Document_and_Entity_Informatio
Document and Entity Information | 12 Months Ended |
Dec. 31, 2013 | |
Document and Entity Information | ' |
Entity Registrant Name | 'IRON MOUNTAIN INC |
Entity Central Index Key | '0001020569 |
Document Type | '8-K |
Document Period End Date | 31-Dec-13 |
Amendment Flag | 'false |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $120,526 | $243,415 |
Restricted cash | 33,860 | 33,612 |
Accounts receivable (less allowances of $25,209 and $34,645 as of December 31, 2012 and 2013, respectively) | 616,797 | 572,200 |
Deferred income taxes | 17,623 | 10,152 |
Prepaid expenses and other | 144,801 | 164,713 |
Total Current Assets | 933,607 | 1,024,092 |
Property, Plant and Equipment: | ' | ' |
Property, plant and equipment | 4,631,067 | 4,443,323 |
Less-Accumulated depreciation | -2,052,807 | -1,965,596 |
Property, Plant and Equipment, net | 2,578,260 | 2,477,727 |
Other Assets, net: | ' | ' |
Goodwill | 2,463,352 | 2,334,759 |
Customer relationships and acquisition costs | 605,484 | 456,120 |
Deferred financing costs | 45,607 | 43,850 |
Other | 26,695 | 21,791 |
Total Other Assets, net | 3,141,138 | 2,856,520 |
Total Assets | 6,653,005 | 6,358,339 |
Current Liabilities: | ' | ' |
Current portion of long-term debt | 52,583 | 92,887 |
Accounts payable | 216,456 | 168,120 |
Accrued expenses | 461,338 | 426,813 |
Deferred revenue | 228,724 | 217,133 |
Total Current Liabilities | 959,101 | 904,953 |
Long-term Debt, net of current portion | 4,119,139 | 3,732,116 |
Other Long-term Liabilities | 68,219 | 62,917 |
Deferred Rent | 104,244 | 97,356 |
Deferred Income Taxes | 344,468 | 398,549 |
Commitments and Contingencies (see Note 10) | ' | ' |
Iron Mountain Incorporated Stockholders' 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 190,005,788 shares and 191,426,920 shares as of December 31, 2012 and 2013, respectively) | 1,914 | 1,900 |
Additional paid-in capital | 980,164 | 942,199 |
Retained earnings | 73,920 | 185,558 |
Accumulated other comprehensive items, net | -8,660 | 20,314 |
Total Iron Mountain Incorporated Stockholders' Equity | 1,047,338 | 1,149,971 |
Noncontrolling Interests | 10,496 | 12,477 |
Total Equity | 1,057,834 | 1,162,448 |
Total Liabilities and Equity | $6,653,005 | $6,358,339 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
CONSOLIDATED BALANCE SHEETS | ' | ' |
Accounts receivable, allowances (in dollars) | $34,645 | $25,209 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, authorized shares | 10,000,000 | 10,000,000 |
Preferred stock, issued shares | 0 | 0 |
Preferred stock, outstanding shares | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, authorized shares | 400,000,000 | 400,000,000 |
Common stock, issued shares | 191,426,920 | 190,005,788 |
Common stock, outstanding shares | 191,426,920 | 190,005,788 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 16, 2013 | Sep. 11, 2013 | Jun. 06, 2013 | Mar. 14, 2013 | Dec. 14, 2012 | Oct. 11, 2012 | Sep. 06, 2012 | Jun. 05, 2012 | Mar. 08, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Storage rental | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,784,721 | $1,733,138 | $1,682,990 |
Service | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,241,202 | 1,272,117 | 1,331,713 |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | 768,532 | 755,639 | 754,721 | 747,031 | 758,467 | 748,125 | 752,165 | 746,498 | 3,025,923 | 3,005,255 | 3,014,703 |
Operating Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of sales (excluding depreciation and amortization) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,288,878 | 1,277,113 | 1,245,200 |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 924,031 | 850,371 | 834,591 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 322,037 | 316,344 | 319,499 |
Intangible impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,500 |
(Gain) Loss on disposal/write-down of property, plant and equipment, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,417 | 4,400 | -2,286 |
Total Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,533,529 | 2,448,228 | 2,443,504 |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 97,400 | 140,283 | 131,869 | 122,842 | 102,561 | 153,966 | 158,687 | 141,813 | 492,394 | 557,027 | 571,199 |
Interest Expense, Net (includes Interest Income of $2,313, $2,418 and $4,208 in 2011, 2012 and 2013, respectively) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 254,174 | 242,599 | 205,256 |
Other Expense (Income), Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,202 | 16,062 | 13,043 |
Income (Loss) from Continuing Operations Before Provision (Benefit) for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 163,018 | 298,366 | 352,900 |
Provision (Benefit) for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63,057 | 114,873 | 106,488 |
Income (Loss) from Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,545 | 5,528 | 27,538 | 18,350 | 27,260 | 53,719 | 41,441 | 61,073 | 99,961 | 183,493 | 246,412 |
(Loss) Income from Discontinued Operations, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 831 | -6,774 | -47,439 |
Gain (Loss) on Sale of Discontinued Operations, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,885 | 200,619 |
Net Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,861 | 4,957 | 27,440 | 20,534 | 26,186 | 53,751 | 38,917 | 55,980 | 100,792 | 174,834 | 399,592 |
Less: Net Income (Loss) Attributable to Noncontrolling Interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,530 | 3,126 | 4,054 |
Net Income (Loss) Attributable to Iron Mountain Incorporated | ' | ' | ' | ' | ' | ' | ' | ' | ' | $47,265 | $4,047 | $26,564 | $19,386 | $25,494 | $52,809 | $38,055 | $55,350 | $97,262 | $171,708 | $395,538 |
Earnings (Losses) per Share-Basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (Loss) from Continuing Operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.25 | $0.03 | $0.14 | $0.10 | $0.15 | $0.31 | $0.24 | $0.36 | $0.52 | $1.06 | $1.27 |
Total Income (Loss) from Discontinued Operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | ($0.01) | ' | ($0.01) | ($0.03) | $0 | ($0.05) | $0.79 |
Net Income (Loss) Attributable to Iron Mountain Incorporated (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.25 | $0.02 | $0.14 | $0.10 | $0.14 | $0.31 | $0.22 | $0.32 | $0.51 | $0.99 | $2.03 |
Earnings (Losses) per Share-Diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (Loss) from Continuing Operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.25 | $0.03 | $0.14 | $0.10 | $0.15 | $0.31 | $0.24 | $0.35 | $0.52 | $1.05 | $1.26 |
Total Income (Loss) from Discontinued Operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | ($0.01) | ' | ($0.01) | ($0.03) | $0 | ($0.05) | $0.78 |
Net Income (Loss) Attributable to Iron Mountain Incorporated (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.25 | $0.02 | $0.14 | $0.10 | $0.14 | $0.31 | $0.22 | $0.32 | $0.51 | $0.98 | $2.02 |
Weighted Average Common Shares Outstanding-Basic (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 190,994 | 173,604 | 194,777 |
Weighted Average Common Shares Outstanding-Diluted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 192,412 | 174,867 | 195,938 |
Dividends Declared per Common Share (in dollars per share) | $0.27 | $0.27 | $0.27 | $0.27 | $0.27 | $4.06 | $0.27 | $0.27 | $0.25 | ' | ' | ' | ' | ' | ' | ' | ' | $1.08 | $5.12 | $0.94 |
CONSOLIDATED_STATEMENTS_OF_OPE1
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CONSOLIDATED STATEMENTS OF OPERATIONS | ' | ' | ' |
Interest Income | $4,208 | $2,418 | $2,313 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) | $47,861 | $4,957 | $27,440 | $20,534 | $26,186 | $53,751 | $38,917 | $55,980 | $100,792 | $174,834 | $399,592 |
Other Comprehensive (Loss) Income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign Currency Translation Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | -31,532 | 23,186 | -32,616 |
Market Value Adjustments for Securities, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | 926 | ' | ' |
Total Other Comprehensive (Loss) Income | ' | ' | ' | ' | ' | ' | ' | ' | -30,606 | 23,186 | -32,616 |
Comprehensive Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 70,186 | 198,020 | 366,976 |
Comprehensive Income (Loss) Attributable to Noncontrolling Interests | ' | ' | ' | ' | ' | ' | ' | ' | 1,898 | 3,795 | 3,123 |
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | ' | ' | ' | ' | ' | ' | ' | ' | $68,288 | $194,225 | $363,853 |
CONSOLIDATED_STATEMENTS_OF_EQU
CONSOLIDATED STATEMENTS OF EQUITY (USD $) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Items, Net | Noncontrolling Interests |
In Thousands, except Share data, unless otherwise specified | ||||||
Balance at Dec. 31, 2010 | $1,952,865 | $2,001 | $1,228,655 | $685,310 | $29,482 | $7,417 |
Balance (in shares) at Dec. 31, 2010 | ' | 200,064,066 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' |
Issuance of shares under employee stock purchase plan and option plans and stock-based compensation, including tax benefit of $919, $1045 and $2,389 for the period ended 2011, 2012 and 2013, respectively | 102,986 | 39 | 102,947 | ' | ' | ' |
Issuance of shares under employee stock purchase plan and option plans and stock-based compensation (in shares) | ' | 3,930,318 | ' | ' | ' | ' |
Stock repurchases | -988,318 | -319 | -987,999 | ' | ' | ' |
Stock repurchases (in shares) | ' | -31,853,418 | ' | ' | ' | ' |
Parent cash dividends declared | -178,281 | ' | ' | -178,281 | ' | ' |
Currency translation adjustment | -32,616 | ' | ' | ' | -31,685 | -931 |
Net income (loss) | 399,592 | ' | ' | 395,538 | ' | 4,054 |
Noncontrolling interests equity contributions | 215 | ' | ' | ' | ' | 215 |
Noncontrolling interests dividends | -2,187 | ' | ' | ' | ' | -2,187 |
Balance at Dec. 31, 2011 | 1,254,256 | 1,721 | 343,603 | 902,567 | -2,203 | 8,568 |
Balance (in shares) at Dec. 31, 2011 | ' | 172,140,966 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' |
Shares issued in connection with Special Dividend ( see Note 13) | ' | 170 | 559,840 | -560,010 | ' | ' |
Shares issued in connection with Special Dividend ( see Note 13) (in shares) | ' | 17,009,281 | ' | ' | ' | ' |
Issuance of shares under employee stock purchase plan and option plans and stock-based compensation, including tax benefit of $919, $1045 and $2,389 for the period ended 2011, 2012 and 2013, respectively | 73,453 | 20 | 73,433 | ' | ' | ' |
Issuance of shares under employee stock purchase plan and option plans and stock-based compensation (in shares) | ' | 1,958,690 | ' | ' | ' | ' |
Stock repurchases | -34,688 | -11 | -34,677 | ' | ' | ' |
Stock repurchases (in shares) | ' | -1,103,149 | ' | ' | ' | ' |
Parent cash dividends declared | -328,707 | ' | ' | -328,707 | ' | ' |
Currency translation adjustment | 23,186 | ' | ' | ' | 22,517 | 669 |
Net income (loss) | 174,834 | ' | ' | 171,708 | ' | 3,126 |
Noncontrolling interests equity contributions | 836 | ' | ' | ' | ' | 836 |
Noncontrolling interests dividends | -1,722 | ' | ' | ' | ' | -1,722 |
Purchase of noncontrolling interests | 1,000 | ' | ' | ' | ' | 1,000 |
Balance at Dec. 31, 2012 | 1,162,448 | 1,900 | 942,199 | 185,558 | 20,314 | 12,477 |
Balance (in shares) at Dec. 31, 2012 | 190,005,788 | 190,005,788 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' |
Issuance of shares under employee stock purchase plan and option plans and stock-based compensation, including tax benefit of $919, $1045 and $2,389 for the period ended 2011, 2012 and 2013, respectively | 50,479 | 14 | 50,465 | ' | ' | ' |
Issuance of shares under employee stock purchase plan and option plans and stock-based compensation (in shares) | ' | 1,421,132 | ' | ' | ' | ' |
Parent cash dividends declared | -208,900 | ' | ' | -208,900 | ' | ' |
Currency translation adjustment | -31,532 | ' | ' | ' | -29,900 | -1,632 |
Market value adjustments for securities, net of tax | 926 | ' | ' | ' | 926 | ' |
Net income (loss) | 100,792 | ' | ' | 97,262 | ' | 3,530 |
Noncontrolling interests equity contributions | 743 | ' | ' | ' | ' | 743 |
Noncontrolling interests dividends | -2,270 | ' | ' | ' | ' | -2,270 |
Purchase of noncontrolling interests | -14,852 | ' | -12,500 | ' | ' | -2,352 |
Balance at Dec. 31, 2013 | $1,057,834 | $1,914 | $980,164 | $73,920 | ($8,660) | $10,496 |
Balance (in shares) at Dec. 31, 2013 | 191,426,920 | 191,426,920 | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_EQU1
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CONSOLIDATED STATEMENTS OF EQUITY | ' | ' | ' |
Tax benefit on issuance of shares under employee stock purchase plan and option plans and stock-based compensation | $2,389 | $1,045 | $919 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows from Operating Activities: | ' | ' | ' |
Net income (loss) | $100,792 | $174,834 | $399,592 |
Loss (Income) from discontinued operations | -831 | 6,774 | 47,439 |
(Gain) Loss on sale of discontinued operations | ' | 1,885 | -200,619 |
Adjustments to reconcile net income (loss) to cash flows from operating activities: | ' | ' | ' |
Depreciation | 282,856 | 280,598 | 290,638 |
Amortization (includes deferred financing costs and bond discount of $6,318, $6,948 and $7,258 in 2011, 2012 and 2013, respectively) | 46,439 | 42,694 | 35,179 |
Intangible impairments | ' | ' | 46,500 |
Stock-based compensation expense | 30,354 | 30,360 | 17,250 |
Provision (Benefit) for deferred income taxes | -99,432 | -77,201 | 3,389 |
Loss on early extinguishment of debt, net | 43,318 | 10,628 | 993 |
(Gain) Loss on disposal/write-down of property, plant and equipment, net | -1,417 | 4,400 | -2,286 |
Foreign currency transactions and other, net | 63,648 | 11,764 | 24,298 |
Changes in Assets and Liabilities (exclusive of acquisitions): | ' | ' | ' |
Accounts receivable | -33,181 | -17,964 | -20,799 |
Prepaid expenses and other | 48,302 | -58,400 | 5,299 |
Accounts payable | 24,168 | -706 | 7,069 |
Accrued expenses and deferred revenue | -6,420 | 34,995 | 15,629 |
Other assets and long-term liabilities | 7,997 | -1,009 | -6,057 |
Cash Flows from Operating Activities-Continuing Operations | 506,593 | 443,652 | 663,514 |
Cash Flows from Operating Activities-Discontinued Operations | 953 | -10,916 | -48,076 |
Cash Flows from Operating Activities | 507,546 | 432,736 | 615,438 |
Cash Flows from Investing Activities: | ' | ' | ' |
Capital expenditures | -287,295 | -240,683 | -209,155 |
Cash paid for acquisitions, net of cash acquired | -317,100 | -125,134 | -75,246 |
Investment in restricted cash | -248 | 1,498 | -5 |
Additions to customer relationship and acquisition costs | -30,191 | -28,872 | -21,703 |
Investment in joint ventures | ' | -2,330 | -335 |
Proceeds from sales of property and equipment and other, net | 2,084 | 1,457 | 4,231 |
Cash Flows from Investing Activities-Continuing Operations | -632,750 | -394,064 | -302,213 |
Cash Flows from Investing Activities-Discontinued Operations | -4,937 | -6,136 | 380,721 |
Cash Flows from Investing Activities | -637,687 | -400,200 | 78,508 |
Cash Flows from Financing Activities: | ' | ' | ' |
Repayment of revolving credit and term loan facilities and other debt | -5,526,672 | -2,844,693 | -2,017,174 |
Proceeds from revolving credit and term loan facilities and other debt | 5,661,750 | 2,731,185 | 2,170,979 |
Early retirement of senior subordinated notes | -685,134 | -525,834 | -231,255 |
Net proceeds from sales of senior subordinated notes | ' | 985,000 | 394,000 |
Net proceeds from sales of senior notes | 782,307 | ' | ' |
Debt financing (repayment to) and equity contribution from (distribution to) noncontrolling interests, net | -18,236 | 480 | 698 |
Stock repurchases | ' | -38,052 | -984,953 |
Parent cash dividends | -206,798 | -318,845 | -172,616 |
Proceeds from exercise of stock options and employee stock purchase plan | 17,664 | 40,244 | 85,742 |
Excess tax benefits from stock-based compensation | 2,389 | 1,045 | 919 |
Payment of debt financing costs | -8,706 | -2,261 | -9,010 |
Cash Flows from Financing Activities-Continuing Operations | 18,564 | 28,269 | -762,670 |
Cash Flows from Financing Activities-Discontinued Operations | ' | -39 | -1,138 |
Cash Flows from Financing Activities | 18,564 | 28,230 | -763,808 |
Effect of Exchange Rates on Cash and Cash Equivalents | -11,312 | 2,804 | -8,986 |
(Decrease) Increase in Cash and Cash Equivalents | -122,889 | 63,570 | -78,848 |
Cash and Cash Equivalents, Beginning of Period | 243,415 | 179,845 | 258,693 |
Cash and Cash Equivalents, End of Period | 120,526 | 243,415 | 179,845 |
Supplemental Information: | ' | ' | ' |
Cash Paid for Interest | 243,380 | 231,936 | 203,035 |
Cash Paid for Income Taxes | 125,624 | 228,607 | 147,998 |
Non-Cash Investing and Financing Activities: | ' | ' | ' |
Capital Leases | 48,488 | 54,518 | 30,090 |
