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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 September 30, 2023
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
logo_ironmountain.jpg
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.)
    
85 New Hampshire Avenue, Suite 150, Portsmouth, New Hampshire 03801
(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 an 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 October 27, 2023, the registrant had 291,989,568 outstanding shares of common stock, $.01 par value.


Table of Contents

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IRON MOUNTAIN INCORPORATED
2023 FORM 10-Q QUARTERLY REPORT
TABLE OF CONTENTS
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Table of Contents
PART I. FINANCIAL INFORMATION
ITEM 1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
IRON MOUNTAIN SEPTEMBER 30, 2023 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)
 SEPTEMBER 30, 2023DECEMBER 31, 2022
ASSETS 
Current Assets: 
Cash and cash equivalents$170,502 $141,797 
Accounts receivable (less allowances of $71,152 and $54,143 as of September 30, 2023 and December 31, 2022, respectively)
1,167,654 1,174,915 
Prepaid expenses and other278,888 230,433 
Total Current Assets1,617,044 1,547,145 
Property, Plant and Equipment: 
Property, plant and equipment9,877,866 9,025,765 
Less—Accumulated depreciation(3,986,450)(3,910,321)
Property, Plant and Equipment, Net5,891,416 5,115,444 
Other Assets, Net: 
Goodwill4,938,075 4,882,734 
Customer and supplier relationships and other intangible assets1,353,139 1,423,145 
Operating lease right-of-use assets 2,620,582 2,583,704 
Other456,662 588,342 
Total Other Assets, Net9,368,458 9,477,925 
Total Assets$16,876,918 $16,140,514 
LIABILITIES AND EQUITY 
Current Liabilities: 
Current portion of long-term debt$107,984 $87,546 
Accounts payable448,319 469,198 
Accrued expenses and other current liabilities (includes current portion of operating lease liabilities)1,109,492 1,031,910 
Deferred revenue325,493 328,910 
Total Current Liabilities1,991,288 1,917,564 
Long-term Debt, net of current portion11,548,229 10,481,449 
Long-term Operating Lease Liabilities, net of current portion 2,479,223 2,429,167 
Other Long-term Liabilities158,446 317,376 
Deferred Income Taxes273,831 263,005 
Commitments and Contingencies
Redeemable Noncontrolling Interests163,270 95,160 
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 291,927,407 and 290,830,296 shares as of September 30, 2023 and December 31, 2022, respectively)
2,919 2,908 
Additional paid-in capital4,508,384 4,468,035 
(Distributions in excess of earnings) Earnings in excess of distributions(3,790,794)(3,392,272)
Accumulated other comprehensive items, net(458,003)(442,003)
Total Iron Mountain Incorporated Stockholders' Equity262,506 636,668 
Noncontrolling Interests125 125 
Total Equity262,631 636,793 
Total Liabilities and Equity$16,876,918 $16,140,514 


The accompanying notes are an integral part of these condensed consolidated financial statements.
IRON MOUNTAIN SEPTEMBER 30, 2023 FORM 10-Q
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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 SEPTEMBER 30,
 20232022
Revenues:  
Storage rental$858,656 $760,370 
Service529,519 526,575 
Total Revenues1,388,175 1,286,945 
Operating Expenses:
Cost of sales (excluding depreciation and amortization)592,201 546,041 
Selling, general and administrative315,030 285,299 
Depreciation and amortization198,757 175,077 
Acquisition and Integration Costs9,909 5,554 
Restructuring and other transformation38,861 3,382 
(Gain) loss on disposal/write-down of property, plant and equipment, net (4,416)(14,170)
Total Operating Expenses1,150,342 1,001,183 
Operating Income (Loss)237,833 285,762 
Interest Expense, Net (includes Interest Income of $4,059 and $2,176 for the three months ended
September 30, 2023 and 2022, respectively)
152,801 121,767 
Other (Income) Expense, Net(16,271)(52,870)
Net Income (Loss) Before Provision (Benefit) for Income Taxes101,303 216,865 
Provision (Benefit) for Income Taxes9,912 23,934 
Net Income (Loss)91,391 192,931 
Less: Net Income (Loss) Attributable to Noncontrolling Interests348 767 
Net Income (Loss) Attributable to Iron Mountain Incorporated$91,043 $192,164 
Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated:  
Basic$0.31 $0.66 
Diluted$0.31 $0.66 
Weighted Average Common Shares Outstanding—Basic292,148 290,937 
Weighted Average Common Shares Outstanding—Diluted294,269 292,552 


















The accompanying notes are an integral part of these condensed consolidated financial statements.
