XML 67 R28.htm IDEA: XBRL DOCUMENT v3.25.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Allowance for doubtful accounts and credit memo reserves
The rollforward of the allowance for doubtful accounts and credit memo reserves is as follows:
YEAR ENDED DECEMBER 31,
BALANCE AT
BEGINNING OF
THE YEAR
CREDIT MEMOS
CHARGED TO
REVENUE
ALLOWANCE FOR
BAD DEBTS CHARGED
TO EXPENSE
DEDUCTIONS
AND OTHER(1)
BALANCE AT
END OF
THE YEAR
2025$86,712 $98,594 $56,675 $(134,143)$107,838 
202474,762 104,130 45,123 (137,303)86,712 
202354,143 92,881 32,692 (104,954)74,762 
(1)Primarily consists of the issuance of credit memos, the write-off of accounts receivable and the impact associated with currency translation adjustments.
Schedule of Accrued expenses and other current liabilities
Accrued expenses and other current liabilities with items greater than 5% of total current liabilities are shown separately and consist of the following:
 DECEMBER 31,
DESCRIPTION20252024
Current portion of operating lease liabilities$319,129 $315,400 
Accrued compensation and benefits253,443 244,499 
Dividends269,563 222,649 
Interest216,717 164,336 
Deferred purchase obligations, purchase price holdbacks and other23,621 137,207 
Other208,196 282,477 
Accrued expenses and other current liabilities$1,290,669 $1,366,568 
Schedule of Property, Plant and Equipment at cost
Property, plant and equipment are stated at cost and depreciated using the straight-line method with the following useful lives (in years):
DESCRIPTIONRANGE
Buildings, building improvements and data center infrastructure
5 to 40
Leasehold improvements
5 to 20 or life of the lease (whichever is shorter)
Racking structures
1 to 20 or life of the lease (whichever is shorter)
Warehouse equipment/vehicles
1 to 10
Furniture and fixtures and computer hardware
1 to 10
Software
1 to 7
Property, plant and equipment (including financing leases in the respective categories), at cost, consist of the following:
 DECEMBER 31,
DESCRIPTION20252024
Land$724,386 $670,529 
Buildings, building improvements and data center infrastructure6,461,346 4,768,835 
Leasehold improvements1,665,589 1,536,919 
Racking structures2,057,544 1,978,923 
Warehouse equipment/vehicles760,256 644,340 
Furniture and fixtures and computer hardware387,754 331,856 
Software569,987 465,689 
Construction in progress1,830,473 1,588,906 
Property, plant and equipment$14,457,335 $11,985,997 
Schedule of Contract Fulfillment Costs and related amortization During the years ended December 31, 2025, 2024 and 2023, capitalized interest is as follows:
YEAR ENDED DECEMBER 31,
202520242023
Capitalized interest$78,367 $63,333 $44,845 
During the years ended December 31, 2025, 2024 and 2023, capitalized costs associated with the development of internal use computer software projects are as follows:
YEAR ENDED DECEMBER 31,
202520242023
Capitalized costs associated with the development of internal use computer software projects$76,104 $69,055 $64,488 
Contract Costs, which are included as a component of Other within Other Assets, Net as of December 31, 2025 and 2024 are as follows:
DECEMBER 31, 2025DECEMBER 31, 2024
DESCRIPTIONGROSS
CARRYING
AMOUNT		ACCUMULATED
AMORTIZATION		NET
CARRYING
AMOUNT		GROSS
CARRYING
AMOUNT		ACCUMULATED
AMORTIZATION		NET
CARRYING AMOUNT
Intake Costs and other fulfillment costs asset
$111,923 $(60,999)$50,924 $89,057 $(43,783)$45,274 
Commissions asset243,966 (110,365)133,601 200,149 (78,955)121,194 
Amortization expense associated with the Intake Costs and other fulfillment costs asset and Commissions assets for the years ended December 31, 2025, 2024 and 2023 are as follows:
YEAR ENDED DECEMBER 31,
DESCRIPTION202520242023
Intake Costs and other fulfillment costs asset$33,474 $22,114 $18,904 
Commissions asset72,460 54,841 43,413 
Schedule of Operating and financing lease right-of-use assets and lease liabilities
Operating and financing lease right-of-use assets and lease liabilities as of December 31, 2025 and 2024 are as follows:
 DECEMBER 31,
DESCRIPTION20252024
Assets:
Operating lease right-of-use assets(1)
$2,465,196 $2,489,893 
Financing lease right-of-use assets, net of accumulated depreciation(2)(3)
470,803 359,265 
Liabilities:
Current
Operating lease liabilities$319,129 $315,400 
Financing lease liabilities(3)
56,287 128,397 
Long-term
Operating lease liabilities$2,300,448 $2,334,826 
Financing lease liabilities(3)
470,912 278,444 
(1)At December 31, 2025 and 2024, these assets are comprised of approximately 98% real estate related assets (which include land, buildings, data center infrastructure and racking structures) and 2% non-real estate related assets (which include warehouse equipment, vehicles, furniture and fixtures and computer hardware and software).
