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Selected Consolidated Financial Statements of Parent, Guarantors, and Non-Guarantors
 12 Months Ended
Dec. 31, 2019
Selected Consolidated Financial Statements of Parent, Guarantors, Canada Company and Non-Guarantors  
Selected Consolidated Financial Statements of Parent, Guarantors, and Non-Guarantors e following data summarizes the consolidating results of IMI on the equity method of accounting as of December 31, 2019 and 2018 and for the years ended December 31, 2019, 2018 and 2017 and are prepared on the same basis as the consolidated financial statements.

The Parent Notes, the CAD Notes due 2023, the GBP Notes due 2025 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 due 2023, which were issued by Canada Company, the GBP Notes, which were issued by IM UK, and the 53/8% Notes, which were issued by IM US Holdings, 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 due 2023, 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 Consolidated Balance Sheets and equity in the earnings (losses) of subsidiaries, net of tax in the below Consolidated Statements of Operations and Comprehensive Income (Loss) with respect to the relevant Parent, Guarantors, Non-Guarantors and Eliminations columns also would change.
CONSOLIDATED BALANCE SHEETS
 
December 31, 2019
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
ASSETS
 

 
 

 
 

 
 

 
 

Current Assets:
 

 
 

 
 

 
 

 
 

Cash and cash equivalents(1)
$
105

 
$
206,297

 
$
163,858

 
$
(176,705
)
 
$
193,555

Accounts receivable
—

 
45,608

 
805,093

 
—

 
850,701

Intercompany receivable
—

 
658,580

 
—

 
(658,580
)
 
—

Prepaid expenses and other
—

 
104,164

 
87,948

 
(29
)
 
192,083

Total Current Assets
105

 
1,014,649

 
1,056,899

 
(835,314
)
 
1,236,339

Property, Plant and Equipment, Net
597

 
3,051,426

 
1,571,014

 
—

 
4,623,037

Other Assets, Net:
 

 
 

 
 

 
 

 
 

Long-term notes receivable from affiliates and intercompany receivable
5,347,774

 
—

 
—

 
(5,347,774
)
 
—

Investment in subsidiaries
1,966,978

 
1,063,178

 
—

 
(3,030,156
)
 
—

Goodwill
—

 
2,855,424

 
1,629,785

 
—

 
4,485,209

Operating lease right-of-use assets
—

 
986,362

 
882,739

 
—

 
1,869,101

Other
—

 
911,803

 
691,327

 
—

 
1,603,130

Total Other Assets, Net
7,314,752

 
5,816,767

 
3,203,851

 
(8,377,930
)
 
7,957,440

Total Assets
$
7,315,454

 
$
9,882,842

 
$
5,831,764

 
$
(9,213,244
)
 
$
13,816,816

LIABILITIES AND EQUITY
 

 
 

 
 

 
 

 
 

Intercompany Payable
$
338,794

 
$
—

 
$
319,786

 
$
(658,580
)
 
$
—

Debit Balances Under Cash Pool
—

 
—

 
176,705

 
(176,705
)
 
—

Current Portion of Long-term Debt
—

 
51,868

 
337,174

 
(29
)
 
389,013

Total Other Current Liabilities (includes current portion of operating lease liabilities)
292,673

 
704,109

 
563,714

 
—

 
1,560,496

Long-term Debt, Net of Current Portion
5,210,269

 
1,482,571

 
1,582,726

 
—

 
8,275,566

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

 
915,840

 
812,846

 
—

 
1,728,686

Long-term Notes Payable to Affiliates and Intercompany Payable
—

 
5,347,774

 
—

 
(5,347,774
)
 
—

Other Long-term Liabilities
9,756

 
62,525

 
258,865

 
—

 
331,146

Commitments and Contingencies (see Note 10)


 


 


 


 


Redeemable Noncontrolling Interests (see Note 2.v.)
—

 
—

 
67,682

 
—

 
67,682

Total Iron Mountain Incorporated Stockholders' Equity
1,463,962

 
1,318,155

 
1,712,001

 
(3,030,156
)
 
1,463,962

Noncontrolling Interests
—

 
—

 
265

 
—

 
265

Total Equity
1,463,962

 
1,318,155

 
1,712,266

 
(3,030,156
)
 
1,464,227

Total Liabilities and Equity
$
7,315,454

 
$
9,882,842

 
$
5,831,764

 
$
(9,213,244
)
 
$
13,816,816

______________________________________________________________
(1)
Included within Cash and Cash Equivalents at December 31, 2019 is approximately $198,300 and $0 of cash on deposit associated with our Cash Pools for the Guarantors and Non-Guarantors, respectively. See Note 4 for more information on our Cash Pools.