IRON MOUNTAIN SEPTEMBER 30, 2023 FORM 10-Q
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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)
 NINE MONTHS ENDED SEPTEMBER 30,
 20232022
Revenues:  
Storage rental$2,499,501 $2,264,566 
Service1,560,959 1,559,959 
Total Revenues4,060,460 3,824,525 
Operating Expenses:
Cost of sales (excluding depreciation and amortization)1,756,471 1,649,139 
Selling, general and administrative921,355 861,416 
Depreciation and amortization576,218 536,946 
Acquisition and Integration Costs13,015 38,093 
Restructuring and other transformation121,362 3,382 
(Gain) loss on disposal/write-down of property, plant and equipment, net (18,982)(66,124)
Total Operating Expenses3,369,439 3,022,852 
Operating Income (Loss)691,021 801,673 
Interest Expense, Net (includes Interest Income of $9,256 and $5,995 for the nine months ended
September 30, 2023 and 2022, respectively)
434,148 351,266 
Other Expense (Income), Net67,879 (38,186)
Net Income (Loss) Before Provision (Benefit) for Income Taxes188,994 488,593 
Provision (Benefit) for Income Taxes30,925 52,097 
Net Income (Loss)158,069 436,496 
Less: Net Income (Loss) Attributable to Noncontrolling Interests2,317 1,952 
Net Income (Loss) Attributable to Iron Mountain Incorporated$155,752 $434,544 
Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated:  
Basic$0.53 $1.49 
Diluted$0.53 $1.49 
Weighted Average Common Shares Outstanding—Basic291,805 290,673 
Weighted Average Common Shares Outstanding—Diluted293,615 292,294 


















The accompanying notes are an integral part of these condensed consolidated financial statements.
IRON MOUNTAIN SEPTEMBER 30, 2023 FORM 10-Q
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Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(IN THOUSANDS) (UNAUDITED)
 THREE MONTHS ENDED SEPTEMBER 30,
 20232022
Net Income (Loss)$91,391 $192,931 
Other Comprehensive (Loss) Income:  
Foreign Currency Translation Adjustment(80,168)(175,098)
Change in Fair Value of Derivative Instruments6,184 32,233 
Reclassifications from Accumulated Other Comprehensive Items, net(2,527) 
Total Other Comprehensive (Loss) Income:(76,511)(142,865)
Comprehensive Income (Loss)14,880 50,066 
Comprehensive (Loss) Income Attributable to Noncontrolling Interests(404)408 
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated$15,284 $49,658 
 NINE MONTHS ENDED SEPTEMBER 30,
 20232022
Net Income (Loss)$158,069 $436,496 
Other Comprehensive (Loss) Income: 
Foreign Currency Translation Adjustment(21,907)(335,431)
Change in Fair Value of Derivative Instruments10,638 83,210 
Reclassifications from Accumulated Other Comprehensive Items, net(5,054) 
Total Other Comprehensive (Loss) Income:(16,323)(252,221)
Comprehensive Income (Loss)141,746 184,275 
Comprehensive Income (Loss) Attributable to Noncontrolling Interests1,994 865 
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated$139,752 $183,410 




















The accompanying notes are an integral part of these condensed consolidated financial statements.