Accrued Capital Expenditures | 79,153 | 51,114 | 43,696 |
Dividends Payable | 55,142 | 53,042 | 43,180 |
Unsettled Purchases of Parent Common Stock | ' | ' | $3,364 |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CONSOLIDATED STATEMENTS OF CASH FLOWS | ' | ' | ' |
Deferred financing costs and bond discount included in Amortization | $7,258 | $6,948 | $6,318 |
Nature_of_Business
Nature of Business | 12 Months Ended |
Dec. 31, 2013 | |
Nature of Business | ' |
Nature of Business | ' |
1. Nature of Business | |
The accompanying financial statements represent the consolidated accounts of Iron Mountain Incorporated, a Delaware corporation ("IMI") and its subsidiaries ("we" or "us"). We store records, primarily paper documents and data backup media, and provide information management services in various locations throughout North America, Europe, Latin America and Asia Pacific. We have a diversified customer base consisting of commercial, legal, banking, health care, accounting, insurance, entertainment and government organizations. | |
On June 2, 2011, we sold (the "Digital Sale") our online backup and recovery, digital archiving and eDiscovery solutions businesses of our digital business (the "Digital Business") to Autonomy Corporation plc, a corporation formed under the laws of England and Wales ("Autonomy"), pursuant to a purchase and sale agreement dated as of May 15, 2011 among IMI, certain subsidiaries of IMI and Autonomy (the "Digital Sale Agreement"). Additionally, on October 3, 2011, we sold our records management operations in New Zealand. Also, on April 27, 2012, we sold our records management operations in Italy. The financial position, operating results and cash flows of the Digital Business, our New Zealand operations and our Italian operations, including the gain on the sale of the Digital Business and our New Zealand operations and the loss on the sale of our Italian operations, for all periods presented, have been reported as discontinued operations for financial reporting purposes. See Note 14 for a further discussion of these events. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||||||||||
2. Summary of Significant Accounting Policies | ||||||||||||||||||||
a. | ||||||||||||||||||||
Principles of Consolidation | ||||||||||||||||||||
The accompanying financial statements reflect our financial position, results of operations, comprehensive income (loss), equity and cash flows on a consolidated basis. All intercompany account balances have been eliminated. | ||||||||||||||||||||
b. | ||||||||||||||||||||
Use of Estimates | ||||||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires us to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities at the date of the financial statements and for the period then ended. On an ongoing basis, we evaluate the estimates used. We base our estimates on historical experience, actuarial estimates, current conditions and various other assumptions that we believe to be reasonable under the circumstances. These estimates form the basis for making judgments about the carrying values of assets and liabilities and are not readily apparent from other sources. Actual results may differ from these estimates. | ||||||||||||||||||||
c. | ||||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash | ||||||||||||||||||||
Cash and cash equivalents include cash on hand and cash invested in highly liquid short-term securities, which have remaining maturities at the date of purchase of less than 90 days. Cash and cash equivalents are carried at cost, which approximates fair value. | ||||||||||||||||||||
We have restricted cash associated with a collateral trust agreement with our insurance carrier related to our workers' compensation self-insurance program. The restricted cash subject to this agreement was $33,612 and $33,860 as of December 31, 2012 and 2013, respectively, and is included in current assets on our Consolidated Balance Sheets. Restricted cash consists primarily of U.S. Treasuries. | ||||||||||||||||||||
d. | ||||||||||||||||||||
Foreign Currency | ||||||||||||||||||||
Local currencies are the functional currencies for our operations outside the U.S., with the exception of certain foreign holding companies and our financing center in Switzerland, whose functional currency is the U.S. dollar. In those instances where the local currency is the functional currency, assets and liabilities are translated at period-end exchange rates, and revenues and expenses are translated at average exchange rates for the applicable period. Resulting translation adjustments are reflected in the accumulated other comprehensive items, net component of Iron Mountain Incorporated Stockholders' Equity and Noncontrolling Interests in the accompanying Consolidated Balance Sheets. 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, including those related to (1) our 71/4% GBP Senior Subordinated Notes due 2014 (the "71/4% Notes"), (2) our 63/4% Euro Senior Subordinated Notes due 2018 (the "63/4% Notes"), (3) the borrowings in certain foreign currencies under our revolving credit facility and (4) certain foreign currency denominated intercompany obligations of our foreign subsidiaries to us and between our foreign subsidiaries, which are not considered permanently invested, are included in other expense (income), net, in the accompanying Consolidated Statements of Operations. The total gain or loss on foreign currency transactions amounted to a net loss of $17,352, $10,223 and $36,201 for the years ended December 31, 2011, 2012 and 2013, respectively. | ||||||||||||||||||||
e. | ||||||||||||||||||||
Derivative Instruments and Hedging Activities | ||||||||||||||||||||
Every derivative instrument is required to be recorded in the balance sheet as either an asset or a liability measured at its fair value. Periodically, we acquire derivative instruments that are intended to hedge either cash flows or values that are subject to foreign exchange or other market price risk and not for trading purposes. We have formally documented our hedging relationships, including identification of the hedging instruments and the hedged items, as well as our risk management objectives and strategies for undertaking each hedge transaction. Given the recurring nature of our revenues and the long-term nature of our asset base, we have the ability and the preference to use long-term, fixed interest rate debt to finance our business, thereby preserving our long-term returns on invested capital. We target approximately 75% of our debt portfolio to be fixed with respect to interest rates. Occasionally, we may use interest rate swaps as a tool to maintain our targeted level of fixed rate debt. In addition, we may use borrowings in foreign currencies, either obtained in the U.S. or by our foreign subsidiaries, to hedge foreign currency risk associated with our international investments. Sometimes we enter into currency swaps to temporarily hedge an overseas investment, such as a major acquisition, while we arrange permanent financing or to hedge our exposure due to foreign currency exchange movements related to our intercompany accounts with and between our foreign subsidiaries. As of December 31, 2012 and 2013, none of our derivative instruments contained credit-risk related contingent features. | ||||||||||||||||||||
f. | ||||||||||||||||||||
Property, Plant and Equipment | ||||||||||||||||||||
Property, plant and equipment are stated at cost and depreciated using the straight-line method with the following useful lives: | ||||||||||||||||||||
Building and building improvements | 5 to 40 years | |||||||||||||||||||
Leasehold improvements | 10 years or the life of the lease, whichever is shorter | |||||||||||||||||||
Racking | 1 to 20 years | |||||||||||||||||||
Warehouse equipment and vehicles | 1 to 10 years | |||||||||||||||||||
Furniture and fixtures | 2 to 10 years | |||||||||||||||||||
Computer hardware and software | 3 to 5 years | |||||||||||||||||||
Property, plant and equipment (including capital leases in the respective category), at cost, consist of the following: | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||
Land | $ | 199,354 | $ | 203,423 | ||||||||||||||||
Buildings and building improvements | 1,217,107 | 1,283,458 | ||||||||||||||||||
Leasehold improvements | 461,927 | 499,906 | ||||||||||||||||||
Racking | 1,481,377 | 1,536,212 | ||||||||||||||||||
Warehouse equipment/vehicles | 366,754 | 365,171 | ||||||||||||||||||
Furniture and fixtures | 81,093 | 53,590 | ||||||||||||||||||
Computer hardware and software | 526,973 | 511,927 | ||||||||||||||||||
Construction in progress | 108,738 | 177,380 | ||||||||||||||||||
| | | | | | | | |||||||||||||
$ | 4,443,323 | $ | 4,631,067 | |||||||||||||||||
| | | | | | | | |||||||||||||
| | | | | | | | |||||||||||||
Minor maintenance costs are expensed as incurred. Major improvements which extend the life, increase the capacity or improve the safety or the efficiency of property owned are capitalized. Major improvements to leased buildings are capitalized as leasehold improvements and depreciated. | ||||||||||||||||||||
We develop various software applications for internal use. Computer software costs associated with internal use software are expensed as incurred until certain capitalization criteria are met. Payroll and related costs for employees directly associated with, and devoting time to, the development of internal use computer software projects (to the extent time is spent directly on the project) are capitalized. During the years ended December 31, 2012 and 2013, we capitalized $26,755 and $39,487 of costs, respectively, associated with the development of internal use computer software projects. Capitalization begins when the design stage of the application has been completed and it is probable that the project will be completed and used to perform the function intended. Capitalization ends when the asset is ready for its intended use. Depreciation begins when the software is placed in service. Computer software costs that are capitalized are periodically evaluated for impairment. During the years ended December 31, 2011, 2012 and 2013, we wrote-off $3,500 (approximately $3,050 associated with our International Business segment and approximately $450 associated with our North American Records and Information Management Business segment), $1,110 associated with our Emerging Business segment and $1,100 (approximately $800 associated with our North American Records and Information Management Business segment and $300 associated with our Corporate and Other segment), respectively, of previously deferred software costs associated with internal use software development projects that were discontinued after implementation, which resulted in a loss on disposal/write-down of property, plant and equipment, net in the accompanying Consolidated Statements of Operations. | ||||||||||||||||||||
Entities are required to record the fair value of a liability for an asset retirement obligation in the period in which it is incurred. Asset retirement obligations represent the costs to replace or remove tangible long-lived assets required by law, regulatory rule or contractual agreement. When the liability is initially recorded, the entity capitalizes the cost by increasing the carrying amount of the related long-lived asset, which is then depreciated over the useful life of the related asset. The liability is increased over time through accretion expense (included in depreciation expense) such that the liability will equate to the future cost to retire the long- lived asset at the expected retirement date. Upon settlement of the liability, an entity either settles the obligation for its recorded amount or realizes a gain or loss upon settlement. Our obligations are primarily the result of requirements under our facility lease agreements which generally have "return to original condition" clauses which would require us to remove or restore items such as shred pits, vaults, demising walls and office build-outs, among others. The significant assumptions used in estimating our aggregate asset retirement obligation are the timing of removals, the probability of a requirement to perform, estimated cost and associated expected inflation rates that are consistent with historical rates and credit-adjusted risk-free rates that approximate our incremental borrowing rate. | ||||||||||||||||||||
A reconciliation of liabilities for asset retirement obligations (included in other long-term liabilities) is as follows: | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||
Asset Retirement Obligations, beginning of the year | $ | 10,116 | $ | 10,982 | ||||||||||||||||
Liabilities Incurred | 389 | 480 | ||||||||||||||||||
Liabilities Settled | (785 | ) | (687 | ) | ||||||||||||||||
Accretion Expense | 1,056 | 1,123 | ||||||||||||||||||
Foreign Currency Exchange Movement | 206 | (89 | ) | |||||||||||||||||
| | | | | | | | |||||||||||||
Asset Retirement Obligations, end of the year | $ | 10,982 | $ | 11,809 | ||||||||||||||||
| | | | | | | | |||||||||||||
| | | | | | | | |||||||||||||
g. | ||||||||||||||||||||
Goodwill and Other Intangible Assets | ||||||||||||||||||||
Goodwill and intangible assets with indefinite lives are not amortized but are reviewed annually for impairment or more frequently if impairment indicators arise. Other than goodwill, we currently have no intangible assets that have indefinite lives and which are not amortized. Separable intangible assets that are not deemed to have indefinite lives are amortized over their useful lives. We annually assess whether a change in the life over which our intangible assets are amortized is necessary or more frequently if events or circumstances warrant. | ||||||||||||||||||||
We have selected October 1 as our annual goodwill impairment review date. We performed our annual goodwill impairment review as of October 1, 2011, 2012 and 2013 and noted no impairment of goodwill at those dates. However, as a result of interim triggering events as discussed below, we recorded a provisional goodwill impairment charge in the third quarter of 2011 associated with our Continental Western Europe (as defined below) operations. This provisional goodwill impairment charge was finalized in the fourth quarter of 2011. As of December 31, 2013, no factors were identified that would alter our October 1, 2013 goodwill assessment. In making this assessment, we relied on a number of factors including operating results, business plans, anticipated future cash flows, transactions and marketplace data. There are inherent uncertainties related to these factors and our judgment in applying them to the analysis of goodwill impairment. When changes occur in the composition of one or more reporting units, the goodwill is reassigned to the reporting units affected based on their relative fair values. | ||||||||||||||||||||
In September 2011, as a result of certain changes we made in the manner in which our European operations are managed, we reorganized our reporting structure and reassigned goodwill among the revised reporting units. Previously, we tested goodwill impairment at the European level on a combined basis. As a result of the management and reporting changes, we concluded at that time that we had three reporting units within our European operations: (1) United Kingdom, Ireland and Norway ("UKI"); (2) Belgium, France, Germany, Luxembourg, Netherlands and Spain ("Continental Western Europe"); and (3) the remaining countries in Europe ("Central Europe"). As a result of the restructuring of our reporting units, we concluded that we had an interim triggering event, and, therefore, we performed an interim goodwill impairment test for UKI, Continental Western Europe and Central Europe in the third quarter of 2011, as of August 31, 2011. As required by GAAP, prior to our goodwill impairment analysis, we performed an impairment assessment on the long-lived assets within our UKI, Continental Western Europe and Central Europe reporting units and noted no impairment, except for our Italian operations, which was included in our Continental Western Europe reporting unit, and which is now included in discontinued operations as discussed in Note 14. Based on our analysis, we concluded that the goodwill of our UKI and Central Europe reporting units was not impaired. Our Continental Western Europe reporting unit's fair value was less than its carrying value, and, as a result, we recorded a goodwill impairment charge of $46,500 included as a component of intangible impairments from continuing operations in the accompanying Consolidated Statements of Operations for the year ended December 31, 2011. A tax benefit of approximately $5,449 was recorded associated with the Continental Western Europe goodwill impairment charge for the year ended December 31, 2011 and is included in the provision (benefit) for income taxes from continuing operations in the accompanying Consolidated Statements of Operations. See Note 14 for the portion of the charge allocated to our Italian operations based on a relative fair value basis. | ||||||||||||||||||||
