
—

 
(7,271
)
 
—

 
(7,468
)
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax
(88,657
)
 
(24,826
)
 
(1,954
)
 
(4,143
)
 
119,580

 
—

Income (Loss) from Continuing Operations
41,667

 
88,257

 
6,097

 
26,280

 
(119,580
)
 
42,721

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

 
(625
)
 
—

 
13

 
—

 
(612
)
Net Income (Loss)
41,667

 
87,632

 
6,097

 
26,293

 
(119,580
)
 
42,109

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

 
—

 
—

 
442

 
—

 
442

Net Income (Loss) Attributable to Iron Mountain Incorporated
$
41,667

 
$
87,632

 
$
6,097

 
$
25,851

 
$
(119,580
)
 
$
41,667

Net Income (Loss)
$
41,667

 
$
87,632

 
$
6,097

 
$
26,293

 
$
(119,580
)
 
$
42,109

Other Comprehensive Income (Loss):
 

 
 

 
 

 
 

 
 

 
 

Foreign Currency Translation Adjustments
88

 
741

 
(2,618
)
 
3,577

 
—

 
1,788

Equity in Other Comprehensive Income (Loss) of Subsidiaries
1,589

 
(71
)
 
(1,160
)
 
(2,618
)
 
2,260

 
—

Total Other Comprehensive Income (Loss)
1,677

 
670

 
(3,778
)
 
959

 
2,260

 
1,788

Comprehensive Income (Loss)
43,344

 
88,302

 
2,319

 
27,252

 
(117,320
)
 
43,897

Comprehensive Income (Loss) Attributable to Noncontrolling Interests
—

 
—

 
—

 
553

 
—

 
553

Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated
$
43,344

 
$
88,302

 
$
2,319

 
$
26,699

 
$
(117,320
)
 
$
43,344

CONSOLIDATED STATEMENTS OF OPERATIONS (Continued)
 
Three Months Ended March 31, 2015
 
Parent
 
Guarantors
 
Canada
Company
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Revenues:
 

 
 

 
 

 
 

 
 

 
 

Storage Rental
$
—

 
$
304,592

 
$
30,868

 
$
123,412

 
$
—

 
$
458,872

Service
—

 
180,865

 
16,557

 
92,992

 
—

 
290,414

Intercompany Service
—

 
352

 
—

 
16,419

 
(16,771
)
 
—

Total Revenues
—

 
485,809

 
47,425

 
232,823

 
(16,771
)
 
749,286

Operating Expenses:
 

 
 

 
 

 
 

 
 

 
 

Cost of Sales (Excluding Depreciation and Amortization)
—

 
196,661

 
7,165

 
117,828

 
—

 
321,654

Intercompany Service Cost of Sales
—

 
—

 
16,419

 
352

 
(16,771
)
 
—

Selling, General and Administrative
73

 
132,192

 
4,167

 
59,982

 
—

 
196,414

Depreciation and Amortization
46

 
55,403

 
3,052

 
27,450

 
—

 
85,951

Loss (Gain) on Disposal/Write-down of Property, Plant and Equipment (Excluding Real Estate), net
—

 
322

 
—

 
11

 
—

 
333

Total Operating Expenses
119

 
384,578

 
30,803

 
205,623

 
(16,771
)
 
604,352

Operating (Loss) Income
(119
)
 
101,231

 
16,622

 
27,200

 
—

 
144,934

Interest Expense (Income), Net
39,170

 
(6,677
)
 
8,203

 
24,202

 
—

 
64,898

Other (Income) Expense, Net
(2,038
)
 
1,383

 
(127
)
 
23,131

 
—

 
22,349

(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes and (Gain) Loss on Sale of Real Estate
(37,251
)

106,525


8,546


(20,133
)

—


57,687

Provision (Benefit) for Income Taxes
—

 
9,702

 
3,063

 
3,183

 
—

 
15,948

Equity in the (Earnings) Losses of Subsidiaries, Net of Tax
(78,347
)
 
18,740

 
(1,059
)
 
(5,483
)
 
66,149

 
—

Net Income (Loss)
41,096

 
78,083

 
6,542

 
(17,833
)
 
(66,149
)
 