IRON MOUNTAIN SEPTEMBER 30, 2023 FORM 10-Q
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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 MONTHS ENDED SEPTEMBER 30, 2023
 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, June 30, 2023$416,343 291,824,958 $2,918 $4,488,492 $(3,692,948)$(382,244)$125 $104,059 
Issuance and net settlement of shares under employee stock purchase plan and option plans and stock-based compensation20,293 102,449 1 20,292 — — — — 
Changes in equity related to redeemable noncontrolling interests(400)— — (400)— — — — 
Parent cash dividends declared(188,889)— — — (188,889)— — — 
Other comprehensive (loss) income(75,759)— — — — (75,759)— (752)
Net income (loss)91,043 — — — 91,043 — — 348 
Noncontrolling interests dividends— — — — — — — (905)
Purchase of noncontrolling interests— — — — — — — 60,520 
Balance, September 30, 2023$262,631 291,927,407 $2,919 $4,508,384 $(3,790,794)$(458,003)$125 $163,270 
NINE MONTHS ENDED SEPTEMBER 30, 2023
 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, 2022$636,793 290,830,296 $2,908 $4,468,035 $(3,392,272)$(442,003)$125 $95,160 
Issuance and net settlement of shares under employee stock purchase plan and option plans and stock-based compensation39,393 1,097,111 11 39,382 — — — — 
Changes in equity related to redeemable noncontrolling interests967 — — 967 — — — (1,367)
Parent cash dividends declared(554,274)— — — (554,274)— — — 
Other comprehensive (loss) income(16,000)— — — — (16,000)— (323)
Net income (loss)155,752 — — — 155,752 — — 2,317 
Noncontrolling interests equity contributions— — — — — — — 9,900 
Noncontrolling interests dividends— — — — — — — (2,937)
Purchase of noncontrolling interests— — — — — — — 60,520 
Balance, September 30, 2023$262,631 291,927,407 $2,919 $4,508,384 $(3,790,794)$(458,003)$125 $163,270 









The accompanying notes are an integral part of these condensed consolidated financial statements.
IRON MOUNTAIN SEPTEMBER 30, 2023 FORM 10-Q
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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 MONTHS ENDED SEPTEMBER 30, 2022
 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, June 30, 2022$651,775 290,679,958 $2,907 $4,432,009 $(3,340,992)$(446,975)$4,826 $93,957 
Issuance and net settlement of shares under employee stock purchase plan and option plans and stock-based compensation13,979 7,984  13,979 — — — — 
Parent cash dividends declared(181,385)— — — (181,385)— — — 
Other comprehensive (loss) income(142,828)— — — — (142,506)(322)(37)
Net income (loss)192,298 — — — 192,164 — 134 633 
Noncontrolling interests dividends— — — — — — — (732)
Balance, September 30, 2022$533,839 290,687,942 $2,907 $4,445,988 $(3,330,213)$(589,481)$4,638 $93,821 
NINE MONTHS ENDED SEPTEMBER 30, 2022
 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, 2021$857,068 289,757,061 $2,898 $4,412,553 $(3,221,152)$(338,347)$1,116 $72,411 
Issuance and net settlement of shares under employee stock purchase plan and option plans and stock-based compensation36,939 930,881 9 36,930 — — — — 
Changes in equity related to noncontrolling interests2,626 — — (1,009)— — 3,635 1,009 
Parent cash dividends declared(543,605)— — — (543,605)— — — 
Other comprehensive (loss) income(251,615)— — — — (251,134)(481)(606)
Net income (loss)434,912 — — — 434,544 — 368 1,584 
Noncontrolling interests equity contributions and related costs(2,486)— — (2,486)— — — 21,547 
Noncontrolling interests dividends— — — — — — — (2,124)
Balance, September 30, 2022$533,839 290,687,942 $2,907 $4,445,988 $(3,330,213)$(589,481)$4,638 $93,821 















The accompanying notes are an integral part of these condensed consolidated financial statements.