In 2012, we reorganized the management and reporting structure of our international operations. As a result of the management and reporting changes, we concluded that we have the following six reporting units: (1) North America; (2) United Kingdom, Ireland, Norway, Belgium, France, Germany, Luxembourg, Netherlands and Spain ("Western Europe"); (3) the remaining countries in Europe in which we operate, excluding Russia and the Ukraine ("Emerging Markets"); (4) Latin America; (5) Australia, China, Hong Kong and Singapore ("Asia Pacific"); and (6) India, Russia and the Ukraine ("Emerging Market Joint Ventures"). As of December 31, 2012, the carrying value of goodwill, net amounted to $1,762,307, $365,303, $87,492, $56,893 and $62,764 for North America, Western Europe, Emerging Markets, Latin America and Asia Pacific, respectively. Our Emerging Market Joint Ventures reporting unit had no goodwill as of December 31, 2012 and 2013. As of December 31, 2013, the carrying value of goodwill, net amounted to $1,849,440, $375,954, $88,599, $93,149 and $56,210 for North America, Western Europe, Emerging Markets, Latin America and Asia Pacific, respectively. Based on our goodwill impairment assessment, all of our reporting units with goodwill had estimated fair values as of October 1, 2013 that exceeded their carrying values by greater than 15%. | ||||||||||||||||||||
Reporting unit valuations have been calculated using an income approach based on the present value of future cash flows of each reporting unit or a combined approach based on the present value of future cash flows and market and transaction multiples of revenues and earnings. The income approach incorporates many assumptions including future growth rates, discount factors, expected capital expenditures and income tax cash flows. Changes in economic and operating conditions impacting these assumptions could result in goodwill impairments in future periods. In conjunction with our annual goodwill impairment reviews, we reconcile the sum of the valuations of all of our reporting units to our market capitalization as of such dates. | ||||||||||||||||||||
The changes in the carrying value of goodwill attributable to each reportable operating segment for the years ended December 31, 2012 and 2013 is as follows: | ||||||||||||||||||||
North American | North American | International | Total | |||||||||||||||||
Records and | Data | Business | Consolidated | |||||||||||||||||
Information | Management | |||||||||||||||||||
Management | Business | |||||||||||||||||||
Business | ||||||||||||||||||||
Gross Balance as of December 31, 2011 | $ | 1,608,193 | $ | 402,048 | $ | 564,044 | $ | 2,574,285 | ||||||||||||
Deductible goodwill acquired during the year | 6,084 | 1,521 | 32,609 | 40,214 | ||||||||||||||||
Non-deductible goodwill acquired during the year | — | — | 18,079 | 18,079 | ||||||||||||||||
Currency effects | 4,900 | 1,225 | 16,796 | 22,921 | ||||||||||||||||
| | | | | | | | | | | | | | |||||||
Gross Balance as of December 31, 2012 | 1,619,177 | 404,794 | 631,528 | 2,655,499 | ||||||||||||||||
Deductible goodwill acquired during the year | 40,046 | 10,011 | 13,983 | 64,040 | ||||||||||||||||
Non-deductible goodwill acquired during the year | 34,066 | 8,517 | 35,129 | 77,712 | ||||||||||||||||
Fair value and other adjustments | 7,144 | 1,786 | (408 | ) | 8,522(1 | ) | ||||||||||||||
Currency effects | (12,153 | ) | (3,038 | ) | (6,897 | ) | (22,088 | ) | ||||||||||||
| | | | | | | | | | | | | | |||||||
Gross Balance as of December 31, 2013 | $ | 1,688,280 | $ | 422,070 | $ | 673,335 | $ | 2,783,685 | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Accumulated Amortization Balance as of December 31, 2011 | $ | 209,090 | $ | 52,272 | $ | 58,655 | $ | 320,017 | ||||||||||||
Currency effects | 242 | 60 | 421 | 723 | ||||||||||||||||
| | | | | | | | | | | | | | |||||||
Accumulated Amortization Balance as of December 31, 2012 | 209,332 | 52,332 | 59,076 | 320,740 | ||||||||||||||||
Currency effects | (603 | ) | (151 | ) | 347 | (407 | ) | |||||||||||||
| | | | | | | | | | | | | | |||||||
Accumulated Amortization Balance as of December 31, 2013 | $ | 208,729 | $ | 52,181 | $ | 59,423 | $ | 320,333 | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Net Balance as of December 31, 2012 | $ | 1,409,845 | $ | 352,462 | $ | 572,452 | $ | 2,334,759 | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Net Balance as of December 31, 2013 | $ | 1,479,551 | $ | 369,889 | $ | 613,912 | $ | 2,463,352 | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Accumulated Goodwill Impairment Balance as of December 31, 2012 | $ | 85,909 | $ | — | $ | 46,500 | $ | 132,409 | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Accumulated Goodwill Impairment Balance as of December 31, 2013 | $ | 85,909 | $ | — | $ | 46,500 | $ | 132,409 | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
-1 | ||||||||||||||||||||
Total fair value and other adjustments primarily include $8,446 in net adjustments to property, plant and equipment, net, customer relationships and deferred income taxes, as well as $76 of cash paid related to acquisitions made in previous years. | ||||||||||||||||||||
h. | ||||||||||||||||||||
Long-Lived Assets | ||||||||||||||||||||
We review long-lived assets and all amortizable intangible assets for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be recoverable. Recoverability of these assets is determined by comparing the forecasted undiscounted net cash flows of the operation to which the assets relate to their carrying amount. The operations are generally distinguished by the business segment and geographic region in which they operate. If the operation is determined to be unable to recover the carrying amount of its assets, then intangible assets are written down first, followed by the other long-lived assets of the operation, to fair value. Fair value is determined based on discounted cash flows or appraised values, depending upon the nature of the assets. | ||||||||||||||||||||
Consolidated gain on disposal/write-down of property, plant and equipment, net of $2,286 in the year ended December 31, 2011 consisted primarily of a gain of approximately $3,200 related to the disposition of a facility in Canada and a gain of approximately $3,000 on the retirement of leased vehicles accounted for as capital lease assets associated primarily with our North American Records and Information Management Business segment, offset by a loss associated with discontinued use of certain third-party software licenses of approximately $3,500 (approximately $3,050 associated with our International Business segment and approximately $450 associated with our North American Records and Information Managenent Business segment). Consolidated loss on disposal/write-down of property, plant and equipment, net was $4,400 in the year ended December 31, 2012 and consisted primarily of approximately $5,500, $800, $1,100, and $500 of asset write-offs in Europe, North American Records and Information Management Business, Emerging Businesses, and Latin America, respectively, partially offset by approximately $3,500 of gains associated with the retirement of leased vehicles accounted for as capital lease assets associated primarily with our North American Records and Information Management Business segment. Consolidated gain on disposal/write-down of property, plant and equipment, net was $1,417 in the year ended December 31, 2013 and consisted primarily of gains of approximately $2,500 on the retirement of leased vehicles accounted for as capital lease assets associated primarily with our North American Records and Information Management Business segment and the sale of two buildings in the United Kingdom of approximately $1,800, partially offset by approximately $1,700 of asset write-offs in our North American Records and Information Management Business segment, approximately $300 of asset write-offs in our Corporate and Other segment and approximately $900 of asset write-offs associated with our European operations. | ||||||||||||||||||||
i. | ||||||||||||||||||||
Customer Relationships and Acquisition Costs and Other Intangible Assets | ||||||||||||||||||||
Costs related to the acquisition of large volume accounts are capitalized. Initial costs incurred to transport the boxes to one of our facilities, which includes labor and transportation charges, are amortized over periods ranging from one to 30 years (weighted average of 26 years at December 31, 2013), and are included in depreciation and amortization in the accompanying Consolidated Statements of Operations. Payments to a customer's current records management vendor or direct payments to a customer are amortized over periods ranging from one to 10 years (weighted average of five years at December 31, 2013) to the storage and service revenue line items in the accompanying Consolidated Statements of Operations. If the customer terminates its relationship with us, the unamortized cost is charged to expense or revenue. However, in the event of such termination, we generally collect, and record as income, permanent removal fees that generally equal or exceed the amount of the unamortized costs. Customer relationship intangible assets acquired through business combinations, which represents the majority of the balance, are amortized over periods ranging from 10 to 30 years (weighted average of 21 years at December 31, 2013). Amounts allocated in purchase accounting to customer relationship intangible assets are calculated based upon estimates of their fair value utilizing an income approach based on the present value of expected future cash flows. Other intangible assets, including noncompetition agreements, acquired core technology and trademarks, are capitalized and amortized over periods ranging from five to 10 years (weighted average of seven years at December 31, 2013). | ||||||||||||||||||||
The gross carrying amount and accumulated amortization are as follows: | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||
Gross Carrying Amount | ||||||||||||||||||||
Customer relationship and acquisition costs | $ | 685,898 | $ | 879,378 | ||||||||||||||||
Other intangible assets (included in other assets, net) | 9,778 | 9,475 | ||||||||||||||||||
Accumulated Amortization | ||||||||||||||||||||
Customer relationship and acquisition costs | $ | 229,778 | $ | 273,894 | ||||||||||||||||
Other intangible assets (included in other assets, net) | 5,875 | 7,305 | ||||||||||||||||||
The amortization expense for the years ended December 31, 2011, 2012 and 2013 are as follows: | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2011 | 2012 | 2013 | ||||||||||||||||||
Customer relationship and acquisition costs: | ||||||||||||||||||||
Amortization expense included in depreciation and amortization | $ | 27,900 | $ | 34,806 | $ | 37,725 | ||||||||||||||
Amortization expense offsetting revenues | 10,100 | 10,784 | 11,788 | |||||||||||||||||
Other intangible assets: | ||||||||||||||||||||
Amortization expense included in depreciation and amortization | 961 | 940 | 1,456 | |||||||||||||||||
Estimated amortization expense for existing intangible assets (excluding deferred financing costs, which are amortized through interest expense, of $6,821, $6,666, $5,925, $4,886 and $4,853 for 2014, 2015, 2016, 2017 and 2018, respectively) for the next five succeeding fiscal years is as follows: | ||||||||||||||||||||
Estimated Amortization | ||||||||||||||||||||
Included in Depreciation | Charged to | |||||||||||||||||||
and Amortization | Revenues | |||||||||||||||||||
2014 | $ | 46,606 | $ | 7,466 | ||||||||||||||||
2015 | 46,295 | 6,403 | ||||||||||||||||||
2016 | 46,068 | 4,854 | ||||||||||||||||||
2017 | 44,373 | 2,917 | ||||||||||||||||||
2018 | 43,703 | 2,228 | ||||||||||||||||||
j. | ||||||||||||||||||||
Deferred Financing Costs | ||||||||||||||||||||
Deferred financing costs are amortized over the life of the related debt using the effective interest rate method. If debt is retired early, the related unamortized deferred financing costs are written off in the period the debt is retired to other expense (income), net. As of December 31, 2012 and 2013, gross carrying amount of deferred financing costs was $63,649 and $62,418, respectively, and accumulated amortization of those costs was $19,799 and $16,811, respectively, and was recorded in other assets, net in the accompanying Consolidated Balance Sheets. | ||||||||||||||||||||
k. | ||||||||||||||||||||
Prepaid Expenses and Accrued Expenses | ||||||||||||||||||||
Prepaid expenses and accrued expenses with items greater than 5% of total current assets and liabilities shown separately, respectively, consist of the following: | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||
Income tax receivable | $ | 68,312 | $ | 31,915 | ||||||||||||||||
Other | 96,401 | 112,886 | ||||||||||||||||||
| | | | | | | | |||||||||||||
Prepaid expenses | $ | 164,713 | $ | 144,801 | ||||||||||||||||
| | | | | | | | |||||||||||||
| | | | | | | | |||||||||||||
December 31, | ||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||
Interest | $ | 64,227 | $ | 71,971 | ||||||||||||||||
Payroll and vacation | 80,931 | 91,519 | ||||||||||||||||||
Incentive compensation | 63,828 | 58,562 | ||||||||||||||||||
Dividend | 53,042 | 55,142 | ||||||||||||||||||
Self-insured liabilities (Note 10.b.) | 34,806 | 32,850 | ||||||||||||||||||
Other | 129,979 | 151,294 | ||||||||||||||||||
| | | | | | | | |||||||||||||
Accrued expenses | $ | 426,813 | $ | 461,338 | ||||||||||||||||
| | | | | | | | |||||||||||||
| | | | | | | | |||||||||||||
l. | ||||||||||||||||||||
Revenues | ||||||||||||||||||||
Our revenues consist of storage rental revenues as well as service revenues and are reflected net of sales and value added taxes. Storage rental revenues, which are considered a key driver of financial performance for the storage and information management services industry, consist primarily of recurring periodic rental charges related to the storage of materials or data (generally on a per unit basis). Service revenues include charges for related core service activities and a wide array of complementary products and services. Included in core service revenues are: (1) the handling of records, including the addition of new records, temporary removal of records from storage, refiling of removed records and the destruction of records; (2) courier operations, consisting primarily of the pickup and delivery of records upon customer request; (3) secure shredding of sensitive documents; and (4) other recurring services, including the scanning, imaging and document conversion services of active and inactive records, or Document Management Solutions ("DMS"), which relate to physical and digital records, and recurring project revenues. Our complementary services revenues include special project work, customer termination and permanent withdrawal fees, data restoration projects, fulfillment services, consulting services, technology services and product sales (including specially designed storage containers and related supplies). Our secure shredding revenues include the sale of recycled paper (included in complementary services revenues), the price of which can fluctuate from period to period, adding to the volatility and reducing the predictability of that revenue stream. | ||||||||||||||||||||
We recognize revenue when the following criteria are met: persuasive evidence of an arrangement exists, services have been rendered, the sales price is fixed or determinable and collectability of the resulting receivable is reasonably assured. Storage rental and service revenues are recognized in the month the respective storage rental or service is provided, and customers are generally billed on a monthly basis on contractually agreed-upon terms. Amounts related to future storage rental or prepaid service contracts for customers where storage rental fees or services are billed in advance are accounted for as deferred revenue and recognized ratably over the period the applicable storage rental or service is provided or performed. Revenues from the sales of products, which is included as a component of service revenues, is recognized when products are shipped and title has passed to the customer. Revenues from the sales of products have historically not been significant. | ||||||||||||||||||||
m. | ||||||||||||||||||||