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 10)


 


 


 


 


Redeemable Noncontrolling Interests (see Note 2.v.)
—

 
—

 
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. See Note 4 for more information on our Cash Pools.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
 
Year Ended December 31, 2019
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Revenues:
 

 
 

 
 

 
 

 
 

Storage rental
$
—

 
$
1,654,359

 
$
1,026,728

 
$
—

 
$
2,681,087

Service
—

 
978,227

 
603,270

 
—

 
1,581,497

Intercompany revenues
—

 
4,668

 
20,233

 
(24,901
)
 
—

Total Revenues
—

 
2,637,254

 
1,650,231

 
(24,901
)
 
4,262,584

Operating Expenses:
 

 
 

 
 

 
 

 
 

Cost of sales (excluding depreciation and amortization)
—

 
1,048,514

 
784,801

 
—

 
1,833,315

Intercompany cost of sales
—

 
20,233

 
4,668

 
(24,901
)
 
—

Selling, general and administrative
444

 
679,964

 
311,256

 
—

 
991,664

Depreciation and amortization
91

 
410,524

 
247,586

 
—

 
658,201

Significant Acquisition Costs
—

 
7,055

 
6,238

 
—

 
13,293

Restructuring Charges
—

 
32,218

 
16,379

 
—

 
48,597

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

 
(26,472
)
 
(37,352
)
 
—

 
(63,824
)
Total Operating Expenses
535

 
2,172,036

 
1,333,576

 
(24,901
)
 
3,481,246

Operating (Loss) Income
(535
)
 
465,218

 
316,655

 
—

 
781,338

Interest Expense (Income), Net
213,149

 
18,923

 
187,226

 
—

 
419,298

Other Expense (Income), Net
59

 
19,271

 
14,568

 
—

 
33,898

(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes
(213,743
)
 
427,024

 
114,861

 
—

 
328,142

Provision (Benefit) for Income Taxes
—

 
6,698

 
53,233

 
—

 
59,931

Equity in the (Earnings) Losses of Subsidiaries, Net of Tax
(481,120
)
 
(64,490
)
 
—

 
545,610

 
—

Income (Loss) from Continuing Operations
267,377

 
484,816

 
61,628

 
(545,610
)
 
268,211

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

 
120

 
(16
)
 
—

 
104

Net Income (Loss)
267,377

 
484,936

 
61,612

 
(545,610
)
 
268,315

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

 
—

 
938

 
—

 
938

Net Income (Loss) Attributable to Iron Mountain Incorporated
$
267,377

 
$
484,936

 
$
60,674

 
$
(545,610
)
 
$
267,377

Net Income (Loss)
$
267,377

 
$
484,936

 
$
61,612

 
$
(545,610
)
 
$
268,315

Other Comprehensive Income (Loss):
 

 
 

 
 

 
 

 
 

Foreign Currency Translation Adjustment
6,003

 
—

 
5,991

 
—

 
11,994

Change in Fair Value of Derivative Instruments
(8,783
)
 
—

 
—

 
—

 
(8,783
)
Equity in Other Comprehensive (Loss) Income of Subsidiaries
5,863

 
5,714

 
—

 
(11,577
)
 
—

Total Other Comprehensive Income (Loss)
3,083

 
5,714

 
5,991

 
(11,577
)
 
3,211

Comprehensive Income (Loss)
270,460

 
490,650

 
67,603

 
(557,187
)
 
271,526

Comprehensive Income (Loss) Attributable to Noncontrolling Interests
—

 
—

 
1,066

 
—

 
1,066

Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated
$
270,460

 
$
490,650

 
$
66,537

 
$
(557,187
)
 
$
270,460


CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Continued)
 
Year Ended December 31, 2018
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Revenues:
 

 
 

 
 

 
 

 
 

Storage rental
$
—

 
$
1,606,346

 
$
1,016,109

 
$
—

 
$
2,622,455

Service
—

 
974,213

 
629,093

 
—

 
1,603,306

Intercompany revenues
—

 
4,759

 
18,439

 
(23,198
)
 
—

Total Revenues
—

 
2,585,318

 
1,663,641

 
(23,198
)
 
4,225,761

Operating Expenses:
 

 
 

 
 

 
 

 
 