IRON MOUNTAIN SEPTEMBER 30, 2023 FORM 10-Q
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Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS) (UNAUDITED)
 NINE MONTHS ENDED SEPTEMBER 30,
 20232022
Cash Flows from Operating Activities: 
Net income (loss)$158,069 $436,496 
Adjustments to reconcile net income (loss) to cash flows from operating activities:  
Depreciation387,327 350,626 
Amortization (includes amortization of deferred financing costs and discounts of $13,580 and $13,536 for the nine months ended September 30, 2023 and 2022, respectively)
202,471 199,856 
Revenue reduction associated with amortization of customer inducements and above- and below-market leases 5,206 5,532 
Stock-based compensation expense53,195 45,923 
(Benefit) provision for deferred income taxes(7,727)(22,991)
Loss on early extinguishment of debt 671 
(Gain) loss on disposal/write-down of property, plant and equipment, net (18,982)(66,124)
Loss (gain) on divestments and deconsolidations 105,825 
Loss (gain) associated with the Clutter transactions38,000 (35,821)
Foreign currency transactions and other, net55,768 (101,329)
(Increase) decrease in assets(6,889)(219,173)
(Decrease) increase in liabilities(200,064)(139,136)
Cash Flows from Operating Activities666,374 560,355 
Cash Flows from Investing Activities:  
Capital expenditures (962,294)(596,801)
Cash paid for acquisitions, net of cash acquired(33,932)(724,213)
Acquisition of customer relationships (1,901)
Customer inducements (5,799)(4,288)
Contract fulfillment costs(61,960)(49,874)
Investments in joint ventures and other investments(15,830)(46,100)
Proceeds from sales of property and equipment and other, net44,732 119,417 
Cash Flows from Investing Activities (1,035,083)(1,303,760)
Cash Flows from Financing Activities:  
Repayment of revolving credit facility, term loan facilities and other debt(13,654,869)(8,038,964)
Proceeds from revolving credit facility, term loan facilities and other debt13,630,522 9,240,478 
Net proceeds from sale of senior note990,000  
Debt financing and equity contribution from noncontrolling interests 9,900 21,547 
Debt repayment and equity distribution to noncontrolling interests (2,937)(2,124)
Parent cash dividends(547,667)(544,069)
Net (payments) proceeds associated with employee stock-based awards (13,802)(8,984)
Other, net(7,275)(9,437)
Cash Flows from Financing Activities403,872 658,447 
Effect of Exchange Rates on Cash and Cash Equivalents(6,458)(15,647)
Increase (decrease) in Cash and Cash Equivalents28,705 (100,605)
Cash and Cash Equivalents, Beginning of Period141,797 255,828 
Cash and Cash Equivalents, End of Period$170,502 $155,223 
Supplemental Information: 
Cash Paid for Interest$470,273 $410,851 
Cash Paid for Income Taxes, Net$74,948 $77,765 
Non-Cash Investing and Financing Activities:  
Financing Leases and Other$104,613 $18,774 
Accrued Capital Expenditures$176,596 $137,802 
Deferred Purchase Obligations and Other Deferred Payments$4,786 $279,734 
Dividends Payable$200,879 $190,095 


The accompanying notes are an integral part of these condensed consolidated financial statements.
IRON MOUNTAIN SEPTEMBER 30, 2023 FORM 10-Q
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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 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. Certain prior year financial statement amounts have been reclassified to conform to the current year presentation. 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, 2022 included in our Annual Report on Form 10-K filed with the SEC on February 23, 2023 (our "Annual Report").
In September 2022, we announced a global program designed to accelerate the growth of our business ("Project Matterhorn"). See Note 11.
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.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. CASH AND CASH EQUIVALENTS
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. The rollforward of the allowance for doubtful accounts and credit memo reserves for the nine months ended September 30, 2023 is as follows:
Balance as of December 31, 2022$54,143 
Credit memos charged to revenue69,587 
Allowance for bad debts charged to expense27,934 
Deductions and other(1)
(80,512)
Balance as of September 30, 2023$71,152 
(1)Primarily consists of the issuance of credit memos, the write-off of accounts receivable and the impact associated with currency translation adjustments.