(2)At December 31, 2025, these assets are comprised of approximately 56% real estate related assets and 44% non-real estate related assets. At December 31, 2024, these assets are comprised of approximately 58% real estate related assets and 42% non-real estate related assets.
(3)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 Consolidated Balance Sheets.
Schedule of Lease terms and discount rates/Other lease information
The components of the lease expense for the years ended December 31, 2025, 2024 and 2023 are as follows:
YEAR ENDED DECEMBER 31,
DESCRIPTION202520242023
Operating lease cost(1)
$708,220 $682,960 $660,889 
Financing lease cost:
Depreciation of financing lease right-of-use assets$63,234 $50,548 $42,089 
Interest expense for financing lease liabilities27,602 21,949 18,638 
(1)Operating lease cost, the majority of which is included in Cost of sales, includes variable lease costs of $186,110, $163,916 and $142,154 for the years ended December 31, 2025, 2024 and 2023, respectively.
Weighted average remaining lease terms and discount rates as of December 31, 2025 and 2024 are as follows:
DECEMBER 31, 2025DECEMBER 31, 2024
OPERATING LEASESFINANCING LEASESOPERATING LEASESFINANCING LEASES
Remaining Lease Term9.7 years9.7 years9.9 years7.8 years
Discount Rate6.9 %6.4 %6.8 %6.3 %
Supplemental cash flow information relating to our leases for the years ended December 31, 2025, 2024 and 2023 is as follows:
YEAR ENDED DECEMBER 31,
CASH PAID FOR AMOUNTS INCLUDED IN MEASUREMENT OF LEASE LIABILITIES:202520242023
Operating cash flows used in operating leases$500,216 $473,474 $450,412 
Operating cash flows used in financing leases (interest)27,602 21,949 18,638 
Financing cash flows used in financing leases57,078 54,366 52,284 
NON-CASH ITEMS:
Operating lease modifications and reassessments$7,983 $29,345 $86,948 
New operating leases (including acquisitions and sale-leaseback transactions) 247,042 118,813 306,479 
Schedule of Operating lease maturity table
The estimated minimum future lease payments (receipts) as of December 31, 2025 are as follows:
YEAR
OPERATING LEASES(1)
SUBLEASE INCOME
FINANCING LEASES(1)
2026$506,526 $(3,929)$84,725 
2027473,605 (3,481)74,103 
2028419,147 (2,586)109,804 
2029371,756 (1,663)60,671 
2030320,583 (840)134,421 
Thereafter1,602,141 (240)204,290 
Total minimum lease payments (receipts)3,693,758 $(12,739)668,014 
Less amounts representing interest or imputed interest1,074,181 140,815 
Present value of lease obligations$2,619,577 $527,199 
(1)Estimated minimum future lease payments exclude variable common area maintenance charges, insurance and taxes.