Cost of sales (excluding depreciation and amortization)
—

 
1,009,890

 
784,064

 
—

 
1,793,954

Intercompany cost of sales
—

 
18,439

 
4,759

 
(23,198
)
 
—

Selling, general and administrative
(288
)
 
679,740

 
327,531

 
—

 
1,006,983

Depreciation and amortization
122

 
404,574

 
234,818

 
—

 
639,514

Significant Acquisition Costs
—

 
35,607

 
15,058

 
—

 
50,665

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

 
(2,841
)
 
(70,781
)
 
—

 
(73,622
)
Total Operating Expenses
(166
)
 
2,145,409

 
1,295,449

 
(23,198
)
 
3,417,494

Operating Income (Loss)
166

 
439,909

 
368,192

 
—

 
808,267

Interest Expense (Income), Net
199,955

 
6,392

 
203,301

 
—

 
409,648

Other Expense (Income), Net
2,328

 
17,158

 
(31,178
)
 
—

 
(11,692
)
(Loss) Income from Continuing Operations Before (Benefit) Provision for Income Taxes
(202,117
)
 
416,359

 
196,069

 
—

 
410,311

(Benefit) Provision for Income Taxes
—

 
(1,006
)
 
43,759

 
—

 
42,753

Equity in the (Earnings) Losses of Subsidiaries, Net of Tax
(556,050
)
 
(147,575
)
 
—

 
703,625

 
—

Income (Loss) from Continuing Operations
353,933

 
564,940

 
152,310

 
(703,625
)
 
367,558

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

 
(12,283
)
 
(144
)
 
—

 
(12,427
)
Net Income (Loss)
353,933

 
552,657

 
152,166

 
(703,625
)
 
355,131

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

 
—

 
1,198

 
—

 
1,198

Net Income (Loss) Attributable to Iron Mountain Incorporated
$
353,933

 
$
552,657

 
$
150,968

 
$
(703,625
)
 
$
353,933

Net Income (Loss)
$
353,933

 
$
552,657

 
$
152,166

 
$
(703,625
)
 
$
355,131

Other Comprehensive (Loss) Income:
 

 
 

 
 

 
 

 
 

Foreign Currency Translation Adjustment
11,070

 
—

 
(175,177
)
 
—

 
(164,107
)
Change in Fair Value of Derivative Instrument
(973
)
 
—

 
—

 
—

 
(973
)
Equity in Other Comprehensive (Loss) Income of Subsidiaries
(171,772
)
 
(139,971
)
 
—

 
311,743

 
—

Total Other Comprehensive (Loss) Income
(161,675
)
 
(139,971
)
 
(175,177
)
 
311,743

 
(165,080
)
Comprehensive Income (Loss)
192,258

 
412,686

 
(23,011
)
 
(391,882
)
 
190,051

Comprehensive (Loss) Income Attributable to Noncontrolling Interests
—

 
—

 
(2,207
)
 
—

 
(2,207
)
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated
$
192,258

 
$
412,686

 
$
(20,804
)
 
$
(391,882
)
 
$
192,258



CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Continued)
 
Year Ended December 31, 2017
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Revenues:
 

 
 

 
 

 
 

 
 

Storage rental
$
—

 
$
1,443,219

 
$
934,338

 
$
—

 
$
2,377,557

Service
—

 
866,318

 
601,703

 
—

 
1,468,021

Intercompany revenues
—

 
4,577

 
24,613

 
(29,190
)
 
—

Total Revenues
—

 
2,314,114

 
1,560,654

 
(29,190
)
 
3,845,578

Operating Expenses:
 

 
 

 
 

 
 

 
 

Cost of sales (excluding depreciation and amortization)
—

 
922,008

 
742,817

 
—

 
1,664,825

Intercompany cost of sales
—

 
24,613

 
4,577

 
(29,190
)
 
—

Selling, general and administrative
161

 
613,350

 
323,669

 
—

 
937,180

Depreciation and amortization
167

 
310,962

 
211,247

 
—

 
522,376

Significant Acquisition Costs
—

 
52,621

 
32,280

 
—

 
84,901

Intangible impairments
—

 
3,011

 
—

 
—

 
3,011

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

 
(1,001
)
 
235

 
—

 
(766
)
Total Operating Expenses
328

 
1,925,564

 
1,314,825

 
(29,190
)
 
3,211,527

Operating (Loss) Income
(328
)
 
388,550

 
245,829

 
—

 
634,051

Interest Expense (Income), Net
163,541

 
7,606

 
182,498

 
—

 
353,645

Other Expense (Income), Net
47,176

 
9,178

 
23,075

 
—

 
79,429

(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes
(211,045
)
 