Rent Normalization | ||||||||||||||||||||
We have entered into various leases for buildings that expire over various terms. Certain leases have fixed escalation clauses (excluding those tied to the consumer price index or other inflation-based indices) or other features (including return to original condition, primarily in the United Kingdom) which require normalization of the rental expense over the life of the lease resulting in deferred rent being reflected as a liability in the accompanying consolidated balance sheets. In addition, we have assumed various above and below market leases in connection with certain of our acquisitions. The difference between the present value of these lease obligations and the market rate at the date of the acquisition was recorded as a deferred rent liability or other long-term asset and is being amortized over the remaining lives of the respective leases. | ||||||||||||||||||||
n. | ||||||||||||||||||||
Stock-Based Compensation | ||||||||||||||||||||
We record stock-based compensation expense, utilizing the straight-line method, for the cost of stock options, restricted stock, restricted stock units, performance units and shares of stock issued under the 2003 employee stock purchase plan and the 2013 employee stock purchase plan (together, "Employee Stock-Based Awards"). | ||||||||||||||||||||
Stock-based compensation expense for Employee Stock-Based Awards included in the accompanying Consolidated Statements of Operations for the years ended December 31, 2011, 2012 and 2013 was $17,510, including $260 in discontinued operations, ($8,834 after tax or $0.05 per basic and diluted share), $30,360 ($23,437 after tax or $0.14 per basic and $0.13 per diluted share) and $30,354 ($22,085 after tax or $0.12 per basic and $0.11 per diluted share), respectively. | ||||||||||||||||||||
Stock-based compensation expense for Employee Stock-Based Awards included in the accompanying Consolidated Statements of Operations related to continuing operations is as follows: | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2011 | 2012 | 2013 | ||||||||||||||||||
Cost of sales (excluding depreciation and amortization) | $ | 914 | $ | 1,392 | $ | 293 | ||||||||||||||
Selling, general and administrative expenses | 16,336 | 28,968 | 30,061 | |||||||||||||||||
| | | | | | | | | | | ||||||||||
Total stock-based compensation | $ | 17,250 | $ | 30,360 | $ | 30,354 | ||||||||||||||
| | | | | | | | | | | ||||||||||
| | | | | | | | | | | ||||||||||
The benefits associated with the tax deductions in excess of recognized compensation cost are required to be reported as financing activities in the accompanying Consolidated Statements of Cash Flows. This requirement reduces reported operating cash flows and increases reported financing cash flows. As a result, net financing cash flows from continuing operations included $919, $1,045 and $2,389 for the years ended December 31, 2011, 2012 and 2013, respectively, from the benefits of tax deductions in excess of recognized compensation cost. The tax benefit of any resulting excess tax deduction increases the Additional Paid-in Capital ("APIC") pool. Any resulting tax deficiency is deducted from the APIC pool. | ||||||||||||||||||||
Stock Options | ||||||||||||||||||||
Under our various stock option plans, options were granted with exercise prices equal to the market price of the stock on the date of grant. The majority of our options become exercisable ratably over a period of five years from the date of grant and generally have a contractual life of ten years from the date of grant, unless the holder's employment is terminated sooner. Certain of the options we issue become exercisable ratably over a period of ten years from the date of grant and have a contractual life of 12 years from the date of grant, unless the holder's employment is terminated sooner. As of December 31, 2013, ten-year vesting options represented 7.5% of total outstanding options. Beginning in 2011, certain of the options we issue become exercisable ratably over a period of three years from the date of grant and have a contractual life of ten years from the date of grant, unless the holder's employment is terminated sooner. As of December 31, 2013, three-year vesting options represented 20.5% of total outstanding options. Our non-employee directors are considered employees for purposes of our stock option plans and stock option reporting. Options granted to our non-employee directors generally become exercisable one year from the date of grant. | ||||||||||||||||||||
In December 2008, we amended each of the Iron Mountain Incorporated 2002 Stock Incentive Plan, the Iron Mountain Incorporated 1997 Stock Option Plan and the LiveVault Corporation 2001 Stock Incentive Plan (each a "Plan") to provide that any unvested options and other awards granted under each respective Plan shall vest immediately should an employee be terminated by the Company, or terminate his or her own employment for good reason (as defined in each Plan), in connection with a vesting change in control (as defined in each Plan). The Mimosa Systems, Inc. 2009 Equity Incentive Plan and the Mimosa Systems, Inc. 2003 Stock Plan were similarly amended in June 2010. | ||||||||||||||||||||
A total of 38,917,411 shares of common stock have been reserved for grants of options and other rights under our various stock incentive plans. The number of shares available for grant at December 31, 2013 was 5,814,061. | ||||||||||||||||||||
The weighted average fair value of options granted in 2011, 2012 and 2013 was $7.42, $7.00 and $7.69 per share, respectively. These values were estimated on the date of grant using the Black-Scholes option pricing model. The following table summarizes the weighted average assumptions used for grants in the year ended December 31: | ||||||||||||||||||||
Weighted Average Assumptions | 2011 | 2012 | 2013 | |||||||||||||||||
Expected volatility | 33.4 | % | 33.8 | % | 33.8 | % | ||||||||||||||
Risk-free interest rate | 2.4 | % | 1.24 | % | 1.13 | % | ||||||||||||||
Expected dividend yield | 3 | % | 3 | % | 3 | % | ||||||||||||||
Expected life | 6.3 years | 6.3 years | 6.3 years | |||||||||||||||||
Expected volatility is calculated utilizing daily historical volatility over a period that equates to the expected life of the option. The risk-free interest rate was based on the U.S. Treasury interest rates whose term is consistent with the expected life of the stock options. Expected dividend yield is considered in the option pricing model and represents our current annualized expected per share dividends over the current trade price of our common stock. The expected life (estimated period of time outstanding) of the stock options granted is estimated using the historical exercise behavior of employees. | ||||||||||||||||||||
A summary of option activity for the year ended December 31, 2013 is as follows: | ||||||||||||||||||||
Options | Weighted | Weighted | Aggregate | |||||||||||||||||
Average | Average | Intrinsic | ||||||||||||||||||
Exercise | Remaining | Value | ||||||||||||||||||
Price | Contractual | |||||||||||||||||||
Term | ||||||||||||||||||||
Outstanding at December 31, 2012 | 5,908,102 | $ | 23.39 | |||||||||||||||||
Granted | 261,698 | 33.03 | ||||||||||||||||||
Exercised | (895,372 | ) | 22.3 | |||||||||||||||||
Forfeited | (121,006 | ) | 21.81 | |||||||||||||||||
Expired | (7,683 | ) | 28.71 | |||||||||||||||||
| | | | | | | | | | | | | | |||||||
Outstanding at December 31, 2013 | 5,145,739 | $ | 24.09 | 4.69 | $ | 33,618 | ||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Options exercisable at December 31, 2013 | 3,779,348 | $ | 23.66 | 4.1 | $ | 25,990 | ||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Options expected to vest | 1,193,816 | $ | 25.37 | 6.91 | $ | 6,605 | ||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
The following table provides the aggregate intrinsic value of stock options exercised for the years ended December 31, 2011, 2012 and 2013: | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2011 | 2012 | 2013 | ||||||||||||||||||
Aggregate intrinsic value of stock options exercised | $ | 37,901 | $ | 15,859 | $ | 11,024 | ||||||||||||||
Restricted Stock and Restricted Stock Units | ||||||||||||||||||||
Under our various equity compensation plans, we may also grant restricted stock or restricted stock units ("RSUs"). Our restricted stock and RSUs generally have a three to five year vesting period from the date of grant. All RSUs accrue dividend equivalents associated with the underlying stock as we declare dividends. Dividends will generally be paid to holders of RSUs in cash upon the vesting date of the associated RSU and will be forfeited if the RSU does not vest. We accrued approximately $1,378 and $1,854 of cash dividends on RSUs for the years ended December 31, 2012 and 2013, respectively. We paid approximately $58 and $820 of cash dividends on RSUs for the years ended December 31, 2012 and 2013, respectively. The fair value of restricted stock and RSUs is the excess of the market price of our common stock at the date of grant over the purchase price (which is typically zero). | ||||||||||||||||||||
A summary of restricted stock and RSU activity for the year ended December 31, 2013 is as follows: | ||||||||||||||||||||
Restricted | Weighted- | |||||||||||||||||||
Stock and RSUs | Average | |||||||||||||||||||
Grant-Date | ||||||||||||||||||||
Fair Value | ||||||||||||||||||||
Non-vested at December 31, 2012 | 1,303,664 | $ | 29.89 | |||||||||||||||||
Granted | 758,799 | 29.75 | ||||||||||||||||||
Vested | (555,776 | ) | 29.94 | |||||||||||||||||
Forfeited | (71,457 | ) | 30.62 | |||||||||||||||||
| | | | | | | | |||||||||||||
Non-vested at December 31, 2013 | 1,435,230 | $ | 29.76 | |||||||||||||||||
| | | | | | | | |||||||||||||
| | | | | | | | |||||||||||||
The total fair value of restricted stock vested for the years ended December 31, 2011, 2012 and 2013 was $13, $1 and $1, respectively. The total fair value of RSUs vested for the years ended December 31, 2011, 2012 and 2013 was $931, $8,296 and $16,638, respectively. | ||||||||||||||||||||
Performance Units | ||||||||||||||||||||
Under our various equity compensation plans, we may also make awards of performance units ("PUs"). For the majority of PUs, the number of PUs earned is determined based on our performance against predefined calendar year targets of revenue growth and return on invested capital ("ROIC"). The number of PUs earned may range from 0% to 150% of the initial award. The number of PUs earned is determined based on our actual performance as compared to the targets at the end of the one-year performance period. Certain PUs granted in 2013 will be earned based on a market condition associated with the total return on our common stock in relation to a subset of the S&P 500 rather than the revenue growth and ROIC targets noted above. The number of PUs earned based on this market condition may range from 0% to 200% of the initial award. All of our PUs will be settled in shares of our common stock and are subject to cliff vesting three years from the date of the original PU grant. Employees who subsequently terminate their employment after the end of the one-year performance period and on or after attaining age 55 and completing 10 years of qualifying service (the "retirement criteria") shall immediately and completely vest in any PUs earned based on the actual achievement against the predefined targets as discussed above (but delivery of the shares remains deferred). As a result, PUs are generally expensed over the shorter of (1) the vesting period, (2) achievement of the retirement criteria, which may occur as early as January 1 of the year following the year of grant, or (3) a maximum of three years. Outstanding PUs accrue dividend equivalents associated with the underlying stock as we declare dividends. Dividends will generally be paid to holders of PUs in cash upon the settlement date of the associated PU and will be forfeited if the PU does not vest. We accrued approximately $369 and $681 of cash dividends on PUs for the years ended December 31, 2012 and 2013, respectively. | ||||||||||||||||||||
In 2011, 2012 and 2013, we issued 154,239, 221,781 and 198,869 PUs, respectively. For PUs that are earned based on our performance against revenue growth and ROIC targets during the one-year performance period, we forecast the likelihood of achieving the predefined annual revenue growth and ROIC targets in order to calculate the expected PUs to be earned. We record a compensation charge based on either the forecasted PUs to be earned (during the one-year performance period) or the actual PUs earned (at the one-year anniversary date) over the vesting period for each of the awards. For the 2013 PUs that will be earned based on a market condition, we utilized a Monte Carlo simulation to fair value these awards at the date of grant, and such fair value will be expensed over the three-year performance period. No PUs vested during 2011. The total fair value of earned PUs that vested during the years ended December 31, 2012 and 2013 was $4,285 and $2,962, respectively. There were no cash dividends paid on PUs for the years ended December 31, 2011, 2012 and 2013. As of December 31, 2013, we expected 70.0% achievement of the predefined revenue and ROIC targets associated with the awards of PUs made in 2013. | ||||||||||||||||||||
A summary of PU activity for the year ended December 31, 2013 is as follows: | ||||||||||||||||||||
Original | PU Adjustment(1) | Total | Weighted- | |||||||||||||||||
PU Awards | PU Awards | Average | ||||||||||||||||||
Grant-Date | ||||||||||||||||||||
Fair Value | ||||||||||||||||||||
Non-vested at December 31, 2012 | 236,093 | (4,447 | ) | 231,646 | $ | 29.12 | ||||||||||||||
Granted | 198,869 | (25,536 | ) | 173,333 | 38.81 | |||||||||||||||
Vested | (94,019 | ) | 6,251 | (87,768 | ) | 33.74 | ||||||||||||||
Forfeited | (6,395 | ) | — | (6,395 | ) | 30.77 | ||||||||||||||
| | | | | | | | | | | | | | |||||||
Non-vested at December 31, 2013 | 334,548 | (23,732 | ) | 310,816 | $ | 33.18 | ||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
-1 | ||||||||||||||||||||
Represents an increase or decrease in the number of original PUs awarded based on either (a) the final performance criteria achievement at the end of the defined performance period of such PUs or (b) a change in estimated awards based on the forecasted performance against the predefined targets. | ||||||||||||||||||||
Employee Stock Purchase Plan | ||||||||||||||||||||
We offer an employee stock purchase plan (the "ESPP") in which participation is available to substantially all U.S. and Canadian employees who meet certain service eligibility requirements. The ESPP provides a way for our eligible employees to become stockholders on favorable terms. The ESPP provides for the purchase of our common stock by eligible employees through successive offering periods. We have historically had two six-month offering periods per year, the first of which generally runs from June 1 through November 30 and the second of which generally runs from December 1 through May 31. During each offering period, participating employees accumulate after-tax payroll contributions, up to a maximum of 15% of their compensation, to pay the purchase price at the end of the offering. Participating employees may withdraw from an offering before the purchase date and obtain a refund of the amounts withheld as payroll deductions. At the end of the offering period, outstanding options under the ESPP are exercised, and each employee's accumulated contributions are used to purchase our common stock. The price for shares purchased under the ESPP is 95% of the fair market price at the end of the offering period, without a look-back feature. As a result, we do not recognize compensation expense for the ESPP shares purchased. For the years ended December 31, 2011, 2012 and 2013, there were 154,559 shares, 151,285 shares and 144,432 shares, respectively, purchased under the ESPP. Our prior ESPP was replaced subsequent to the expiration of our June 1 offering on November 29, 2013, by the Iron Mountain Incorporated 2013 Employee Stock Purchase Plan, which was approved by our stockholders at the 2013 Annual Meeting of Stockholders held on June 6, 2013. As of December 31, 2013, we have 1,000,000 shares available under the ESPP. | ||||||||||||||||||||
As of December 31, 2013, unrecognized compensation cost related to the unvested portion of our Employee Stock-Based Awards was $41,877 and is expected to be recognized over a weighted-average period of 2.0 years. | ||||||||||||||||||||