Schedule of Finance lease maturity table
The estimated minimum future lease payments (receipts) as of December 31, 2025 are as follows:
YEAR
OPERATING LEASES(1)
SUBLEASE INCOME
FINANCING LEASES(1)
2026$506,526 $(3,929)$84,725 
2027473,605 (3,481)74,103 
2028419,147 (2,586)109,804 
2029371,756 (1,663)60,671 
2030320,583 (840)134,421 
Thereafter1,602,141 (240)204,290 
Total minimum lease payments (receipts)3,693,758 $(12,739)668,014 
Less amounts representing interest or imputed interest1,074,181 140,815 
Present value of lease obligations$2,619,577 $527,199 
(1)Estimated minimum future lease payments exclude variable common area maintenance charges, insurance and taxes.
Schedule of Long-Lived Assets Held-for-sale
Loss (gain) on disposal/write-down of property, plant and equipment, net for the years ended December 31, 2025, 2024 and 2023 is as follows:
YEAR ENDED DECEMBER 31,
202520242023
Loss (gain) on disposal/write-down of property, plant and equipment, net
$24,641 $6,196 $(12,825)
Primarily consists of(1):
•Losses related to the disposal of assets associated with facility consolidations.
•Losses related to the disposal of assets associated with facility consolidations.
•Gains associated with sale and sale-leaseback transactions of approximately $19,500, of which approximately $18,500 relates to a sale-leaseback transaction of a facility in Singapore during the first quarter of 2023. These gains are partially offset by losses related to the disposal of assets associated with facility consolidations.
(1) The gain recognized during the year ended December 31, 2023 is 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 Note 2.j.
Schedule of Carrying value of goodwill, net for each of the reporting units
The carrying value of goodwill, net for each of our reporting units described above as of December 31, 2025 and 2024 is as follows:
SEGMENTREPORTING UNITCARRYING VALUE AS OF DECEMBER 31,
20252024
Global RIM BusinessNorth America RIM$2,686,929 $2,675,999 
Europe RIM600,897 542,521 
Latin America RIM112,870 99,599 
APAC RIM539,522 467,059 
Media and Archive Services33,188 31,696 
Global Data Center BusinessGlobal Data Center482,864 469,461 
Corporate and OtherFine Arts49,197 47,925 
ALM780,334 749,557 
Total$5,285,801 $5,083,817 
Schedule of Changes in the carrying value of goodwill attributable to each reportable operating segment
The changes in the carrying value of goodwill attributable to each reportable segment for the years ended December 31, 2025 and 2024 are as follows:
 GLOBAL RIM
BUSINESS 		GLOBAL
DATA CENTER
BUSINESS		CORPORATE
AND OTHER 		TOTAL
CONSOLIDATED
Goodwill balance, net of accumulated amortization, as of December 31, 2023
$3,911,945 $478,930 $627,037 $5,017,912 
Tax deductible goodwill acquired during the year— — 132,891 132,891 
Non-tax deductible goodwill acquired during the year— — 39,646 39,646 
Fair value and other adjustments372 (186)(186)— 
Currency effects(95,443)(9,283)(1,906)(106,632)
Goodwill balance, net of accumulated amortization, as of December 31, 2024
3,816,874 469,461 797,482 5,083,817 
Tax deductible goodwill acquired during the year— — 17,620 17,620 
Non-tax deductible goodwill acquired during the year46,752 — 12,177 58,929 
Fair value and other adjustments1,100 — (1,464)(364)
Currency effects108,680 13,403 3,716 125,799 
Goodwill balance, net of accumulated amortization, as of December 31, 2025
$3,973,406 $482,864 $829,531 $5,285,801 
Accumulated Goodwill Impairment Balance as of December 31, 2024$132,409 $— $26,011 $158,420 
Accumulated Goodwill Impairment Balance as of December 31, 2025$132,409 $— $26,011 $158,420 
Schedule of Amortizable intangible assets
The gross carrying amount and accumulated amortization of our finite-lived intangible assets as of December 31, 2025 and 2024, respectively, are as follows:
DECEMBER 31, 2025DECEMBER 31, 2024
DESCRIPTIONGROSS CARRYING AMOUNTACCUMULATED AMORTIZATIONNET CARRYING AMOUNTGROSS CARRYING AMOUNTACCUMULATED AMORTIZATIONNET CARRYING AMOUNT
Assets:
Customer and supplier relationship intangible assets(1)
$2,429,156 $(1,194,940)$1,234,216 $2,268,949 $(1,035,846)$1,233,103 
Customer inducements(1)
40,457 (22,330)18,127 38,782 (19,706)19,076 
Data center lease-based intangible assets(1)(2)
67,513 (50,249)17,264 138,714 (116,162)22,552 
Third-party commissions asset and other(3)
93,174 (66,735)26,439 86,314 (51,508)34,806 
Liabilities:
Data center below-market leases(4)
$10,774 $(8,380)$2,394 $10,819 $(7,275)$3,544 
(1)Included in Customer and supplier relationship and other intangible assets in the accompanying Consolidated Balance Sheets.