IRON MOUNTAIN SEPTEMBER 30, 2023 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)
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 September 30, 2023 and December 31, 2022 are as follows:
DESCRIPTIONSEPTEMBER 30, 2023DECEMBER 31, 2022
Assets:
Operating lease right-of-use assets$2,620,582 $2,583,704 
Financing lease right-of-use assets, net of accumulated depreciation(1)
300,424 251,690 
Liabilities:
Current
Operating lease liabilities$276,191 $288,738 
Financing lease liabilities(1)
55,744 43,857 
Long-term
Operating lease liabilities$2,479,223 $2,429,167 
Financing lease liabilities(1)
316,043 289,048 
(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 and nine months ended September 30, 2023 and 2022 are as follows:
THREE MONTHS ENDED SEPTEMBER 30,NINE MONTHS ENDED SEPTEMBER 30,
DESCRIPTION2023202220232022
Operating lease cost(1)
$172,040 $145,293 $489,153 $428,686 
Financing lease cost:
Depreciation of financing lease right-of-use assets$11,004 $10,186 $31,214 $32,218 
Interest expense for financing lease liabilities4,843 4,126 13,600 13,163 
(1)Operating lease cost, the majority of which is included in Cost of sales, includes variable lease costs of $34,866 and $100,864 for the three and nine months ended September 30, 2023, respectively, and $30,730 and $89,647 for the three and nine months ended September 30, 2022, respectively.
IRON MOUNTAIN SEPTEMBER 30, 2023 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)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Other information: Supplemental cash flow information relating to our leases for the nine months ended September 30, 2023 and 2022 is as follows:
NINE MONTHS ENDED SEPTEMBER 30,
CASH PAID FOR AMOUNTS INCLUDED IN MEASUREMENT OF LEASE LIABILITIES:20232022
Operating cash flows used in operating leases$334,806 $302,442 
Operating cash flows used in financing leases (interest)13,600 13,163 
Financing cash flows used in financing leases35,124 29,254 
NON-CASH ITEMS:
Operating lease modifications and reassessments$65,874 $145,133 
New operating leases (including acquisitions and sale-leaseback transactions)234,194 485,673 
In addition to the leases signed but not yet commenced that were disclosed in Note 2.j. to Notes to Consolidated Financial Statements included in our Annual Report, we entered into an operating lease in March 2023 that is expected to commence in July 2024, with an initial lease term of 25 years. The total undiscounted minimum lease payments for this lease are approximately $170,100.
D. GOODWILL
Our reporting units as of December 31, 2022 are described in detail in Note 2.l. to Notes to Consolidated Financial Statements included in our Annual Report.
The changes in the carrying value of goodwill attributable to each reportable segment for the nine months ended September 30, 2023 are as follows:
GLOBAL RIM BUSINESSGLOBAL DATA CENTER BUSINESSCORPORATE AND OTHERTOTAL CONSOLIDATED
Goodwill balance, net of accumulated amortization as of December 31, 2022
$3,852,946 $418,502 $611,286 $4,882,734 
Tax deductible goodwill acquired during the period  11,045 11,045 
Non-tax deductible goodwill acquired during the period33,873 31,228 383 65,484 
Fair value and other adjustments(80) 2,333 2,253 
Currency translation adjustments(21,532)(1,799)(110)(23,441)
Goodwill balance, net of accumulated amortization as of September 30, 2023
$3,865,207 $447,931 $624,937 $4,938,075 
Accumulated goodwill impairment balance as of September 30, 2023
$132,409 $ $26,011 $158,420 
IRON MOUNTAIN SEPTEMBER 30, 2023 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)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
E. FAIR VALUE MEASUREMENTS
The assets and liabilities carried at fair value measured on a recurring basis as of September 30, 2023 and December 31, 2022 are as follows:
  FAIR VALUE MEASUREMENTS AT SEPTEMBER 30, 2023 USING
DESCRIPTIONTOTAL CARRYING
VALUE AT