41,739

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

 
—

 
—

 
643

 
—

 
643

Net Income (Loss) Attributable to Iron Mountain Incorporated
$
41,096

 
$
78,083

 
$
6,542

 
$
(18,476
)
 
$
(66,149
)
 
$
41,096

Net Income (Loss)
$
41,096

 
$
78,083

 
$
6,542

 
$
(17,833
)
 
$
(66,149
)
 
$
41,739

Other Comprehensive Income (Loss):
 

 
 

 
 

 
 

 
 

 
 

Foreign Currency Translation Adjustments
4,930

 
—

 
(7,940
)
 
(53,165
)
 
—

 
(56,175
)
Market Value Adjustments for Securities
—

 
23

 
—

 
—

 
—

 
23

Equity in Other Comprehensive (Loss) Income of Subsidiaries
(60,981
)
 
(60,896
)
 
(3,007
)
 
(7,940
)
 
132,824

 
—

Total Other Comprehensive (Loss) Income
(56,051
)
 
(60,873
)
 
(10,947
)
 
(61,105
)
 
132,824

 
(56,152
)
Comprehensive (Loss) Income
(14,955
)
 
17,210

 
(4,405
)
 
(78,938
)
 
66,675

 
(14,413
)
Comprehensive Income (Loss) Attributable to Noncontrolling Interests
—

 
—

 
—

 
542

 
—

 
542

Comprehensive (Loss) Income Attributable to Iron Mountain Incorporated
$
(14,955
)
 
$
17,210

 
$
(4,405
)
 
$
(79,480
)
 
$
66,675

 
$
(14,955
)
 
Schedule of selected consolidated cash flow statements of Parent, Guarantors, Canada Company and Non-Guarantors
CONSOLIDATED STATEMENTS OF CASH FLOWS
 
Three Months Ended March 31, 2014
 
Parent
 
Guarantors
 
Canada
Company
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Cash Flows from Operating Activities:
 

 
 

 
 

 
 

 
 

 
 

Cash Flows from Operating Activities—Continuing Operations
$
(68,972
)
 
$
79,555

 
$
10,421

 
$
34,637

 
$
—

 
$
55,641

Cash Flows from Investing Activities:
 

 
 

 
 

 
 

 
 

 
 

Capital expenditures
—

 
(71,520
)
 
(2,865
)
 
(33,471
)
 
—

 
(107,856
)
Cash paid for acquisitions, net of cash acquired
—

 
916

 
—

 
(31,697
)
 
—

 
(30,781
)
Intercompany loans to subsidiaries
377,202

 
61,895

 
—

 
—

 
(439,097
)
 
—

Investment in subsidiaries
(11,695
)
 
(11,695
)
 
—

 
—

 
23,390

 
—

Additions to customer relationship and acquisition costs
—

 
(7,341
)
 
(280
)
 
(537
)
 
—

 
(8,158
)
Proceeds from sales of property and equipment and other, net (including real estate)
—

 
1,441

 
64

 
16,387

 
—

 
17,892

Cash Flows from Investing Activities—Continuing Operations
365,507

 
(26,304
)
 
(3,081
)
 
(49,318
)
 
(415,707
)
 
(128,903
)
Cash Flows from Financing Activities:
 

 
 

 
 

 
 

 
 

 
 

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

 
(2,171,941
)
 
(252,107
)
 
(30,643
)
 
—

 
(2,454,691
)
Proceeds from revolving credit and term loan facilities and other debt
—

 
2,480,901

 
242,480

 
152,666

 
—

 
2,876,047

Early retirement of senior subordinated notes
(247,275
)
 
—

 
—

 
—

 
—

 
(247,275
)
Debt (repayment to) financing and equity contribution from (distribution to) noncontrolling interests, net
—

 
—

 
—

 
(2,317
)
 
—

 
(2,317
)
Intercompany loans from parent
—

 
(376,788
)
 
8,640

 
(70,949
)
 
439,097

 
—

Equity contribution from parent
—

 
11,695

 
—

 
11,695

 
(23,390
)
 
—

Parent cash dividends
(52,735
)
 
—

 
—

 
—

 
—

 
(52,735
)
Proceeds from exercise of stock options and employee stock purchase plan
2,417

 
—

 
—

 
—

 
—

 
2,417

Excess tax (deficiency) benefits from stock-based compensation
(185
)
 