(2)Data center lease-based intangible assets includes Data Center In-Place Leases, Data Center Tenant Relationships and Data Center Above-Market Leases.
(3)Included in Other (within Other Assets, Net) in the accompanying Consolidated Balance Sheets.
(4)Included in Other long-term liabilities in the accompanying Consolidated Balance Sheets.
Schedule of Amortization expenses
Amortization expense associated with finite-lived intangible assets, revenue reduction associated with the amortization of Customer Inducements and net revenue reduction associated with the amortization of Data Center Above-Market Leases and Data Center Below-Market Leases for the years ended December 31, 2025, 2024 and 2023 is as follows:
 YEAR ENDED DECEMBER 31,
 202520242023
Amortization expense included in depreciation and amortization associated with:   
Customer and supplier relationship intangible assets$163,550 $155,872 $153,128 
Data center in-place leases and tenant relationships7,395 22,304 22,322 
Third-party commissions asset and other16,671 16,478 12,541 
Revenue reduction associated with amortization of:   
Customer inducements and data center above-market and below-market leases$6,151 $5,347 $7,036 
Schedule of Estimated amortization expense for existing intangible assets for the next five succeeding fiscal years
Estimated amortization expense for existing finite-lived intangible assets (excluding Contract Costs, as defined in Note 2.s.) is as follows:
 ESTIMATED AMORTIZATION
YEARINCLUDED IN DEPRECIATION
AND AMORTIZATION		REVENUE REDUCTION ASSOCIATED WITH CUSTOMER INDUCEMENTS
AND DATA CENTER ABOVE-MARKET AND
BELOW-MARKET LEASES
2026$177,956 $5,614 
2027153,087 3,510 
2028140,905 1,990 
2029123,727 1,716 
2030113,809 1,100 
Thereafter568,365 1,873 
Schedule of Assets and liabilities carried at fair value measured on a recurring basis
The assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2025 and 2024, respectively, are as follows:
  
FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2025 USING
DESCRIPTION
TOTAL CARRYING
VALUE AT
DECEMBER 31, 2025
QUOTED PRICES IN
ACTIVE MARKETS
(LEVEL 1) 		 SIGNIFICANT OTHER
OBSERVABLE INPUTS
(LEVEL 2) 		 
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3)(6)
Money Market Funds(1)
$7,149 $— $7,149 $— 
Time Deposits(1)
3,430 — 3,430 — 
Trading Securities8,220 6,400 
(2)
1,820 
(3)
— 
Derivative Liabilities(4)
71,869 — 71,869 — 
Deferred Purchase Obligations(5)
134,142 — — 134,142 
  
FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2024 USING
DESCRIPTION
TOTAL CARRYING
VALUE AT
DECEMBER 31, 2024
QUOTED PRICES IN
ACTIVE MARKETS
(LEVEL 1) 		 SIGNIFICANT OTHER
OBSERVABLE INPUTS
(LEVEL 2) 		 
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3)(6)
Money Market Funds(1)
$2,488 $— $2,488 $— 
Time Deposits(1)
9,612 — 9,612 — 
Trading Securities8,144 6,390 
(2)
1,754 
(3)
— 
Derivative Assets(4)
28,092 — 28,092 — 
Derivative Liabilities(4)
5,326 — 5,326 — 
Deferred Purchase Obligations(5)
147,055 — — 147,055 
(1)Money market funds and time deposits are measured based on quoted prices for similar assets and/or subsequent transactions.
(2)Certain trading securities are measured at fair value using quoted market prices.
(3)Certain trading securities are measured based on inputs other than quoted market prices that are observable.