SEPTEMBER 30, 2023
QUOTED PRICES IN
ACTIVE MARKETS
(LEVEL 1)
SIGNIFICANT OTHER
OBSERVABLE INPUTS
(LEVEL 2)
SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
Money Market Funds$10,197 $ $10,197 $ 
Time Deposits45,910  45,910  
Trading Securities9,917 8,418 1,499  
Derivative Assets39,478  39,478  
Derivative Liabilities38  38  
Deferred Purchase Obligations(1)
206,755   206,755 
  FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2022 USING
DESCRIPTIONTOTAL CARRYING
VALUE AT
DECEMBER 31, 2022
QUOTED PRICES IN
ACTIVE MARKETS
(LEVEL 1)
SIGNIFICANT OTHER
OBSERVABLE INPUTS
(LEVEL 2)
SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
Money Market Funds$11,311 $ $11,311 $ 
Time Deposits1,102  1,102  
Trading Securities9,462 9,426 36  
Derivative Assets51,396  51,396  
Derivative Liabilities489  489  
Deferred Purchase Obligations(1)
193,033   193,033 
(1)Primarily relates to the fair value of the Deferred Purchase Obligation (as defined in Note 3 to Notes to Consolidated Financial Statements included in our Annual Report) associated with the ITRenew Transaction (as defined in Note 3), which was determined utilizing a Monte-Carlo model and takes into account our forecasted projections as it relates to the underlying performance of the business. The Monte-Carlo simulation model incorporates assumptions as to expected gross profits over the applicable achievement period, including adjustments for the volatility of timing and amount of the associated revenue and costs, as well as discount rates that account for the risk of the underlying arrangement and overall market risks. Any material change to these assumptions may result in a significantly higher or lower fair value of the Deferred Purchase Obligation. The change in value of the Deferred Purchase Obligation during the three and nine months ended September 30, 2023 was driven by the accretion of the obligation to present value.
There were no material items that were measured at fair value on a non-recurring basis at September 30, 2023 and December 31, 2022 other than (i) those disclosed in Note 2.p. to Notes to Consolidated Financial Statements included in our Annual Report, (ii) the redemption value of recently acquired noncontrolling interests and previously held equity interests (both as disclosed in Note 3) and (iii) assets acquired and liabilities assumed through our acquisitions that occurred during the nine months ended September 30, 2023, all of which are based on Level 3 inputs.
IRON MOUNTAIN SEPTEMBER 30, 2023 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)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
F. ACCUMULATED OTHER COMPREHENSIVE ITEMS, NET
The changes in Accumulated other comprehensive items, net for the three and nine months ended September 30, 2023 and 2022 are as follows:
THREE MONTHS ENDED SEPTEMBER 30, 2023THREE MONTHS ENDED SEPTEMBER 30, 2022
 FOREIGN
CURRENCY
TRANSLATION AND OTHER
ADJUSTMENTS
DERIVATIVE FINANCIAL
INSTRUMENTS
TOTALFOREIGN
CURRENCY
TRANSLATION AND OTHER
ADJUSTMENTS
DERIVATIVE FINANCIAL
INSTRUMENTS
TOTAL
Beginning of Period$(396,677)$14,433 $(382,244)$(500,629)$53,654 $(446,975)
Other comprehensive (loss) income:
Foreign currency translation and other adjustments(79,416) (79,416)(174,739) (174,739)
Change in fair value of derivative instruments 6,184 6,184  32,233 32,233 
Reclassifications from accumulated other comprehensive items, net (2,527)(2,527)   
Total other comprehensive (loss) income(79,416)3,657 (75,759)(174,739)32,233 (142,506)
End of Period$(476,093)$18,090 $(458,003)$(675,368)$85,887 $(589,481)
NINE MONTHS ENDED SEPTEMBER 30, 2023NINE MONTHS ENDED SEPTEMBER 30, 2022
 FOREIGN
CURRENCY
TRANSLATION AND OTHER
ADJUSTMENTS
DERIVATIVE FINANCIAL
INSTRUMENTS
TOTALFOREIGN
CURRENCY
TRANSLATION AND OTHER
ADJUSTMENTS
DERIVATIVE FINANCIAL
INSTRUMENTS
TOTAL
Beginning of Period$(454,509)$12,506 $(442,003)$(341,024)$2,677 $(338,347)