We generally issue shares of our common stock for the exercises of stock options, restricted stock, RSUs, PUs and shares of our common stock under our ESPP from unissued reserved shares. | ||||||||||||||||||||
o. | ||||||||||||||||||||
Income Taxes | ||||||||||||||||||||
Accounting for income taxes requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the tax and financial reporting basis of assets and liabilities and for loss and credit carryforwards. Valuation allowances are provided when recovery of deferred tax assets does not meet the more likely than not standard as defined in GAAP. We have elected to recognize interest and penalties associated with uncertain tax positions as a component of the provision (benefit) for income taxes in the accompanying Consolidated Statements of Operations. | ||||||||||||||||||||
p. | ||||||||||||||||||||
Income (Loss) Per Share—Basic and Diluted | ||||||||||||||||||||
Basic income (loss) per common share is calculated by dividing income (loss) by the weighted average number of common shares outstanding. The calculation of diluted income (loss) per share is consistent with that of basic income (loss) per share but gives effect to all potential common shares (that is, securities such as options, warrants or convertible securities) that were outstanding during the period, unless the effect is antidilutive. | ||||||||||||||||||||
The following table presents the calculation of basic and diluted income (loss) per share: | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2011 | 2012 | 2013 | ||||||||||||||||||
Income (loss) from continuing operations | $ | 246,412 | $ | 183,493 | $ | 99,961 | ||||||||||||||
| | | | | | | | | | | ||||||||||
| | | | | | | | | | | ||||||||||
Total income (loss) from discontinued operations (see Note 14) | $ | 153,180 | $ | (8,659 | ) | $ | 831 | |||||||||||||
| | | | | | | | | | | ||||||||||
| | | | | | | | | | | ||||||||||
Net income (loss) attributable to Iron Mountain Incorporated | $ | 395,538 | $ | 171,708 | $ | 97,262 | ||||||||||||||
| | | | | | | | | | | ||||||||||
| | | | | | | | | | | ||||||||||
Weighted-average shares—basic | 194,777,000 | 173,604,000 | 190,994,000 | |||||||||||||||||
Effect of dilutive potential stock options | 1,060,477 | 914,308 | 995,836 | |||||||||||||||||
Effect of dilutive potential restricted stock, RSUs and PUs | 100,136 | 349,128 | 422,045 | |||||||||||||||||
| | | | | | | | | | | ||||||||||
Weighted-average shares—diluted | 195,937,613 | 174,867,436 | 192,411,881 | |||||||||||||||||
| | | | | | | | | | | ||||||||||
| | | | | | | | | | | ||||||||||
Earnings (losses) per share—basic: | ||||||||||||||||||||
Income (loss) from continuing operations | $ | 1.27 | $ | 1.06 | $ | 0.52 | ||||||||||||||
| | | | | | | | | | | ||||||||||
| | | | | | | | | | | ||||||||||
Total income (loss) from discontinued operations (see Note 14) | $ | 0.79 | $ | (0.05 | ) | $ | 0 | |||||||||||||
| | | | | | | | | | | ||||||||||
| | | | | | | | | | | ||||||||||
Net income (loss) attributable to Iron Mountain Incorporated—basic | $ | 2.03 | $ | 0.99 | $ | 0.51 | ||||||||||||||
| | | | | | | | | | | ||||||||||
| | | | | | | | | | | ||||||||||
Earnings (losses) per share—diluted: | ||||||||||||||||||||
Income (loss) from continuing operations | $ | 1.26 | $ | 1.05 | $ | 0.52 | ||||||||||||||
| | | | | | | | | | | ||||||||||
| | | | | | | | | | | ||||||||||
Total income (loss) from discontinued operations (see Note 14) | $ | 0.78 | $ | (0.05 | ) | $ | 0 | |||||||||||||
| | | | | | | | | | | ||||||||||
| | | | | | | | | | | ||||||||||
Net income (loss) attributable to Iron Mountain Incorporated—diluted | $ | 2.02 | $ | 0.98 | $ | 0.51 | ||||||||||||||
| | | | | | | | | | | ||||||||||
| | | | | | | | | | | ||||||||||
Antidilutive stock options, RSUs and PUs, excluded from the calculation | 3,973,760 | 1,286,150 | 903,416 | |||||||||||||||||
| | | | | | | | | | | ||||||||||
| | | | | | | | | | | ||||||||||
q. | ||||||||||||||||||||
Allowance for Doubtful Accounts and Credit Memo Reserves | ||||||||||||||||||||
We maintain an allowance for doubtful accounts and credit memos for estimated losses resulting from the potential inability of our customers to make required payments and potential disputes regarding billing and service issues. When calculating the allowance, we consider our past loss experience, current and prior trends in our aged receivables and credit memo activity, current economic conditions and specific circumstances of individual receivable balances. If the financial condition of our customers were to significantly change, resulting in a significant improvement or impairment of their ability to make payments, an adjustment of the allowance may be required. We consider accounts receivable to be delinquent after such time as reasonable means of collection have been exhausted. We charge-off uncollectible balances as circumstances warrant, generally, no later than one year past due. | ||||||||||||||||||||
Rollforward of allowance for doubtful accounts and credit memo reserves is as follows: | ||||||||||||||||||||
Year Ended December 31, | Balance at | Credit Memos | Allowance for | Other(1) | Deductions(2) | Balance at | ||||||||||||||
Beginning of | Charged to | Bad Debts | End of | |||||||||||||||||
the Year | Revenue | Charged to | the Year | |||||||||||||||||
Expense | ||||||||||||||||||||
2011 | $ | 20,747 | $ | 39,343 | $ | 9,506 | $ | (205 | ) | $ | (46,114 | ) | $ | 23,277 | ||||||
2012 | 23,277 | 39,723 | 8,323 | 977 | (47,091 | ) | 25,209 | |||||||||||||
2013 | 25,209 | 49,483 | 11,321 | 3,612 | (54,980 | ) | 34,645 | |||||||||||||
-1 | ||||||||||||||||||||
Primarily consists of recoveries of previously written-off accounts receivable, allowances of businesses acquired and the impact associated with currency translation adjustments. | ||||||||||||||||||||
-2 | ||||||||||||||||||||
Primarily consists of the issuance of credit memos and the write-off of accounts receivable. | ||||||||||||||||||||
r. | ||||||||||||||||||||
Concentrations of Credit Risk | ||||||||||||||||||||
Financial instruments that potentially subject us to market risk consist principally of cash and cash equivalents (including money market funds and time deposits), restricted cash (primarily U.S. Treasuries) and accounts receivable. The only significant concentrations of liquid investments as of both December 31, 2012 and 2013 relate to cash and cash equivalents and restricted cash held on deposit with five global banks and two "Triple A" rated money market funds, and one global bank and one "Triple A" rated money market fund, respectively, all of which we consider to be large, highly-rated investment- grade institutions. As per our risk management investment policy, we limit exposure to concentration of credit risk by limiting the amount invested in any one mutual fund to a maximum of $50,000 or in any one financial institution to a maximum of $75,000. As of December 31, 2012 and 2013, our cash and cash equivalents and restricted cash balance was $277,027 and $154,386, respectively, including money market funds and time deposits amounting to $218,629 and $36,613, respectively. A substantial portion of the money market funds is invested in U.S. Treasuries. | ||||||||||||||||||||
s. | ||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||
Entities are permitted under GAAP to elect to measure many financial instruments and certain other items at either fair value or cost. We did not elect the fair value measurement option for any of our financial assets or liabilities. | ||||||||||||||||||||
Our financial assets or liabilities are measured using inputs from the three levels of the fair value hierarchy. A financial asset or liability's classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. | ||||||||||||||||||||
The three levels of the fair value hierarchy are as follows: | ||||||||||||||||||||
Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date. | ||||||||||||||||||||
Level 2—Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). | ||||||||||||||||||||
Level 3—Unobservable inputs that reflect our assumptions about the assumptions that market participants would use in pricing the asset or liability. | ||||||||||||||||||||
The following tables provide the assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2012 and 2013, respectively: | ||||||||||||||||||||
Fair Value Measurements at December 31, | ||||||||||||||||||||
2012 Using | ||||||||||||||||||||
Description | Total Carrying | Quoted prices | Significant other | Significant | ||||||||||||||||
Value at | in active | observable | unobservable | |||||||||||||||||
December 31, | markets | inputs | inputs | |||||||||||||||||
2012 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Money Market Funds(1) | $ | 68,800 | $ | — | $ | 68,800 | $ | — | ||||||||||||
Time Deposits(1) | 149,829 | — | 149,829 | — | ||||||||||||||||
Trading Securities | 11,071 | 10,525 | -2 | 546 | -1 | — | ||||||||||||||
Derivative Liabilities(3) | 1,522 | — | 1,522 | — | ||||||||||||||||
Fair Value Measurements at December 31, | ||||||||||||||||||||
2013 Using | ||||||||||||||||||||
Description | Total Carrying | Quoted prices | Significant other | Significant | ||||||||||||||||
Value at | in active | observable | unobservable | |||||||||||||||||
December 31, | markets | inputs | inputs | |||||||||||||||||
2013 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Money Market Funds(1) | $ | 33,860 | $ | — | $ | 33,860 | $ | — | ||||||||||||
Time Deposits(1) | 2,753 | — | 2,753 | — | ||||||||||||||||
Trading Securities | 13,386 | 12,785 | -2 | 601 | -1 | — | ||||||||||||||
Derivative Assets(3) | 72 | — | 72 | — | ||||||||||||||||
Derivative Liabilities(3) | 5,592 | — | 5,592 | — | ||||||||||||||||
-1 | ||||||||||||||||||||
Money market funds and time deposits (including certain trading securities) are measured based on quoted prices for similar assets and/or subsequent transactions. | ||||||||||||||||||||
-2 | ||||||||||||||||||||
Securities are measured at fair value using quoted market prices. | ||||||||||||||||||||
-3 | ||||||||||||||||||||
Our derivative assets and liabilities primarily relate to short- term (six months or less) foreign currency contracts that we have entered into to hedge our intercompany exposures denominated in British pounds sterling, Euros and Australian dollars. We calculate the fair value of such forward contracts by adjusting the spot rate utilized at the balance sheet date for translation purposes by an estimate of the forward points observed in active markets. | ||||||||||||||||||||
Disclosures are required in the financial statements for items measured at fair value on a non-recurring basis. We did not have any material items that are measured at fair value on a non-recurring basis for the years ended December 31, 2011, 2012 and 2013, except goodwill calculated based on Level 3 inputs, as more fully disclosed in Note 2.g. | ||||||||||||||||||||
t. | ||||||||||||||||||||
Available-for-sale and Trading Securities | ||||||||||||||||||||
We have one trust that holds marketable securities. Marketable securities are classified as available-for-sale or trading. As of December 31, 2012 and 2013, the fair value of the money market and mutual funds included in this trust amounted to $11,071 and $13,386, respectively, and were included in prepaid expenses and other in the accompanying Consolidated Balance Sheets. We classified these marketable securities included in the trust as trading, and included in other expense (income), net in the accompanying Consolidated Statements of Operations realized and unrealized net losses of $321, net gains of $1,292 and net gains of $2,283 for the years ended December 31, 2011, 2012 and 2013, respectively. | ||||||||||||||||||||
u. | ||||||||||||||||||||
Investments | ||||||||||||||||||||
As of December 31, 2013, we had investments in joint ventures in Iron Mountain A/S of 32% (Denmark) and in Katalyst Data Management LLC and Katalyst Data Management GP, Inc. (formerly Kelman Technologies Inc.) of 25% (U.S. and Canada). These investments are accounted for using the equity method because we exercise significant influence over these entities and their operations. As of December 31, 2012 and 2013, the carrying value related to our equity investments was $398 and $455, respectively, included in other assets in the accompanying Consolidated Balance Sheets. Additionally, we have a 4% investment in Crossroads Systems, Inc. (U.S.) and its carrying value as of December 31, 2013 was $1,404. | ||||||||||||||||||||
v. | ||||||||||||||||||||
Accumulated Other Comprehensive Items, Net | ||||||||||||||||||||
Accumulated other comprehensive items, net consists of the following: | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||
Foreign currency translation adjustments | $ | 20,314 | $ | (9,586 | ) | |||||||||||||||
Market value adjustments for securities, net of tax | 0 | 926 | ||||||||||||||||||
| | | | | | | | |||||||||||||
$ | 20,314 | $ | (8,660 | ) | ||||||||||||||||
| | | | | | | | |||||||||||||
| | | | | | | | |||||||||||||
w. | ||||||||||||||||||||
Other Expense (Income), Net | ||||||||||||||||||||
Other expense (income), net consists of the following: | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2011 | 2012 | 2013 | ||||||||||||||||||
Foreign currency transaction losses (gains), net | $ | 17,352 | $ | 10,223 | $ | 36,201 | ||||||||||||||
Debt extinguishment expense, net | 993 | 10,628 | 43,724 | |||||||||||||||||
Other, net | (5,302 | ) | (4,789 | ) | (4,723 | ) | ||||||||||||||
| | | | | | | | | | | ||||||||||
$ | 13,043 | $ | 16,062 | $ | 75,202 | |||||||||||||||
| | | | | | | | | | | ||||||||||
| | | | | | | | | | | ||||||||||
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||||
3. Derivative Instruments and Hedging Activities | |||||||||||||
We have entered into a number of separate forward contracts to hedge our exposures in British pounds sterling, Australian dollars and Euros. As of December 31, 2013, we had (1) outstanding forward contracts to purchase $206,069 U.S. dollars and sell 127,500 British pounds sterling to hedge our intercompany exposures with our United Kingdom operations; (2) an outstanding forward contract to purchase $62,300 U.S. dollars and sell 70,000 Australian dollars to hedge our intercompany exposures with our Australian subsidiary and (3) outstanding forward contracts to purchase 93,000 Euros and sell $127,219 U.S. dollars to hedge our intercompany exposures with our United Kingdom operations. At the maturity of the forward contracts, we may enter into new forward contracts to hedge movements in the underlying currencies. At the time of settlement, we either pay or receive the net settlement amount from the forward contract and recognize this amount in other (income) expense, net in the accompanying Consolidated Statements of Operations as a realized foreign exchange gain or loss. At the end of each month, we mark the outstanding forward contracts to market and record an unrealized foreign exchange gain or loss for the mark-to-market valuation. We have not designated these forward contracts as hedges. During the years ended December 31, 2011, 2012 and 2013, there was $1,092 in net cash disbursements, $9,116 in net cash disbursements and $6,954 in net cash receipts, respectively, included in cash from operating activities from continuing operations related to settlements associated with these foreign currency forward contracts. | |||||||||||||
Our policy is to record the fair value of each derivative instrument on a gross basis. The following table provides the fair value of our derivative instruments as of December 31, 2012 and 2013 and their gains and losses for the years ended December 31, 2011, 2012 and 2013: | |||||||||||||
Asset Derivatives | |||||||||||||
December 31, | |||||||||||||
2012 | 2013 | ||||||||||||
Derivatives Not Designated as | Balance Sheet Location | Fair | Balance Sheet Location | Fair | |||||||||
Hedging Instruments | Value | Value | |||||||||||
Foreign exchange contracts | Prepaid expenses and other | $ | — | Prepaid expenses and other | $ | 72 | |||||||
| | | | | | | | | | | | ||
Total | $ | — | $ | 72 | |||||||||
| | | | | | | | | | | | ||
| | | | | | | | | | | | ||
Liability Derivatives | |||||||||||||
December 31, | |||||||||||||
2012 | 2013 | ||||||||||||
Derivatives Not Designated as | Balance Sheet Location | Fair | Balance Sheet Location | Fair | |||||||||
Hedging Instruments | Value | Value | |||||||||||
Foreign exchange contracts | Accrued expenses | $ | 1,522 | Accrued expenses | $ | 5,592 | |||||||
| | | | | | | | | | | | ||
Total | $ | 1,522 | $ | 5,592 | |||||||||
| | | | | | | | | | | | ||
| | | | | | | | | | | | ||
Amount of (Gain) Loss | |||||||||||||
Recognized in Income | |||||||||||||
on Derivatives | |||||||||||||
December 31, | |||||||||||||
Location of (Gain) Loss | |||||||||||||