(4)Derivative assets and liabilities include (i) interest rate swap agreements, and (ii) cross-currency swap agreements to hedge the variability of exchange rate impacts between the United States dollar and certain of our foreign functional currencies, including the Euro and the Canadian dollar. Our derivative financial instruments are measured using industry standard valuation models using market-based observable inputs, including interest rate curves, forward and spot prices for currencies and implied volatilities. See Note 5 for additional information on our derivative financial instruments.
(5)The balance as of December 31, 2025 primarily relates to the fair value of the deferred purchase obligation associated with the Regency Transaction (as defined in Note 3). The balance as of December 31, 2024 primarily relates to the fair values of the deferred purchase obligations associated with the Regency Transaction and the ITRenew Transaction (as defined below).
(6)The following is a rollforward of the Level 3 liabilities presented above for December 31, 2023 through December 31, 2025:
Balance as of December 31, 2023
$208,265 
Additions63,700 
Payments(158,775)
Other changes33,865 
Balance as of December 31, 2024
$147,055 
Additions16,626 
Payments(49,678)
Other changes20,139 
Balance as of December 31, 2025
$134,142 
The level 3 valuations of the deferred purchase obligations were determined utilizing either a Monte-Carlo simulation model or a discounted cash flow model and take into account our forecasted projections as they relate to the underlying performance of the respective businesses. On January 25, 2022, in order to expand our ALM operations, we acquired an approximately 80% interest in ITRenew (the "ITRenew Transaction"). The Monte-Carlo simulation model applied in assessing the fair value of the deferred purchase obligation associated with the ITRenew Transaction incorporates assumptions as to expected gross profits over the 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 arrangement and overall market risks. The discounted cash flow model applied in assessing the fair value of the deferred purchase obligation associated with the Regency Transaction incorporates assumptions as to expected revenue over the achievement period, including adjustments for volatility and timing, as well as discount rates that account for the risk of the arrangement and overall market risks. Any material change to these assumptions may result in a significantly higher or lower fair value of the related deferred purchase obligation.
Schedule of Changes in accumulated other comprehensive items, net
The changes in Accumulated other comprehensive items, net for the years ended December 31, 2025, 2024 and 2023 are as follows:
 
FOREIGN CURRENCY
 TRANSLATION AND
OTHER ADJUSTMENTS
CHANGE IN FAIR
VALUE OF DERIVATIVE
INSTRUMENTS
TOTAL
Balance as of December 31, 2022$(454,509)$12,506 $(442,003)
Other comprehensive income (loss):
Foreign currency translation and other adjustments80,881 — 80,881 
Change in fair value of derivative instruments— (2,454)(2,454)
Reclassifications from Accumulated Other Comprehensive Items, net— (7,580)(7,580)
Total other comprehensive income (loss)80,881 (10,034)70,847 
Balance as of December 31, 2023(373,628)2,472 (371,156)
Other comprehensive (loss) income:
Foreign currency translation and other adjustments(194,501)— (194,501)
Change in fair value of derivative instruments— (1,767)(1,767)
Reclassifications from Accumulated Other Comprehensive Items, net— (2,528)(2,528)
Total other comprehensive (loss) income(194,501)(4,295)(198,796)
Balance as of December 31, 2024(568,129)(1,823)(569,952)
Other comprehensive income (loss):
Foreign currency translation and other adjustments210,080 — 210,080 
Change in fair value of derivative instruments— (7,518)(7,518)
Reclassifications from Accumulated Other Comprehensive Items, net— (1,618)(1,618)
Total other comprehensive income (loss)210,080 (9,136)200,944 
Balance as of December 31, 2025$(358,049)$(10,959)$(369,008)
Schedule of Contract with customer, future amortization expense
Estimated amortization expense for Contract Costs is as follows:
YEAR
ESTIMATED AMORTIZATION
2026$104,963 
202745,485 
202815,375 
20293,185 
20302,666 
Thereafter12,851 
Schedule of Deferred revenue liabilities
Deferred revenue liabilities, which also includes deferred revenue accounted for under ASC 842 (as described below), are reflected as follows in our Consolidated Balance Sheets:
DECEMBER 31,
DESCRIPTIONLOCATION IN BALANCE SHEET2025
2024(1)
Deferred revenue - Current(2)
Deferred revenue$402,091 $326,882 
Deferred revenue - Long-term(3)
Other Long-term Liabilities165,804 110,601 
(1)The beginning balance of current and long-term deferred revenue for the year ended December 31, 2024 was $325,665 and $100,770, respectively.