371,766

 
40,256

 
—

 
200,977

Provision (Benefit) for Income Taxes
—

 
3,988

 
18,974

 
—

 
22,962

Equity in the (Earnings) Losses of Subsidiaries, Net of Tax
(381,158
)
 
(11,677
)
 
—

 
392,835

 
—

Income (Loss) from Continuing Operations
170,113

 
379,455

 
21,282

 
(392,835
)
 
178,015

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

 
(4,370
)
 
(1,921
)
 
—

 
(6,291
)
Net Income (Loss)
170,113

 
375,085

 
19,361

 
(392,835
)
 
171,724

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

 
—

 
1,611

 
—

 
1,611

Net Income (Loss) Attributable to Iron Mountain Incorporated
$
170,113

 
$
375,085

 
$
17,750

 
$
(392,835
)
 
$
170,113

Net Income (Loss)
$
170,113

 
$
375,085

 
$
19,361

 
$
(392,835
)
 
$
171,724

Other Comprehensive Income (Loss):
 

 
 

 
 

 
 

 
 

Foreign Currency Translation Adjustment
(15,015
)
 
—

 
123,579

 
—

 
108,564

Equity in Other Comprehensive Income (Loss) of Subsidiaries
123,599

 
82,127

 
—

 
(205,726
)
 
—

Total Other Comprehensive Income (Loss)
108,584

 
82,127

 
123,579

 
(205,726
)
 
108,564

Comprehensive Income (Loss)
278,697

 
457,212

 
142,940

 
(598,561
)
 
280,288

Comprehensive Income (Loss) Attributable to Noncontrolling Interests
—

 
—

 
1,591

 
—

 
1,591

Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated
$
278,697

 
$
457,212

 
$
141,349

 
$
(598,561
)
 
$
278,697


CONSOLIDATED STATEMENTS OF CASH FLOWS
 
Year Ended December 31, 2019
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Cash Flows from Operating Activities:
 

 
 

 
 

 
 

 
 

Cash Flows from Operating Activities-Continuing Operations
$
(157,162
)
 
$
850,840

 
$
272,977

 
$
—

 
$
966,655

Cash Flows from Operating Activities-Discontinued Operations
—

 
—

 
—

 
—

 
—

Cash Flows from Operating Activities
(157,162
)
 
850,840

 
272,977

 
—

 
966,655

Cash Flows from Investing Activities:
 

 
 

 
 

 
 

 
 

Capital expenditures
—

 
(412,725
)
 
(280,258
)
 
—

 
(692,983
)
Cash paid for acquisitions, net of cash acquired
—

 
(9,508
)
 
(48,729
)
 
—

 
(58,237
)
Intercompany loans to subsidiaries
(124,897
)
 
4,637

 
—

 
120,260

 
—

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

 
(99,610
)
 
(32,037
)
 
—

 
(131,647
)
Investment in joint ventures
—

 
(19,222
)
 
—

 
—

 
(19,222
)
Net proceeds from Divestments
—

 
—

 
—

 
—

 
—

Proceeds from sales of property and equipment and other, net (including real estate) and proceeds from involuntary conversion of property and equipment
—

 
115,775

 
50,368

 
—

 
166,143

Cash Flows from Investing Activities-Continuing Operations
(124,897
)
 
(420,653
)
 
(310,656
)
 
120,260

 
(735,946
)
Cash Flows from Investing Activities-Discontinued Operations
—

 
2,564

 
2,497

 
—

 
5,061

Cash Flows from Investing Activities
(124,897
)
 
(418,089
)
 
(308,159
)
 
120,260

 
(730,885
)
Cash Flows from Financing Activities:
 

 
 

 
 

 
 

 
 

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

 
(10,479,101
)
 
(4,056,014
)
 
—

 
(14,535,115
)
Proceeds from revolving credit and term loan facilities and other debt
—

 
10,057,145

 
4,002,673

 
—

 
14,059,818

Net proceeds from sales of senior notes
987,500

 
—

 
—

 
—

 
987,500

Debit (payments) balances under cash pools
—

 
(10,612
)
 
119,945

 
(109,333
)
 
—

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

 
—

 
(1,924
)
 
—

 
(1,924
)
Intercompany loans from parent
—

 
143,767

 
(23,507
)
 
(120,260
)
 
—

Parent cash dividends
(704,526
)
 
—

 
—

 
—

 
(704,526
)
Net proceeds (payments) associated with employee stock-based awards
1,027