Recognized in Income on | |||||||||||||
Derivatives Not Designated as | Derivative | 2011 | 2012 | 2013 | |||||||||
Hedging Instruments | |||||||||||||
Foreign exchange contracts | Other (income) expense, net | $ | (1,209 | ) | $ | 13,007 | $ | (2,955 | ) | ||||
| | | | | | | | | | | | | |
Total | $ | (1,209 | ) | $ | 13,007 | $ | (2,955 | ) | |||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
We have designated a portion of our 63/4% Notes as a hedge of net investment of certain of our Euro denominated subsidiaries. For the years ended December 31, 2011, 2012 and 2013, we designated on average 86,750, 101,167 and 106,525 Euros, respectively, of the 63/4% Notes as a hedge of net investment of certain of our Euro denominated subsidiaries. As a result, we recorded foreign exchange gains of $8,634 ($5,411, net of tax) related to the change in fair value of such debt due to currency translation adjustments, which is a component of accumulated other comprehensive items, net included in Iron Mountain Incorporated Stockholders' Equity for the year ended December 31, 2011. We recorded foreign exchange losses of $4,408 ($2,668, net of tax) related to the change in fair value of such debt due to currency translation adjustments, which is a component of accumulated other comprehensive items, net included in Iron Mountain Incorporated Stockholders' Equity for the year ended December 31, 2012. We recorded foreign exchange losses of $5,311 ($3,238, net of tax) related to the change in fair value of such debt due to currency translation adjustments, which is a component of accumulated other comprehensive items, net included in Iron Mountain Incorporated Stockholders' Equity for the year ended December 31, 2013. As of December 31, 2013, cumulative net gains of $7,484, net of tax are recorded in accumulated other comprehensive items, net associated with this net investment hedge. | |||||||||||||
Debt
Debt | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Debt | ' | ||||||||||||||||||||||
Debt | ' | ||||||||||||||||||||||
4. Debt | |||||||||||||||||||||||
Long-term debt comprised the following: | |||||||||||||||||||||||
December 31, 2012 | December 31, 2013 | ||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||||||||
Revolving Credit Facility(1) | $ | 55,500 | $ | 55,500 | $ | 675,717 | $ | 675,717 | |||||||||||||||
Term Loan Facility(1) | 462,500 | 462,500 | — | — | |||||||||||||||||||
71/4% GBP Senior Subordinated Notes due 2014 (the "71/4% Notes")(2)(3) | 242,813 | 242,813 | 247,808 | 248,117 | |||||||||||||||||||
71/2% CAD Senior Subordinated Notes due 2017 (the "Senior Subordinated Subsidiary Notes")(2)(4) | 175,875 | 181,591 | — | — | |||||||||||||||||||
8% Senior Subordinated Notes due 2018 (the "8% Notes")(2)(3) | 49,834 | 56,052 | — | — | |||||||||||||||||||
63/4% Euro Senior Subordinated Notes due 2018 (the "63/4% Notes")(2)(3) | 335,152 | 341,753 | 350,272 | 355,071 | |||||||||||||||||||
73/4% Senior Subordinated Notes due 2019 (the "73/4% Notes")(2)(3) | 400,000 | 451,000 | 400,000 | 446,000 | |||||||||||||||||||
8% Senior Subordinated Notes due 2020 (the "8% Notes due 2020")(2)(3) | 300,000 | 317,250 | — | — | |||||||||||||||||||
83/8% Senior Subordinated Notes due 2021 (the "83/8% Notes")(2)(3) | 548,518 | 610,500 | 411,518 | 444,470 | |||||||||||||||||||
61/8% CAD Senior Notes due 2021 (the "Senior Subsidiary Notes")(2)(4) | — | — | 187,960 | 187,960 | |||||||||||||||||||
6% Senior Notes due 2023 (the "6% Notes")(2)(3) | — | — | 600,000 | 614,820 | |||||||||||||||||||
53/4% Senior Subordinated Notes due 2024 (the "53/4% Notes")(2)(3) | 1,000,000 | 1,012,500 | 1,000,000 | 930,000 | |||||||||||||||||||
Real Estate Mortgages, Capital Leases and Other(5) | 254,811 | 254,811 | 298,447 | 298,447 | |||||||||||||||||||
| | | | | | | | | | | | | | ||||||||||
Total Long-term Debt | 3,825,003 | 4,171,722 | |||||||||||||||||||||
Less Current Portion | (92,887 | ) | (52,583 | ) | |||||||||||||||||||
| | | | | | | | | | | | | | ||||||||||
Long-term Debt, Net of Current Portion | $ | 3,732,116 | $ | 4,119,139 | |||||||||||||||||||
| | | | | | | | | | | | | | ||||||||||
| | | | | | | | | | | | | | ||||||||||
-1 | |||||||||||||||||||||||
The capital stock or other equity interests of most of our U.S. subsidiaries, and up to 66% of the capital stock or other equity interests of our first-tier foreign subsidiaries, are pledged to secure these debt instruments, together with all intercompany obligations (including promissory notes) of subsidiaries owed to us or to one of our U.S. subsidiary guarantors. In addition, Iron Mountain Canada Operations ULC (f/k/a Iron Mountain Canada Corporation) ("Canada Company") has pledged 66% of the capital stock of its subsidiaries, and all intercompany obligations (including promissory notes) owed to or held by it, to secure the Canadian dollar subfacility under these debt instruments. The fair value (Level 3 of fair value hierarchy described at Note 2.s.) of this long-term debt approximates the carrying value (as borrowings under these debt instruments are based on current variable market interest rates (plus a margin that is subject to change based on our consolidated leverage ratio)), as of December 31, 2012 and 2013, respectively. | |||||||||||||||||||||||
-2 | |||||||||||||||||||||||
The fair values (Level 1 of fair value hierarchy described at Note 2.s.) of these debt instruments are based on quoted market prices for these notes on December 31, 2012 and 2013, respectively. | |||||||||||||||||||||||
-3 | |||||||||||||||||||||||
Collectively, the "Parent Notes." IMI is the direct obligor on the Parent Notes, which are fully and unconditionally guaranteed, on a senior or senior subordinated basis, as the case may be, by substantially all of its direct and indirect 100% owned U.S. subsidiaries (the "Guarantors"). These guarantees are joint and several obligations of the Guarantors. Canada Company and the remainder of our subsidiaries do not guarantee the Parent Notes. | |||||||||||||||||||||||
-4 | |||||||||||||||||||||||
Canada Company is the direct obligor on the Senior Subordinated Subsidiary Notes and Senior Subsidiary Notes, which are fully and unconditionally guaranteed, on a senior or senior subordinated basis, as the case may be, by IMI and the Guarantors. These guarantees are joint and several obligations of IMI and the Guarantors. See Note 5 to Notes to Consolidated Financial Statements. | |||||||||||||||||||||||
-5 | |||||||||||||||||||||||
Includes (a) real estate mortgages of $4,305 and $3,704 as of December 31, 2012 and 2013, respectively, which bear interest at rates ranging from 4.6% to 7.0% and are payable in various installments through 2021, (b) capital lease obligations of $235,826 and $255,124 as of December 31, 2012 and 2013, respectively, which bear a weighted average interest rate of 5.8% as of December 31, 2013 and (c) other various notes and other obligations, which were assumed by us as a result of certain acquisitions, of $14,680 and $39,619 as of December 31, 2012 and 2013, respectively, and bear a weighted average interest rate of 14.3% as of December 31, 2013. We believe the fair value (Level 3 of fair value hierarchy described at Note 2.s.) of this debt approximates its carrying value. | |||||||||||||||||||||||
a. | |||||||||||||||||||||||
Revolving Credit Facility | |||||||||||||||||||||||
On August 7, 2013, we amended our existing credit agreement. The revolving credit facilities (the "Revolving Credit Facility") under our credit agreement, as amended (the "Credit Agreement"), allow IMI and certain of its U.S. and foreign subsidiaries to borrow in U.S. dollars and (subject to sublimits) a variety of other currencies (including Canadian dollars, British pounds sterling, Euros, Brazilian reais and Australian dollars, among other currencies) in an aggregate outstanding amount not to exceed $1,500,000. We have the right to request an increase in the aggregate amount available to be borrowed under the Credit Agreement up to a maximum of $2,000,000. At the time of the amendment, we repaid all term loans outstanding under our term loan facility of our original credit agreement. The Revolving Credit Facility terminates on June 27, 2016, at which point all obligations under the Credit Agreement become due. IMI and substantially all of its U.S. subsidiaries guarantee all obligations under the Credit Agreement, and have pledged the capital stock or other equity interests of most of their U.S. subsidiaries, up to 66% of the capital stock or other equity interests of their first-tier foreign subsidiaries, and all intercompany obligations (including promissory notes) owed to or held by them to secure the Credit Agreement. In addition, Canada Company has pledged 66% of the capital stock of its subsidiaries, and all intercompany obligations (including promissory notes) owed to or held by it to secure the Canadian dollar subfacility under the Credit Agreement. The interest rate on borrowings under the Credit Agreement varies depending on our choice of interest rate and currency options, plus an applicable margin, which varies based on our consolidated leverage ratio. Additionally, the Credit Agreement requires the payment of a commitment fee on the unused portion of the Revolving Credit Facility, which fee ranges from between 0.3% to 0.5% based on certain financial ratios. There are also fees associated with any outstanding letters of credit. As of December 31, 2013, we had $675,717 of outstanding borrowings under the Revolving Credit Facility, $525,538 of which was denominated in U.S. dollars, 100,000 of which was denominated in Canadian dollars and 40,715 of which was denominated in Euros; we also had various outstanding letters of credit totaling $3,460. The remaining amount available for borrowing under the Revolving Credit Facility on December 31, 2013, based on IMI's leverage ratio, which is calculated based on the last 12 months' earnings before interest, taxes, depreciation and amortization and rent expense ("EBITDAR"), and other adjustments as defined in the Credit Agreement and current external debt, was $820,823. The average interest rate in effect under the Revolving Credit Facility was 2.7% and ranged from 2.4% to 4.5% as of December 31, 2013. For the years ended December 31, 2011, 2012 and 2013,we recorded commitment fees and letters of credit fees of $2,123, $2,306 and $3,167, respectively, based on the unused balances under our revolving credit facilities and outstanding letters of credit. We recorded a charge of $5,544 to other expense (income), net in the third quarter of 2013 related to the amendment of our revolving credit and term loan facilities, representing a write-off of deferred financing costs. | |||||||||||||||||||||||
The Credit Agreement, our indentures and other agreements governing our indebtedness contain certain restrictive financial and operating covenants, including covenants that restrict our ability to complete acquisitions, pay cash dividends, incur indebtedness, make investments, sell assets and take certain other corporate actions. The covenants do not contain a rating trigger. Therefore, a change in our debt rating would not trigger a default under the Credit Agreement, our indentures or other agreements governing our indebtedness. The Credit Agreement, as amended in 2013, uses EBITDAR-based calculations as the primary measures of financial performance, including leverage and fixed charge coverage ratios. IMI's Credit Agreement net total lease adjusted leverage ratio was 5.0 as of December 31, 2013 (compared to a maximum allowable ratio of 6.5), and its net secured debt lease adjusted leverage ratio was 2.2 as of December 31, 2013 (compared to a maximum allowable ratio of 4.0). IMI's bond leverage ratio (which is not lease adjusted), per the indentures, was 5.3 and 5.1 as of December 31, 2012 and 2013, respectively, compared to a maximum allowable ratio of 6.5. IMI's Credit Agreement, as amended in 2013, fixed charge coverage ratio was 2.5 as of December 31, 2013, compared to a minimum allowable ratio of 1.5 under the Credit Agreement. Noncompliance with these leverage and fixed charge coverage ratios would have a material adverse effect on our financial condition and liquidity. | |||||||||||||||||||||||
b. | |||||||||||||||||||||||
Notes Issued under Indentures | |||||||||||||||||||||||
As of December 31, 2013, we had seven series of senior subordinated or senior notes issued under various indentures, six of which are direct obligations of the parent company, IMI; one (the Senior Subsidiary Notes) is a direct obligation of Canada Company; and all are subordinated to debt outstanding under the Credit Agreement, except the 6% Notes and the Senior Subsidiary Notes which are pari passu with the Credit Agreement: | |||||||||||||||||||||||
• | |||||||||||||||||||||||
150,000 British pounds sterling principal amount of notes maturing on April 15, 2014 and bearing interest at a rate of 71/4% per annum, payable semi-annually in arrears on April 15 and October 15 (see Note 16); | |||||||||||||||||||||||
• | |||||||||||||||||||||||
255,000 Euro principal amount of notes maturing on October 15, 2018 and bearing interest at a rate of 63/4% per annum, payable semi-annually in arrears on April 15 and October 15; | |||||||||||||||||||||||
• | |||||||||||||||||||||||
$400,000 principal amount of notes maturing on October 1, 2019 and bearing interest at a rate of 73/4% per annum, payable semi-annually in arrears on April 1 and October 1; | |||||||||||||||||||||||
• | |||||||||||||||||||||||
$412,500 principal amount of notes maturing on August 15, 2021 and bearing interest at a rate of 83/8% per annum, payable semi-annually in arrears on February 15 and August 15; | |||||||||||||||||||||||
• | |||||||||||||||||||||||
200,000 CAD principal amount of notes maturing on August 15, 2021 and bearing interest at a rate of 61/8% per annum, payable semi-annually in arrears on February 15 and August 15 (the Senior Subsidiary Notes); | |||||||||||||||||||||||
• | |||||||||||||||||||||||
$600,000 principal amount of notes maturing on August 15, 2023 and bearing interest at a rate of 6% per annum, payable semi-annually in arrears on February 15 and August 15; and | |||||||||||||||||||||||
• | |||||||||||||||||||||||
$1,000,000 principal amount of notes maturing on August 15, 2024 and bearing interest at a rate of 53/4% per annum, payable semi-annually in arrears on February 15 and August 15. | |||||||||||||||||||||||
The Parent Notes and the Senior Subsidiary Notes are fully and unconditionally guaranteed, on a senior or senior subordinated basis, as the case may be, by the Guarantors. These guarantees are joint and several obligations of the Guarantors. The remainder of our subsidiaries do not guarantee the senior or senior subordinated notes. Additionally, IMI guarantees the Senior Subsidiary Notes. Canada Company does not guarantee the Parent Notes. | |||||||||||||||||||||||
In August 2013, IMI completed an underwritten public offering of $600,000 in aggregate principal amount of 6% Notes, and Canada Company completed an underwritten public offering of 200,000 CAD in aggregate principal amount of Senior Subsidiary Notes, both of which were issued at 100% of par (together, the "August 2013 Offerings"). The net proceeds to IMI and Canada Company of $782,307, after paying the underwriters' discounts and commissions, were used to redeem all of the outstanding Senior Subordinated Subsidiary Notes, 8% Notes and 8% Notes due 2020, and to fund the purchase of $137,500 in principal amount of the 83/8% Notes pursuant to a tender offer. The remaining net proceeds were used to repay existing indebtedness under our Revolving Credit Facility. | |||||||||||||||||||||||
In August 2013, we redeemed (1) the 175,000 CAD aggregate principal amount outstanding of our Senior Subordinated Subsidiary Notes at 102.5% of par, plus accrued and unpaid interest, (2) the $50,000 aggregate principal amount outstanding of our 8% Notes at 102.7% of par, plus accrued and unpaid interest, (3) the $300,000 aggregate principal amount outstanding of our 8% Notes due 2020 at 104.0% of par, plus accrued and unpaid interest, and (4) $137,500 aggregate principal amount outstanding of our 83/8% Notes at 109.8% of par, plus accrued and unpaid interest. We recorded a charge to other expense (income), net of $38,118 related to the early extinguishment of this debt in the third quarter of 2013. This charge consists of call and tender premiums, original issue discounts and deferred financing costs related to this debt. | |||||||||||||||||||||||