Other comprehensive (loss) income:
Foreign currency translation and other adjustments(21,584) (21,584)(334,344) (334,344)
Change in fair value of derivative instruments 10,638 10,638  83,210 83,210 
Reclassifications from accumulated other comprehensive items, net (5,054)(5,054)   
Total other comprehensive (loss) income(21,584)5,584 (16,000)(334,344)83,210 (251,134)
End of Period$(476,093)$18,090 $(458,003)$(675,368)$85,887 $(589,481)
G. 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 September 30, 2023 and December 31, 2022 are as follows:
SEPTEMBER 30, 2023DECEMBER 31, 2022
GROSS
CARRYING
AMOUNT
ACCUMULATED
AMORTIZATION
NET
CARRYING
AMOUNT
GROSS
CARRYING
AMOUNT
ACCUMULATED
AMORTIZATION
NET
CARRYING
AMOUNT
Intake Costs asset$77,937 $(47,081)$30,856 $68,345 $(42,132)$26,213 
Commissions asset154,425 (66,777)87,648 133,145 (58,949)74,196 
IRON MOUNTAIN SEPTEMBER 30, 2023 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)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Deferred revenue liabilities are reflected in our Condensed Consolidated Balance Sheets as follows:
DESCRIPTIONLOCATION IN BALANCE SHEETSEPTEMBER 30, 2023DECEMBER 31, 2022
Deferred revenue - CurrentDeferred revenue$325,493 $328,910 
Deferred revenue - Long-termOther Long-term Liabilities22,537 32,960 
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 Codification ("ASC") 842, Leases. Storage rental revenue associated with our Global Data Center Business for the three and nine months ended September 30, 2023 and 2022 is as follows:
THREE MONTHS ENDED SEPTEMBER 30,NINE MONTHS ENDED SEPTEMBER 30,
2023202220232022
Storage rental revenue$123,655 $96,328 $342,080 $273,547 
H. STOCK-BASED COMPENSATION
Our stock-based compensation expense includes the cost of stock options, restricted stock units ("RSUs") and performance units ("PUs") (together, the "Employee Stock-Based Awards").
STOCK-BASED COMPENSATION EXPENSE
Stock-based compensation expense for the Employee Stock-Based Awards for the three and nine months ended September 30, 2023 and 2022 is as follows:
THREE MONTHS ENDED SEPTEMBER 30,NINE MONTHS ENDED SEPTEMBER 30,
2023202220232022
Stock-based compensation expense$18,313 $14,326 $53,195 $45,923 
As of September 30, 2023, unrecognized compensation cost related to the unvested portion of our Employee Stock-Based Awards is $70,074.
I. ACQUISITION AND INTEGRATION COSTS
Acquisition and integration costs represent operating expenditures directly associated with the closing and integration activities of our business acquisitions that have closed, or are highly probable of closing, and include (i) advisory, legal and professional fees to complete business acquisitions and (ii) costs to integrate acquired businesses into our existing operations, including move, severance and system integration costs (collectively, "Acquisition and Integration Costs").
Acquisition and Integration Costs for the three and nine months ended September 30, 2023 and 2022 are as follows:
THREE MONTHS ENDED SEPTEMBER 30,NINE MONTHS ENDED SEPTEMBER 30,
2023202220232022
Acquisition and Integration Costs$9,909 $5,554 $13,015 $38,093 
IRON MOUNTAIN SEPTEMBER 30, 2023 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)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
J. (GAIN) LOSS ON DISPOSAL/WRITE-DOWN OF PROPERTY, PLANT AND EQUIPMENT, NET
(Gain) loss on disposal/write-down of property, plant and equipment, net for the three and nine months ended September 30, 2023 and 2022 is as follows:
THREE MONTHS ENDED SEPTEMBER 30,NINE MONTHS ENDED SEPTEMBER 30,
2023
2022(2)
2023(1)
2022(2)
(Gain) loss on disposal/write-down of property, plant and equipment, net(3)
$(4,416)$(14,170)$(18,982)$(66,124)
(1)    The gains for the nine months ended September 30, 2023 primarily consist of a gain of approximately $18,500 associated with a sale-leaseback transaction of a facility in Singapore during the first quarter of 2023.