—

 
—

 
—

 
—

 
(185
)
Payment of debt financing costs and stock issuance costs              
—

 
—

 
(12
)
 
(410
)
 
—

 
(422
)
Cash Flows from Financing Activities—Continuing Operations
(297,778
)
 
(56,133
)
 
(999
)
 
60,042

 
415,707

 
120,839

Effect of exchange rates on cash and cash equivalents
—

 
—

 
136

 
1,667

 
—

 
1,803

(Decrease) Increase in cash and cash equivalents
(1,243
)
 
(2,882
)
 
6,477

 
47,028

 
—

 
49,380

Cash and cash equivalents, beginning of period
1,243

 
10,366

 
1,094

 
107,823

 
—

 
120,526

Cash and cash equivalents, end of period
$
—

 
$
7,484

 
$
7,571

 
$
154,851

 
$
—

 
$
169,906

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
 
Three Months Ended March 31, 2015
 
Parent
 
Guarantors
 
Canada
Company
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Cash Flows from Operating Activities:
 

 
 

 
 

 
 

 
 

 
 

Cash Flows from Operating Activities—Continuing Operations
$
(45,978
)
 
$
44,864

 
$
3,636

 
$
2,990

 
$
—

 
$
5,512

Cash Flows from Investing Activities:
 

 
 

 
 

 
 

 
 

 
 

Capital expenditures
—

 
(46,452
)
 
(3,774
)
 
(24,550
)
 
—

 
(74,776
)
Cash paid for acquisitions, net of cash acquired
—

 
(684
)
 
106

 
(5,853
)
 
—

 
(6,431
)
Intercompany loans to subsidiaries
132,692

 
79,946

 
—

 
—

 
(212,638
)
 
—

Investment in subsidiaries
(5,000
)
 
(5,000
)
 
—

 
—

 
10,000

 
—

Increase in restricted cash
13,860

 
—

 
—

 
—

 
—

 
13,860

Additions to customer relationship and acquisition costs
—

 
(7,990
)
 
(668
)
 
(585
)
 
—

 
(9,243
)
Proceeds from sales of property and equipment and other, net (including real estate)
—

 
160

 
6

 
244

 
—

 
410

Cash Flows from Investing Activities—Continuing Operations
141,552

 
19,980

 
(4,330
)
 
(30,744
)
 
(202,638
)
 
(76,180
)
Cash Flows from Financing Activities:
 

 
 

 
 

 
 

 
 

 
 

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

 
(1,894,836
)
 
(159,145
)
 
(228,280
)
 
—

 
(2,282,261
)
Proceeds from revolving credit and term loan facilities and other debt
—

 
1,823,900

 
161,962

 
464,541

 
—

 
2,450,403

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

 
—

 
—

 
(388
)
 
—

 
(388
)
Intercompany loans from parent
—

 
4,638

 
79

 
(217,355
)
 
212,638

 
—

Equity contribution from parent
—

 
5,000

 
—

 
5,000

 
(10,000
)
 
—

Parent cash dividends
(102,539
)
 
—

 
—

 
—

 
—

 
(102,539
)
Proceeds from exercise of stock options and employee stock purchase plan
4,364

 
—

 
—

 
—

 
—

 
4,364

Excess tax benefits (deficiency) from stock-based compensation
231

 
—

 
—

 
—

 
—

 
231

Payment of debt financing costs and stock issuance costs              
(29
)
 
(864
)
 
—

 
(54
)
 
—

 
(947
)
Cash Flows from Financing Activities—Continuing Operations
(97,973
)
 
(62,162
)
 
2,896

 
23,464

 
202,638

 
68,863

Effect of exchange rates on cash and cash equivalents
—

 
—

 
(61
)
 
(4,462
)
 
—

 
(4,523
)
(Decrease) Increase in cash and cash equivalents
(2,399
)
 
2,682

 
2,141

 
(8,752
)
 
—

 
(6,328
)
Cash and cash equivalents, beginning of period
2,399

 
4,713

 
4,979

 
113,842

 
—

 
125,933

Cash and cash equivalents, end of period
$
—

 
$
7,395

 
$
7,120

 
$
105,090

 
$
—

 
$
119,605