(2)The current deferred revenue accounted for under ASC 842 is approximately $41,600 and $25,500 as of December 31, 2025 and 2024, respectively. Approximately half of this revenue is expected to be recognized over the next month, with the remainder expected to be recognized over the next two to 12 months.
(3)The long-term deferred revenue accounted for under ASC 842 is approximately $141,100 and $95,000 as of December 31, 2025 and 2024, respectively.
Schedule of Revenue
Storage rental revenue associated with our Global Data Center Business for the years ended December 31, 2025, 2024 and 2023 are as follows:
YEAR ENDED DECEMBER 31,
202520242023
Storage rental revenue(1)
$797,017 $606,294 $474,066 
(1)Revenue associated with variable lease payments, primarily related to power and connectivity, included within storage rental revenue was approximately $172,000, $131,000 and $111,000 for the years ended December 31, 2025, 2024 and 2023, respectively.
Schedule of Payments to be received
The future minimum lease payments we expect to receive under non-cancellable data center operating leases for which we are the lessor, excluding month to month leases, for the next five years and thereafter are as follows:
YEAR
FUTURE MINIMUM LEASE PAYMENTS(1)
2026$628,775 
2027627,803 
2028585,750 
2029570,311 
2030541,514 
Thereafter3,398,163 
(1)Future minimum lease payments we expect to receive exclude payments for contingent and variable costs such as taxes, insurance, common area maintenance and power and connectivity, which are included in our total storage revenue. These amounts also exclude approximately $3,317,000 in total expected future minimum lease payments for non-cancellable leases that have not yet commenced, which we expect to receive over a weighted average period of 16 years.
Schedule of Stock-based compensation expense
Stock-based compensation expense for Employee Stock-Based Awards included in Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023 is as follows:
YEAR ENDED DECEMBER 31,
202520242023
Stock-based compensation expense$140,280 $118,138 $73,799 
Stock-based compensation expense, after tax132,537 109,252 68,309 
Schedule of Stock Option grant assumptions These values were estimated on the date of grant using the Black-Scholes option pricing model. The assumptions used for stock option grants in the years ended December 31, 2025, 2024 and 2023 are as follows:
YEAR ENDED DECEMBER 31,
STOCK OPTION GRANT ASSUMPTIONS202520242023
Expected volatility(1)
28.6 %28.6 %29.1 %
Risk-free interest rate(2)
4.24 %4.25 %3.92 %
Expected dividend yield(3)
3.4 %3.2 %4.7 %
Expected life(4)
10.0 years10.0 years10.0 years
(1)Expected volatility is calculated utilizing daily historical volatility over a period that equates to the expected life of the option.
(2)Risk-free interest rate is based on the United States Treasury interest rates whose term is consistent with the expected life (estimated period of time outstanding) of the stock options.
(3)Expected dividend yield is considered in the option pricing model and represents our annualized expected per share dividends over the trade price of our common stock at the date of grant.
(4)Expected life of the stock options granted is estimated using the historical exercise behavior of employees.