(2)    The gains for the nine months ended September 30, 2022 primarily consist of gains of approximately $66,000 associated with sale and sale-leaseback transactions, of which (i) approximately $17,000 relates to sale-leaseback transactions of two facilities in the United States and one in Canada during the third quarter of 2022 and (ii) approximately $49,000 relates to sale and sale-leaseback transactions of 11 facilities and parcels of land in the United States during the second quarter of 2022.
(3)    The gains recognized during both 2023 and 2022 are the result of our program to monetize a small portion of our industrial assets through sale and sale-leaseback transactions. The terms for these leases are consistent with the terms of our lease portfolio, which are disclosed in detail in Note 2.j. to Notes to Consolidated Financial Statements included in our Annual Report.
K. OTHER (INCOME) EXPENSE, NET
Other (income) expense, net for the three and nine months ended September 30, 2023 and 2022 consists of the following:
 THREE MONTHS ENDED SEPTEMBER 30,NINE MONTHS ENDED SEPTEMBER 30,
DESCRIPTION2023202220232022
Foreign currency transaction (gains) losses, net(1)(2)
$(29,310)$(58,519)$177 $(126,759)
Debt extinguishment expense   671 
Other, net(3)(4)
13,039 5,649 67,702 87,902 
Other (Income) Expense, Net$(16,271)$(52,870)$67,879 $(38,186)
(1)The gains for the three months ended September 30, 2023 primarily consist of the impact of changes in the exchange rate of the British pound sterling against the United States dollar on our intercompany balances with and between certain of our subsidiaries.
(2)The gains for the three and nine months ended September 30, 2022 primarily consist of the impact of changes in the exchange rate of the Euro and the British pound sterling against the United States dollar on our intercompany balances with and between certain of our subsidiaries.
(3)Other, net for the nine months ended September 30, 2023 consists primarily of a loss of approximately $38,000 associated with the remeasurement to fair value of our previously held equity interest in the Clutter JV (as defined and discussed in Note 4), as well as losses on our equity method investments and the change in value of the Deferred Purchase Obligation.
(4)Other, net for the nine months ended September 30, 2022 consists primarily of (i) a loss of approximately $105,800 associated with the OSG Deconsolidation (as defined in Note 4 to Notes to Consolidated Financial Statements included in our Annual Report), partially offset by (ii) a gain of approximately $35,800 associated with the Clutter Transaction (as defined in Note 4).
IRON MOUNTAIN SEPTEMBER 30, 2023 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)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
L. 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 and nine months ended September 30, 2023 and 2022 are as follows:
 THREE MONTHS ENDED SEPTEMBER 30,NINE MONTHS ENDED SEPTEMBER 30,
2023(1)
2022(2)
2023(2)
2022(2)
Effective Tax Rate9.8 %11.0 %16.4 %10.7 %
(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, 2023 were the benefits derived from the dividends paid deduction and the differences in the tax rates to which our foreign earnings are subject. In addition, there were gains and losses recorded in Other (income) expense, net during the period, for which there was no tax impact.
(2)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, 2022 were the benefits derived from the dividends paid deduction and the differences in the tax rates to which our foreign earnings are subject. In addition, there were gains and losses recorded in Other (income) expense, net and Gain (loss) on disposal/write-down of property, plant and equipment, net, during the period for which there was an insignificant tax impact. During the first quarter of 2022, there was also a release of valuation allowances on deferred tax assets of our U.S. taxable REIT subsidiaries of approximately $9,900 as a result of our acquisition of Intercept Parent, Inc. ("ITRenew").
M. INCOME (LOSS) PER SHARE—BASIC AND DILUTED
The calculations of basic and diluted income (loss) per share for the three and nine months ended September 30, 2023 and 2022 are as follows:
 THREE MONTHS ENDED SEPTEMBER 30,NINE MONTHS ENDED SEPTEMBER 30,
 2023202220232022
Net Income (Loss)$91,391 $192,931 $158,069 $436,496 
Less: Net Income (Loss) Attributable to Noncontrolling Interests348 767 2,317 1,952 
Net Income (Loss) Attributable to Iron Mountain Incorporated (utilized in numerator of Earnings Per Share calculation)$91,043 $192,164 $155,752 $434,544 
Weighted-average shares—basic292,148,000 290,937,000 291,805,000 290,673,000