In August 2012, we redeemed (1) the $320,000 aggregate principal amount outstanding of the 65/8% Senior Subordinated Notes due 2016 (the "65/8% Notes") at 100% of par, plus accrued and unpaid interest, and (2) the $200,000 aggregate principal amount outstanding of the 83/4% Senior Subordinated Notes due 2018 (the "83/4% Notes") at 102.9% of par, plus accrued and unpaid interest. We recorded a charge to other expense (income), net of $10,628 related to the early extinguishment of this debt in the third quarter of 2012. This charge consists of the call premium, original issue discounts and deferred financing costs related to this debt. | |||||||||||||||||||||||
We recorded a charge of $1,843 to other expense (income), net in the second quarter of 2011 related to the early retirement of the previous revolving credit and term loan facilities, representing a write-off of deferred financings costs. In January 2011, we redeemed the remaining $231,255 aggregate principal amount outstanding of our 73/4% Senior Subordinated Notes due 2015 at a redemption price of one thousand dollars for each one thousand dollars of principal amount of notes redeemed, plus accrued and unpaid interest. We recorded a gain to other expense (income), net of $850 in the first quarter of 2011 related to the early extinguishment of this debt. This gain consists of original issue premiums, net of deferred financing costs related to this debt. | |||||||||||||||||||||||
Each of the indentures for the notes provides that we may redeem the outstanding notes, in whole or in part, upon satisfaction of certain terms and conditions. In any redemption, we are also required to pay all accrued but unpaid interest on the outstanding notes. | |||||||||||||||||||||||
The following table presents the various redemption dates and prices of the senior or senior subordinated notes. The redemption dates reflect the date at or after which the notes may be redeemed at our option at a premium redemption price. After these dates, the notes may be redeemed at 100% of face value: | |||||||||||||||||||||||
Redemption Date | 71/4% Notes | 63/4% Notes | 73/4% Notes | 83/8% Notes | Senior | 6% Notes | 53/4% Notes | ||||||||||||||||
April 15, | October 15, | October 1, | August 15, | Subsidiary | August 15, | August 15, | |||||||||||||||||
Notes | |||||||||||||||||||||||
August 15, | |||||||||||||||||||||||
2013 | 100 | % | 101.125 | % | — | — | — | — | — | ||||||||||||||
2014 | 100 | % | 100 | % | — | 104.188 | % | — | — | — | |||||||||||||
2015 | — | 100 | % | 103.875 | % | 102.792 | % | — | — | — | |||||||||||||
2016 | — | 100 | % | 101.938 | % | 101.396 | % | — | — | — | |||||||||||||
2017 | — | 100 | % | 100 | % | 100 | % | 103.063 | % | — | 102.875 | % | |||||||||||
2018 | — | 100 | % | 100 | % | 100 | % | 101.531 | % | 103 | % | 101.917 | % | ||||||||||
2019 | — | — | 100 | % | 100 | % | 100 | % | 102 | % | 100.958 | % | |||||||||||
2020 | — | — | — | 100 | % | 100 | % | 101 | % | 100 | % | ||||||||||||
2021 | — | — | — | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||
2022 | — | — | — | — | — | 100 | % | 100 | % | ||||||||||||||
2023 | — | — | — | — | — | 100 | % | 100 | % | ||||||||||||||
2024 | — | — | — | — | — | — | 100 | % | |||||||||||||||
Prior to August 15, 2014, the 83/8% Notes are redeemable at our option, in whole or in part, at a specified make-whole price. | |||||||||||||||||||||||
Prior to October 1, 2015, the 73/4% Notes are redeemable at our option, in whole or in part, at a specified make-whole price. | |||||||||||||||||||||||
Prior to August 15, 2017, the 53/4% Notes are redeemable at our option, in whole or in part, at a specified make-whole price. | |||||||||||||||||||||||
Prior to August 15, 2017, the Senior Subsidiary Notes are redeemable at our option, in whole or in part, at a specified make-whole price. | |||||||||||||||||||||||
Prior to August 15, 2018, the 6% Notes are redeemable at our option, in whole or in part, at a specified make-whole price. | |||||||||||||||||||||||
Each of the indentures for the notes provides that we must repurchase, at the option of the holders, the notes at 101% of their principal amount, plus accrued and unpaid interest, upon the occurrence of a "Change of Control," which is defined in each respective indenture. Except for required repurchases upon the occurrence of a Change of Control or in the event of certain asset sales, each as described in the respective indenture, we are not required to make sinking fund or redemption payments with respect to any of the notes. | |||||||||||||||||||||||
Maturities of long-term debt are as follows: | |||||||||||||||||||||||
Year | Amount | ||||||||||||||||||||||
2014 | $ | 300,391 | |||||||||||||||||||||
2015 | 47,969 | ||||||||||||||||||||||
2016 | 713,347 | ||||||||||||||||||||||
2017 | 31,140 | ||||||||||||||||||||||
2018 | 377,966 | ||||||||||||||||||||||
Thereafter | 2,703,176 | ||||||||||||||||||||||
| | | | | |||||||||||||||||||
4,173,989 | |||||||||||||||||||||||
Net Premiums (Discounts) | (2,267 | ) | |||||||||||||||||||||
| | | | | |||||||||||||||||||
Total Long-term Debt (including current portion) | $ | 4,171,722 | |||||||||||||||||||||
| | | | | |||||||||||||||||||
| | | | | |||||||||||||||||||
Selected_Consolidated_Financia
Selected Consolidated Financial Statements of Parent, Guarantors, Canada Company and Non-Guarantors | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Selected Consolidated Financial Statements of Parent, Guarantors, Canada Company and Non-Guarantors | ' | |||||||||||||||||||
Selected Consolidated Financial Statements of Parent, Guarantors, Canada Company and Non-Guarantors | ' | |||||||||||||||||||
5. Selected Consolidated Financial Statements of Parent, Guarantors, Canada Company and Non-Guarantors | ||||||||||||||||||||
The following data summarizes the consolidating results of IMI on the equity method of accounting as of December 31, 2012 and 2013 and for the years ended December 31, 2011, 2012 and 2013 and are prepared on the same basis as the consolidated financial statements. | ||||||||||||||||||||
The Parent Notes and the Senior Subsidiary 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 and the Guarantors guarantee the Senior Subsidiary Notes which were issued by Canada Company. Canada Company does not guarantee the Parent Notes. The other subsidiaries that do not guarantee the Parent Notes or the Senior Subsidiary 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, Canada Company or a Non-Guarantor. If such a change occurs, the amount of investment in subsidiaries in the below balance sheets and equity in the earnings (losses) of subsidiaries, net of tax in the below statements of operations with respect to the relevant Parent, Guarantors, Canada Company, Non-Guarantors and Eliminations columns also would change. | ||||||||||||||||||||
In July 2013, certain of Canada Company's operating subsidiaries (the "Amalgamated Entities") were amalgamated into Canada Company and, as part of our proposed conversion to a real estate investment trust ("REIT"), Canada Company contributed certain assets and liabilities into two newly-formed wholly owned entities (the "Canadian Subsidiaries"). The assets, liabilities, equity, results of operations and cash flows of the Amalgamated Entities, previously presented within the Non-Guarantors column, are now presented within the Canada Company column. The assets, liabilities, equity, results of operations and cash flows of the Canadian Subsidiaries, previously presented within the Canada Company column, are now presented within the Non-Guarantors column. | ||||||||||||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||
Parent | Guarantors | Canada | Non- | Eliminations | Consolidated | |||||||||||||||
Company | Guarantors | |||||||||||||||||||
Assets | ||||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and Cash Equivalents | $ | — | $ | 13,472 | $ | 103,346 | $ | 126,597 | $ | — | $ | 243,415 | ||||||||
Restricted Cash | 33,612 | — | — | — | — | 33,612 | ||||||||||||||
Accounts Receivable | — | 338,455 | 45,623 | 188,122 | — | 572,200 | ||||||||||||||
Intercompany Receivable | 1,055,593 | — | — | — | (1,055,593 | ) | — | |||||||||||||
Other Current Assets | 48 | 121,933 | 6,871 | 46,078 | (65 | ) | 174,865 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Current Assets | 1,089,253 | 473,860 | 155,840 | 360,797 | (1,055,658 | ) | 1,024,092 | |||||||||||||
Property, Plant and Equipment, Net | 1,305 | 1,500,309 | 187,286 | 788,827 | — | 2,477,727 | ||||||||||||||
Other Assets, Net: | ||||||||||||||||||||
Long-term Notes Receivable from Affiliates and Intercompany Receivable | 1,070,930 | 1,000 | 2,855 | — | (1,074,785 | ) | — | |||||||||||||
Investment in Subsidiaries | 1,941,540 | 1,688,000 | 29,831 | 303,164 | (3,962,535 | ) | — | |||||||||||||
Goodwill | — | 1,536,964 | 200,250 | 597,545 | — | 2,334,759 | ||||||||||||||
Other | 37,909 | 261,950 | 10,686 | 211,330 | (114 | ) | 521,761 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Other Assets, Net | 3,050,379 | 3,487,914 | 243,622 | 1,112,039 | (5,037,434 | ) | 2,856,520 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Assets | $ | 4,140,937 | $ | 5,462,083 | $ | 586,748 | $ | 2,261,663 | $ | (6,093,092 | ) | $ | 6,358,339 | |||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Liabilities and Equity | ||||||||||||||||||||
Intercompany Payable | $ | — | $ | 942,547 | $ | 3,310 | $ | 109,736 | $ | (1,055,593 | ) | $ | — | |||||||
Current Portion of Long-term Debt | — | 70,870 | — | 22,082 | (65 | ) | 92,887 | |||||||||||||
Total Other Current Liabilities | 111,536 | 469,249 | 26,836 | 204,445 | — | 812,066 | ||||||||||||||
Long-term Debt, Net of Current Portion | 2,876,317 | 568,205 | 183,505 | 104,089 | — | 3,732,116 | ||||||||||||||
Long-term Notes Payable to Affiliates and Intercompany Payable | 1,000 | 1,066,823 | — | 6,962 | (1,074,785 | ) | — | |||||||||||||
Other Long-term Liabilities | 2,113 | 417,972 | 40,102 | 98,749 | (114 | ) | 558,822 | |||||||||||||
Commitments and Contingencies (See Note 10) | ||||||||||||||||||||
Total Iron Mountain Incorporated Stockholders' Equity | 1,149,971 | 1,926,417 | 332,995 | 1,703,123 | (3,962,535 | ) | 1,149,971 | |||||||||||||
Noncontrolling Interests | — | — | — | 12,477 | — | 12,477 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Equity | 1,149,971 | 1,926,417 | 332,995 | 1,715,600 | (3,962,535 | ) | 1,162,448 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Liabilities and Equity | $ | 4,140,937 | $ | 5,462,083 | $ | 586,748 | $ | 2,261,663 | $ | (6,093,092 | ) | $ | 6,358,339 | |||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
CONSOLIDATED BALANCE SHEETS (Continued) | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Parent | Guarantors | Canada | Non- | Eliminations | Consolidated | |||||||||||||||
Company | Guarantors | |||||||||||||||||||
Assets | ||||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and Cash Equivalents | $ | 1,243 | $ | 10,366 | $ | 1,094 | $ | 107,823 | $ | — | $ | 120,526 | ||||||||
Restricted Cash | 33,860 | — | — | — | — | 33,860 | ||||||||||||||
Accounts Receivable | — | 358,118 | 38,928 | 219,751 | — | 616,797 | ||||||||||||||
Intercompany Receivable | 761,501 | — | 1,607 | — | (763,108 | ) | — | |||||||||||||
Other Current Assets | 1,120 | 98,717 | 5,995 | 56,622 | (30 | ) | 162,424 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Current Assets | 797,724 | 467,201 | 47,624 | 384,196 | (763,138 | ) | 933,607 | |||||||||||||
Property, Plant and Equipment, Net | 1,019 | 1,569,248 | 172,246 | 835,747 | — | 2,578,260 | ||||||||||||||
Other Assets, Net: | ||||||||||||||||||||
Long-term Notes Receivable from Affiliates and Intercompany Receivable | 1,775,570 | 1,000 | 2,672 | — | (1,779,242 | ) | — | |||||||||||||
Investment in Subsidiaries | 1,570,505 | 1,313,835 | 31,130 | 70,788 | (2,986,258 | ) | — | |||||||||||||
Goodwill | — | 1,638,534 | 187,259 | 637,559 | — | 2,463,352 | ||||||||||||||
Other | 38,862 | 376,939 | 11,257 | 250,842 | (114 | ) | 677,786 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Other Assets, Net | 3,384,937 | 3,330,308 | 232,318 | 959,189 | (4,765,614 | ) | 3,141,138 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Assets | $ | 4,183,680 | $ | 5,366,757 | $ | 452,188 | $ | 2,179,132 | $ | (5,528,752 | ) | $ | 6,653,005 | |||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Liabilities and Equity | ||||||||||||||||||||
Intercompany Payable | $ | — | $ | 581,029 | $ | — | $ | 182,079 | $ | (763,108 | ) | $ | — | |||||||
Current Portion of Long-term Debt | — | 30,236 | — | 22,377 | (30 | ) | 52,583 | |||||||||||||
Total Other Current Liabilities | 125,705 | 530,169 | 29,513 | 221,131 | — | 906,518 | ||||||||||||||
Long-term Debt, Net of Current Portion | 3,009,597 | 508,382 | 289,105 | 312,055 | — | 4,119,139 | ||||||||||||||
Long-term Notes Payable to Affiliates and Intercompany Payable | 1,000 | 1,772,144 | — | 6,098 | (1,779,242 | ) | — | |||||||||||||
Other Long-term Liabilities | 40 | 392,545 | 31,652 | 92,808 | (114 | ) | 516,931 | |||||||||||||
Commitments and Contingencies (See Note 10) | ||||||||||||||||||||
Total Iron Mountain Incorporated Stockholders' Equity | 1,047,338 | 1,552,252 | 101,918 | 1,332,088 | (2,986,258 | ) | 1,047,338 | |||||||||||||
Noncontrolling Interests | — | — | — | 10,496 | — | 10,496 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Equity | 1,047,338 | 1,552,252 | 101,918 | 1,342,584 | (2,986,258 | ) | 1,057,834 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Liabilities and Equity | $ | 4,183,680 | $ | 5,366,757 | $ | 452,188 | $ | 2,179,132 | $ | (5,528,752 | ) | $ | 6,653,005 | |||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||
Parent | Guarantors | Canada | Non- | Eliminations | Consolidated | |||||||||||||||
Company | Guarantors | |||||||||||||||||||
Revenues: | ||||||||||||||||||||
Storage Rental | $ | — | $ | 1,132,743 | $ | 126,088 | $ | 424,159 | $ | — | $ | 1,682,990 | ||||||||
Service | — | 833,652 | — | 498,061 | — | 1,331,713 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Revenues | — | 1,966,395 | 126,088 | 922,220 | — | 3,014,703 | ||||||||||||||
Operating Expenses: | ||||||||||||||||||||
Cost of Sales (Excluding Depreciation and Amortization) | 2,000 | 760,300 | 27,220 | 455,680 | — | 1,245,200 | ||||||||||||||
Selling, General and Administrative | (1,885 | ) | 548,848 | 19,505 | 268,123 | — | 834,591 | |||||||||||||
Depreciation and Amortization | 457 | 192,551 | 12,751 | 113,740 | — | 319,499 | ||||||||||||||
Intangible Impairments | — | — | — | 46,500 | — | 46,500 | ||||||||||||||
(Gain) Loss on Disposal/Write-down of Property, Plant and Equipment, Net | — | (1,120 | ) | (3,512 | ) | 2,346 | — | (2,286 | ) | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Operating Expenses | 572 | 1,500,579 | 55,964 | 886,389 | — | 2,443,504 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Operating (Loss) Income | (572 | ) | 465,816 | 70,124 | 35,831 | — | 571,199 | |||||||||||||
Interest Expense (Income), Net | 173,738 | (24,055 | ) | 37,578 | 17,995 | — | 205,256 | |||||||||||||
Other (Income) Expense, Net | (3,944 | ) | 7,561 | 314 | 9,112 | — | 13,043 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
(Loss) Income from Continuing Operations | ||||||||||||||||||||
Before Provision (Benefit) for Income Taxes | (170,366 | ) | 482,310 | 32,232 | 8,724 | — | 352,900 | |||||||||||||
Provision (Benefit) for Income Taxes | — | 86,139 | 14,266 | 6,083 | — | 106,488 | ||||||||||||||
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax | (565,904 | ) | 18,569 | (8,994 | ) | (17,966 | ) | 574,295 | — | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
Income (Loss) from Continuing Operations | 395,538 | 377,602 | 26,960 | 20,607 | (574,295 | ) | 246,412 | |||||||||||||
(Loss) Income from Discontinued Operations, Net of Tax | — | (17,350 | ) | — | (30,089 | ) | — | (47,439 | ) | |||||||||||
Gain (Loss) on Sale of Discontinued Operations, Net of Tax | — | 198,735 | — | 1,884 | — | 200,619 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Net Income (Loss) | 395,538 | 558,987 | 26,960 | (7,598 | ) | (574,295 | ) | 399,592 | ||||||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests | — | — | — | 4,054 | — | 4,054 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Net Income (Loss) Attributable to Iron Mountain Incorporated | $ | 395,538 | $ | 558,987 | $ | 26,960 | $ | (11,652 | ) | $ | (574,295 | ) | $ | 395,538 | ||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Net Income (Loss) | $ | 395,538 | $ | 558,987 | $ | 26,960 | $ | (7,598 | ) | $ | (574,295 | ) | $ | 399,592 | ||||||
Other Comprehensive Income (Loss): | ||||||||||||||||||||
Foreign Currency Translation Adjustments | 5,412 | (97 | ) | (5,852 | ) | (32,079 | ) | — | (32,616 | ) | ||||||||||