Summary of Stock option activity
A summary of stock option activity for the year ended December 31, 2025 is as follows:
 OPTIONSWEIGHTED
AVERAGE
EXERCISE PRICE		WEIGHTED AVERAGE
REMAINING
CONTRACTUAL
TERM (YEARS)		AGGREGATE
INTRINSIC
VALUE
Outstanding at December 31, 20243,709,919 $37.85 
Granted83,389 93.17 
Exercised(857,295)36.44 
Outstanding at December 31, 20252,936,013 $39.84 3.87$127,456 
Options exercisable at December 31, 20252,744,876 $37.13 3.56$125,759 
Options expected to vest191,137 $78.53 8.33$1,697 
Summary of Restricted stock and RSU activity
The fair value of RSUs vested during the years ended December 31, 2025, 2024 and 2023 are as follows:
 YEAR ENDED DECEMBER 31,
202520242023
Fair value of RSUs vested$42,277 $29,852 $32,664 
A summary of RSU activity for the year ended December 31, 2025 is as follows:
 RSUsWEIGHTED-AVERAGE
GRANT-DATE FAIR VALUE
Non-vested at December 31, 20241,194,375 $70.06 
Granted596,134 91.27 
Vested(632,233)66.87 
Forfeited(121,835)85.98 
Non-vested at December 31, 20251,036,441 $82.33 
Schedule of Performance stock units
The fair value of earned PUs that vested during the years ended December 31, 2025, 2024 and 2023 is as follows:
 YEAR ENDED DECEMBER 31,
202520242023
Fair value of earned PUs that vested$52,091 $24,617 $34,896 
Schedule of Performance unit (PU) activity
A summary of PU activity for the year ended December 31, 2025 is as follows:
 PUsWEIGHTED-AVERAGE
GRANT-DATE
FAIR VALUE
Non-vested at December 31, 2024562,028 $83.33 
Granted512,905 83.69 
Prior year grant adjustments for performance(1)
1,845,118 37.47 
Vested(1,390,205)37.47 
Forfeited(34,473)84.56 
Non-vested at December 31, 20251,495,373 $69.47 
(1)Represents an increase or decrease in the number of original PUs awarded based on either the final performance criteria or market condition achievement at the end of the performance period of such PUs.
Schedule of Other expense (income), net
Other expense (income), net for the years ended December 31, 2025, 2024 and 2023 consists of the following:
 YEAR ENDED DECEMBER 31,
 202520242023
Foreign currency transaction losses (gains), net(1)
$105,644 $(39,064)$36,799 
Debt extinguishment expense— 5,678 — 
Other, net(2)(3)(4)
17,655 76,808 71,841 
Other expense (income), net
$123,299 $43,422 $108,640 
(1)The gain or loss on foreign currency transactions, calculated as the difference between the historical exchange rate and the exchange rate at the applicable measurement date, includes gains or losses primarily related to British pound sterling and Euro denominated intercompany obligations of our foreign subsidiaries to us and between our foreign subsidiaries, which are not considered permanently invested.
(2)Other, net for the year ended December 31, 2025 primarily consists of (i) a loss of approximately $13,800 due to the change in value of our deferred purchase obligations and other deferred payments and (ii) losses on our equity method investment.
(3)Other, net for the year ended December 31, 2024 primarily consists of (i) a loss of approximately $41,000 due to the change in value of our deferred purchase obligations and other deferred payments, (ii) approximately $29,200 in charges associated with the agreement to purchase the remaining interest in a joint venture and (iii) losses on our equity method investments.
(4)Other, net for the year ended December 31, 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 joint venture we had formed with Clutter Intermediate, Inc. (the "Clutter JV"), as well as losses on our equity method investments and the change in value of our deferred purchase obligations.
Schedule of Basic and diluted net income (loss) per share attributable to the entity
The calculation of basic and diluted income (loss) per share for the years ended December 31, 2025, 2024 and 2023 is as follows:
 YEAR ENDED DECEMBER 31,
 202520242023
Net Income (Loss)$152,254 $183,666 $187,263 
Less: Net Income (Loss) Attributable to Noncontrolling Interests7,663 3,510 3,029 
Net Income (Loss) Attributable to Iron Mountain Incorporated (utilized in numerator of Earnings Per Share calculation)$144,591 $180,156 $184,234 
Weighted-average shares—basic295,403,000 293,365,000 291,936,000 
Effect of dilutive potential stock options1,946,000 2,241,000 1,435,000 
Effect of dilutive potential RSUs and PUs467,000 628,000 594,000 
Weighted-average shares—diluted297,816,000 296,234,000 293,965,000 
Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated:   
Basic$0.49 $0.61 $0.63 
Diluted$0.49 $0.61 $0.63 
Antidilutive stock options, RSUs and PUs, excluded from the calculation113,130 225,847 81,817