 
—

 
—

 
—

 
1,027

Payment of debt financing and stock issuance costs and other
(1,969
)
 
(1,060
)
 
(2,724
)
 
—

 
(5,753
)
Cash Flows from Financing Activities-Continuing Operations
282,032

 
(289,861
)
 
38,449

 
(229,593
)
 
(198,973
)
Cash Flows from Financing Activities-Discontinued Operations
—

 
—

 
—

 
—

 
—

Cash Flows from Financing Activities
282,032

 
(289,861
)
 
38,449

 
(229,593
)
 
(198,973
)
Effect of exchange rates on cash and cash equivalents
—

 
—

 
(8,727
)
 
—

 
(8,727
)
Increase (Decrease) in cash and cash equivalents
(27
)
 
142,890

 
(5,460
)
 
(109,333
)
 
28,070

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

 
63,407

 
169,318

 
(67,372
)
 
165,485

Cash and cash equivalents, including Restricted Cash, end of year
$
105

 
$
206,297

 
$
163,858

 
$
(176,705
)
 
$
193,555


CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

 
Year Ended December 31, 2018
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Cash Flows from Operating Activities:
 

 
 

 
 

 
 

 
 

Cash Flows from Operating Activities-Continuing Operations
$
(217,819
)
 
$
880,615

 
$
273,748

 
$
—

 
$
936,544

Cash Flows from Operating Activities-Discontinued Operations
—

 
(995
)
 
—

 
—

 
(995
)
Cash Flows from Operating Activities
(217,819
)
 
879,620

 
273,748

 
—

 
935,549

Cash Flows from Investing Activities:
 

 
 

 
 

 
 

 
 

Capital expenditures
—

 
(313,510
)
 
(146,552
)
 
—

 
(460,062
)
Cash paid for acquisitions, net of cash acquired
—

 
(1,338,888
)
 
(419,669
)
 
—

 
(1,758,557
)
Intercompany loans to subsidiaries
805,799

 
90,569

 
—

 
(896,368
)
 
—

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

 
(76,388
)
 
(22,299
)
 
—

 
(98,687
)
Net proceeds from Divestments
—

 
1,019

 
—

 
—

 
1,019

Proceeds from sales of property and equipment and other, net (including real estate) and proceeds from involuntary conversion of property and equipment
—

 
299

 
85,860

 
—

 
86,159

Cash Flows from Investing Activities-Continuing Operations
805,799

 
(1,636,899
)
 
(502,660
)
 
(896,368
)
 
(2,230,128
)
Cash Flows from Investing Activities-Discontinued Operations
—

 
8,250

 
—

 
—

 
8,250

Cash Flows from Investing Activities
805,799

 
(1,628,649
)
 
(502,660
)
 
(896,368
)
 
(2,221,878
)
Cash Flows from Financing Activities:
 

 
 

 
 

 
 

 
 

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

 
(7,355,086
)
 
(6,837,053
)
 
—

 
(14,192,139
)
Proceeds from revolving credit and term loan facilities and other debt
—

 
8,445,551

 
6,906,063

 
—

 
15,351,614

Debit balances (payments) under cash pools
—

 
(45,621
)
 
18,267

 
27,354

 
—

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

 
—

 
(2,523
)
 
—

 
(2,523
)
Intercompany loans from parent
—

 
(862,425
)
 
(33,943
)
 
896,368

 
—

Parent cash dividends
(673,635
)
 
—

 
—

 
—

 
(673,635
)
Net payments associated with employee stock-based awards
(1,142
)
 
—

 
—

 
—

 
(1,142
)
Net proceeds associated with the Equity Offering, including Over-Allotment Option
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 and other
(412
)
 
(12,391
)
 
(3,602
)
 
—

 
(16,405
)
Cash Flows from Financing Activities-Continuing Operations
(590,281
)
 
170,028

 
47,209

 
923,722

 
550,678

Cash Flows from Financing Activities-Discontinued Operations
—

 
—

 
—

 
—

 
—

Cash Flows from Financing Activities
(590,281
)
 
170,028

 
47,209

 
923,722

 
550,678

Effect of exchange rates on cash and cash equivalents
—

 
—

 
(24,563
)
 
—

 
(24,563
)
(Decrease) Increase in cash and cash equivalents
(2,301
)
 
(579,001
)
 
(206,266
)
 
27,354

 
(760,214
)
Cash and cash equivalents, including Restricted Cash, beginning of year
2,433

 
642,408

 
375,584

 
(94,726
)
 
925,699

Cash and cash equivalents, including Restricted Cash, end of year
$
132

 
$
63,407

 
$
169,318

 
$
(67,372
)
 
$
165,485

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
 
Year Ended December 31, 2017
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Cash Flows from Operating Activities:
 

 
 

 
 

 
 

 
 

Cash Flows from Operating Activities-Continuing Operations
$
(203,403
)
 
$
737,532

 
$
190,130

 
$
—

 
$
724,259

Cash Flows from Operating Activities-Discontinued Operations
—

 
(1,345
)
 
(1,946
)
 
—

 
(3,291
)
Cash Flows from Operating Activities
(203,403
)
 
736,187

 
188,184

 
—

 
720,968

Cash Flows from Investing Activities:
 

 
 

 
 

 
 

 
 

Capital expenditures
—

 
(237,004
)
 
(106,127
)
 
—

 
(343,131
)
Cash paid for acquisitions, net of cash acquired
—

 
(96,946
)
 
(122,759
)
 
—

 
(219,705
)
Intercompany loans to subsidiaries
(990,635
)
 
(344,919
)
 
—

 
1,335,554

 
—

Investment in subsidiaries
(16,170
)
 
—

 
—

 
16,170

 
—

Acquisitions of customer relationships and customer inducements
—

 
(63,759
)
 
(11,426
)
 
—

 
(75,185
)
Net proceeds from Divestments
—

 
—

 
29,236

 
—

 
29,236

Proceeds from sales of property and equipment and other, net (including real estate) and proceeds from involuntary conversion of property and equipment
—

 
12,963

 
(3,626
)
 
—

 
9,337

Cash Flows from Investing Activities-Continuing Operations
(1,006,805
)
 
(729,665
)
 
(214,702
)
 
1,351,724

 
(599,448
)
Cash Flows from Investing Activities-Discontinued Operations
—

 
—

 
—

 
—

 
—

Cash Flows from Investing Activities
(1,006,805
)
 
(729,665
)
 
(214,702
)
 
1,351,724

 
(599,448
)
Cash Flows from Financing Activities:
 

 
 

 
 

 
 

 
 

Repayment of revolving credit and term loan facilities and other debt
(262,579
)
 
(8,077,553
)
 
(6,089,563
)
 
—

 
(14,429,695
)
Proceeds from revolving credit and term loan facilities and other debt
224,660

 
7,650,436

 
6,041,959

 
—

 
13,917,055

Early retirement of senior subordinated and senior notes
(1,031,554
)
 
—

 
(715,302
)
 
—

 
(1,746,856
)
Net proceeds from sales of senior notes
2,134,870

 
—

 
522,078

 
—

 
2,656,948

Debit balances (payments) under cash pools
—

 
56,233

 
38,493

 
(94,726
)
 
—

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

 
—

 
9,079

 
—

 
9,079

Intercompany loans from parent
—

 
992,708

 
342,846

 
(1,335,554
)
 
—

Equity contribution from parent
—

 
—

 
16,170

 
(16,170
)
 
—

Parent cash dividends
(439,999
)
 
—

 
—

 
—

 
(439,999
)
Net proceeds associated with employee stock-based awards
13,095

 
—

 
—

 
—

 
13,095

Net proceeds associated with the Equity Offering, including Over-Allotment Option
516,462

 
—

 
—

 
—

 
516,462

Net proceeds associated with the At The Market (ATM) Program
59,129

 
—

 
—

 
—

 
59,129

Payment of debt financing and stock issuance costs
(3,848
)
 
(9,391
)
 
(1,554
)
 
—

 
(14,793
)
Cash Flows from Financing Activities-Continuing Operations
1,210,236

 
612,433

 
164,206

 
(1,446,450
)
 
540,425

Cash Flows from Financing Activities-Discontinued Operations
—

 
—

 
—

 
—

 
—

Cash Flows from Financing Activities
1,210,236

 
612,433

 
164,206

 
(1,446,450
)
 
540,425

Effect of exchange rates on cash and cash equivalents
—

 
—

 
27,270

 
—

 
27,270

Increase (Decrease) in cash and cash equivalents
28

 
618,955

 
164,958

 
(94,726
)
 
689,215

Cash and cash equivalents, including Restricted Cash, beginning of year
2,405

 
23,453

 
210,626

 
—

 
236,484

Cash and cash equivalents, including Restricted Cash, end of year
$
2,433

 
$
642,408

 
$
375,584

 
$
(94,726
)
 
$
925,699