Equity in Other Comprehensive (Loss) Income of Subsidiaries | (37,097 | ) | (36,443 | ) | — | (5,852 | ) | 79,392 | — | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Other Comprehensive (Loss) Income | (31,685 | ) | (36,540 | ) | (5,852 | ) | (37,931 | ) | 79,392 | (32,616 | ) | |||||||||
| | | | | | | | | | | | | | | | | | | | |
Comprehensive Income (Loss) | 363,853 | 522,447 | 21,108 | (45,529 | ) | (494,903 | ) | 366,976 | ||||||||||||
Comprehensive Income (Loss) Attributable to Noncontrolling Interests | — | — | — | 3,123 | — | 3,123 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | $ | 363,853 | $ | 522,447 | $ | 21,108 | $ | (48,652 | ) | $ | (494,903 | ) | $ | 363,853 | ||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
CONSOLIDATED STATEMENTS OF OPERATIONS (Continued) | ||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Parent | Guarantors | Canada | Non- | Eliminations | Consolidated | |||||||||||||||
Company | Guarantors | |||||||||||||||||||
Revenues: | ||||||||||||||||||||
Storage Rental | $ | — | $ | 1,156,681 | $ | 130,825 | $ | 445,632 | $ | — | $ | 1,733,138 | ||||||||
Service | — | 784,068 | — | 488,049 | — | 1,272,117 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Revenues | — | 1,940,749 | 130,825 | 933,681 | — | 3,005,255 | ||||||||||||||
Operating Expenses: | ||||||||||||||||||||
Cost of Sales (Excluding Depreciation and Amortization) | — | 761,092 | 27,881 | 488,140 | — | 1,277,113 | ||||||||||||||
Selling, General and Administrative | 220 | 591,092 | 17,741 | 241,318 | — | 850,371 | ||||||||||||||
Depreciation and Amortization | 320 | 192,304 | 12,797 | 110,923 | — | 316,344 | ||||||||||||||
(Gain) Loss on Disposal/Write-down of Property, Plant and Equipment, Net | — | (966 | ) | 84 | 5,282 | — | 4,400 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Operating Expenses | 540 | 1,543,522 | 58,503 | 845,663 | — | 2,448,228 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Operating (Loss) Income | (540 | ) | 397,227 | 72,322 | 88,018 | — | 557,027 | |||||||||||||
Interest Expense (Income), Net | 196,423 | (17,117 | ) | 36,114 | 27,179 | — | 242,599 | |||||||||||||
Other Expense (Income), Net | 32,161 | (3,842 | ) | (37 | ) | (12,220 | ) | — | 16,062 | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes | (229,124 | ) | 418,186 | 36,245 | 73,059 | — | 298,366 | |||||||||||||
Provision (Benefit) for Income Taxes | — | 86,549 | 12,768 | 15,556 | — | 114,873 | ||||||||||||||
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax | (400,832 | ) | (73,625 | ) | (5,273 | ) | (23,477 | ) | 503,207 | — | ||||||||||
| | | | | | | | | | | | | | | | | | | | |
Income (Loss) from Continuing Operations | 171,708 | 405,262 | 28,750 | 80,980 | (503,207 | ) | 183,493 | |||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax | — | 430 | — | (7,204 | ) | — | (6,774 | ) | ||||||||||||
(Loss) Gain on Sale of Discontinued Operations, Net of Tax | — | — | — | (1,885 | ) | — | (1,885 | ) | ||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Net Income (Loss) | 171,708 | 405,692 | 28,750 | 71,891 | (503,207 | ) | 174,834 | |||||||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests | — | — | — | 3,126 | — | 3,126 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Net Income (Loss) Attributable to Iron Mountain Incorporated | $ | 171,708 | $ | 405,692 | $ | 28,750 | $ | 68,765 | $ | (503,207 | ) | $ | 171,708 | |||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Net Income (Loss) | $ | 171,708 | $ | 405,692 | $ | 28,750 | $ | 71,891 | $ | (503,207 | ) | $ | 174,834 | |||||||
Other Comprehensive Income (Loss): | ||||||||||||||||||||
Foreign Currency Translation Adjustments | (2,668 | ) | (212 | ) | 8,012 | 18,054 | — | 23,186 | ||||||||||||
Equity in Other Comprehensive Income (Loss) of Subsidiaries | 25,185 | 25,421 | — | 8,012 | (58,618 | ) | — | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Other Comprehensive Income (Loss) | 22,517 | 25,209 | 8,012 | 26,066 | (58,618 | ) | 23,186 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Comprehensive Income (Loss) | 194,225 | 430,901 | 36,762 | 97,957 | (561,825 | ) | 198,020 | |||||||||||||
Comprehensive Income (Loss) Attributable to Noncontrolling Interests | — | — | — | 3,795 | — | 3,795 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | $ | 194,225 | $ | 430,901 | $ | 36,762 | $ | 94,162 | $ | (561,825 | ) | $ | 194,225 | |||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
CONSOLIDATED STATEMENTS OF OPERATIONS (Continued) | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Parent | Guarantors | Canada | Non- | Eliminations | Consolidated | |||||||||||||||
Company | Guarantors | |||||||||||||||||||
Revenues: | ||||||||||||||||||||
Storage Rental | $ | — | $ | 1,174,978 | $ | 129,987 | $ | 479,756 | $ | — | $ | 1,784,721 | ||||||||
Service | — | 755,390 | 35,119 | 450,693 | — | 1,241,202 | ||||||||||||||
Intercompany Service | — | — | — | 32,810 | (32,810 | ) | — | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Revenues | — | 1,930,368 | 165,106 | 963,259 | (32,810 | ) | 3,025,923 | |||||||||||||
Operating Expenses: | ||||||||||||||||||||
Cost of Sales (Excluding Depreciation and Amortization) | — | 771,271 | 27,354 | 490,253 | — | 1,288,878 | ||||||||||||||
Intercompany Service Cost of Sales | — | — | 32,810 | — | (32,810 | ) | — | |||||||||||||
Selling, General and Administrative | 227 | 655,052 | 15,792 | 252,960 | — | 924,031 | ||||||||||||||
Depreciation and Amortization | 319 | 195,794 | 12,383 | 113,541 | — | 322,037 | ||||||||||||||
Loss (Gain) on Disposal/Write-down of Property, Plant and Equipment, Net | 5 | (100 | ) | 21 | (1,343 | ) | — | (1,417 | ) | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Operating Expenses | 551 | 1,622,017 | 88,360 | 855,411 | (32,810 | ) | 2,533,529 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Operating (Loss) Income | (551 | ) | 308,351 | 76,746 | 107,848 | — | 492,394 | |||||||||||||
Interest Expense (Income), Net | 206,682 | (19,731 | ) | 40,537 | 26,686 | — | 254,174 | |||||||||||||
Other Expense (Income), Net | 54,144 | 1,283 | 5,410 | 14,365 | — | 75,202 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
(Loss) Income from Continuing Operations | ||||||||||||||||||||
Before Provision (Benefit) for Income Taxes | (261,377 | ) | 326,799 | 30,799 | 66,797 | — | 163,018 | |||||||||||||
(Benefit) Provision for Income Taxes | (16 | ) | 34,267 | 12,361 | 16,445 | — | 63,057 | |||||||||||||
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax | (358,623 | ) | (63,775 | ) | (5,681 | ) | (18,438 | ) | 446,517 | — | ||||||||||
| | | | | | | | | | | | | | | | | | | | |
Income (Loss) from Continuing Operations | 97,262 | 356,307 | 24,119 | 68,790 | (446,517 | ) | 99,961 | |||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax | — | (529 | ) | — | 1,360 | — | 831 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Net Income (Loss) | 97,262 | 355,778 | 24,119 | 70,150 | (446,517 | ) | 100,792 | |||||||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests | — | — | — | 3,530 | — | 3,530 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Net Income (Loss) Attributable to Iron Mountain Incorporated | $ | 97,262 | $ | 355,778 | $ | 24,119 | $ | 66,620 | $ | (446,517 | ) | $ | 97,262 | |||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Net Income (Loss) | $ | 97,262 | $ | 355,778 | $ | 24,119 | $ | 70,150 | $ | (446,517 | ) | $ | 100,792 | |||||||
Other Comprehensive Income (Loss): | ||||||||||||||||||||
Foreign Currency Translation Adjustments | (3,237 | ) | 1,177 | (11,096 | ) | (18,376 | ) | — | (31,532 | ) | ||||||||||
Market Value Adjustments for Securities, Net of Tax | — | 926 | — | — | — | 926 | ||||||||||||||
Equity in Other Comprehensive Income (Loss) of Subsidiaries | (25,737 | ) | (26,862 | ) | (4,037 | ) | (11,096 | ) | 67,732 | — | ||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Other Comprehensive (Loss) Income | (28,974 | ) | (24,759 | ) | (15,133 | ) | (29,472 | ) | 67,732 | (30,606 | ) | |||||||||
| | | | | | | | | | | | | | | | | | | | |
Comprehensive Income (Loss) | 68,288 | 331,019 | 8,986 | 40,678 | (378,785 | ) | 70,186 | |||||||||||||
Comprehensive Income (Loss) Attributable to Noncontrolling Interests | — | — | — | 1,898 | — | 1,898 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | $ | 68,288 | $ | 331,019 | $ | 8,986 | $ | 38,780 | $ | (378,785 | ) | $ | 68,288 | |||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||
Parent | Guarantors | Canada | Non- | Eliminations | Consolidated | |||||||||||||||
Company | Guarantors | |||||||||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||||||
Cash Flows from Operating Activities—Continuing Operations | $ | (162,478 | ) | $ | 698,033 | $ | 30,871 | $ | 97,088 | $ | — | $ | 663,514 | |||||||
Cash Flows from Operating Activities—Discontinued Operations | — | (47,166 | ) | — | (910 | ) | — | (48,076 | ) | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
Cash Flows from Operating Activities | (162,478 | ) | 650,867 | 30,871 | 96,178 | — | 615,438 | |||||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||
Capital expenditures | — | (114,768 | ) | (13,001 | ) | (81,386 | ) | — | (209,155 | ) | ||||||||||
Cash paid for acquisitions, net of cash acquired | — | (5,378 | ) | (58 | ) | (69,810 | ) | — | (75,246 | ) | ||||||||||
Intercompany loans to subsidiaries | 1,469,788 | (79,808 | ) | — | — | (1,389,980 | ) | — | ||||||||||||
Investment in subsidiaries | (12,595 | ) | (12,595 | ) | — | — | 25,190 | — | ||||||||||||
Investment in restricted cash | (5 | ) | — | — | — | — | (5 | ) | ||||||||||||
Additions to customer relationship and acquisition costs | — | (15,700 | ) | (462 | ) | (5,541 | ) | — | (21,703 | ) | ||||||||||
Investment in joint ventures | — | — | — | (335 | ) | — | (335 | ) | ||||||||||||
Proceeds from sales of property and equipment and other, net | — | 363 | 4,568 | (700 | ) | — | 4,231 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Cash Flows from Investing Activities—Continuing Operations | 1,457,188 | (227,886 | ) | (8,953 | ) | (157,772 | ) | (1,364,790 | ) | (302,213 | ) | |||||||||
Cash Flows from Investing Activities—Discontinued Operations | — | 371,365 | — | 9,356 | — | 380,721 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Cash Flows from Investing Activities | 1,457,188 | 143,479 | (8,953 | ) | (148,416 | ) | (1,364,790 | ) | 78,508 | |||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||
Repayment of revolving credit and term loan facilities and other debt | (396,200 | ) | (1,458,628 | ) | (87,888 | ) | (74,458 | ) | — | (2,017,174 | ) | |||||||||
Proceeds from revolving credit and term loan facilities and other debt | — | 2,014,500 | 89,838 | 66,641 | — | 2,170,979 | ||||||||||||||
Early retirement of senior subordinated notes | (231,255 | ) | — | — | — | — | (231,255 | ) | ||||||||||||
Net proceeds from sales of senior subordinated notes | 394,000 | — | — | — | — | 394,000 | ||||||||||||||
Debt financing (repayment to) and equity contribution from (distribution to) noncontrolling interests, net | — | — | — | 698 | — | 698 | ||||||||||||||
Intercompany loans from parent | — | (1,465,465 | ) | 12,439 | 63,046 | 1,389,980 | — | |||||||||||||
Equity contribution from parent | — | 12,595 | — | 12,595 | (25,190 | ) | — | |||||||||||||
Stock repurchases | (984,953 | ) | — | — | — | — | (984,953 | ) | ||||||||||||
Parent cash dividends | (172,616 | ) | — | — | — | — | (172,616 | ) | ||||||||||||
Proceeds from exercise of stock options and employee stock purchase plan | 85,742 | — | — | — | — | 85,742 | ||||||||||||||
Excess tax benefits from stock-based compensation | 919 | — | — | — | — | 919 | ||||||||||||||
Payment of debt financing costs | (828 | ) | (8,182 | ) | — | — | — | (9,010 | ) | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
Cash Flows from Financing Activities—Continuing Operations | (1,305,191 | ) | (905,180 | ) | 14,389 | 68,522 | 1,364,790 | (762,670 | ) | |||||||||||
Cash Flows from Financing Activities—Discontinued Operations | — | — | — | (1,138 | ) | — | (1,138 | ) | ||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Cash Flows from Financing Activities | (1,305,191 | ) | (905,180 | ) | 14,389 | 67,384 | 1,364,790 | (763,808 | ) | |||||||||||
Effect of exchange rates on cash and cash equivalents | — | — | (4,080 | ) | (4,906 | ) | — | (8,986 | ) | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
(Decrease) Increase in cash and cash equivalents | (10,481 | ) | (110,834 | ) | 32,227 | 10,240 | — | (78,848 | ) | |||||||||||
Cash and cash equivalents, beginning of period | 13,909 | 121,584 | 37,718 | 85,482 | — | 258,693 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents, end of period | $ | 3,428 | $ | 10,750 | $ | 69,945 | $ | 95,722 | $ | — | $ | 179,845 | ||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) | ||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Parent | Guarantors | Canada | Non- | Eliminations | Consolidated | |||||||||||||||
Company | Guarantors | |||||||||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||||||
Cash Flows from Investing Activities—Continued Operations | $ | (195,478 | ) | $ | 496,542 | $ | 37,299 | $ | 105,289 | $ | — | $ | 443,652 | |||||||
Cash Flows from Investing Activities—Discontinued Operations | — | (8,814 | ) | — | (2,102 | ) | — | (10,916 | ) | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
Cash Flows from Operating Activities | (195,478 | ) | 487,728 | 37,299 | 103,187 | — | 432,736 | |||||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||
Capital expenditures | — | (134,852 | ) | (8,454 | ) | (97,377 | ) | — | (240,683 | ) | ||||||||||
Cash paid for acquisitions, net of cash acquired | — | (28,126 | ) | — | (97,008 | ) | — | (125,134 | ) | |||||||||||
Intercompany loans to subsidiaries | 88,376 | (110,142 | ) | — | — | 21,766 | — | |||||||||||||
Investment in subsidiaries | (37,572 | ) | (37,572 | ) | — | — | 75,144 | — | ||||||||||||
Investment in restricted cash | 1,498 | — | — | — | — | 1,498 | ||||||||||||||
Additions to customer relationship and acquisition costs | — | (23,543 | ) | (2,132 | ) | (3,197 | ) | — | (28,872 | ) | ||||||||||
Investment in joint ventures | (2,330 | ) | — | — | — | — | (2,330 | ) | ||||||||||||
Proceeds from sales of property and equipment and other, net | — | (1,739 | ) | 5 | 3,191 | — | 1,457 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Cash Flows from Investing Activities—Continuing Operations | 49,972 | (335,974 | ) | (10,581 | ) | (194,391 | ) | 96,910 | (394,064 | ) | ||||||||||
Cash Flows from Investing Activities—Discontinued Operations | — | (1,982 | ) | — | (4,154 | ) | — | (6,136 | ) | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
Cash Flows from Investing Activities | 49,972 | (337,956 | ) | (10,581 | ) | (198,545 | ) | 96,910 | (400,200 | ) | ||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||
Repayment of revolving credit and term loan facilities and other debt | — | (2,774,070 | ) | (58 | ) | (70,565 | ) | — | (2,844,693 | ) | ||||||||||
Proceeds from revolving credit and term loan facilities and other debt | — | 2,680,107 | — | 51,078 | — | 2,731,185 | ||||||||||||||
Early retirement of senior subordinated notes | (525,834 | ) | — | — | — | — | (525,834 | ) | ||||||||||||
Net proceeds from sales of senior subordinated notes | 985,000 | — | — | — | — | 985,000 | ||||||||||||||
Debt financing (repayment to) and equity contribution from (distribution to) noncontrolling interests, net | — | — | — | 480 | — | 480 | ||||||||||||||
Intercompany loans from parent | — | (89,878 | ) | 4,861 | 106,783 | (21,766 | ) | — | ||||||||||||
Equity contribution from parent | — | 37,572 | — | 37,572 | (75,144 | ) | — | |||||||||||||
Stock repurchases | (38,052 | ) | — | — | — | — | (38,052 | ) | ||||||||||||
Parent cash dividends | (318,845 | ) | — | — | — | — | (318,845 | ) | ||||||||||||
Proceeds from exercise of stock options and employee stock purchase plan | 40,244 | — | — | — | — | 40,244 | ||||||||||||||
Excess tax benefits from stock-based compensation | 1,045 | — | — | — | — | 1,045 | ||||||||||||||
Payment of debt finacing costs | (1,480 | ) | (781 | ) | — | — | — | (2,261 | ) | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
Cash Flows from Financing Activities—Continuing Operations | 142,078 | (147,050 | ) | 4,803 | 125,348 | (96,910 | ) | 28,269 | ||||||||||||
Cash Flows from Financing Activities—Discontinued Operations | — | — | — | (39 | ) | — | (39 | ) | ||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Cash Flows from Financing Activities | 142,078 | (147,050 | ) | 4,803 | 125,309 | (96,910 | ) | 28,230 | ||||||||||||
Effect of exchange rates on cash and cash equivalents | — | — | 1,880 | 924 | — | 2,804 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
(Decrease) Increase in cash and cash equivalents | (3,428 | ) | 2,722 | 33,401 | 30,875 | — | 63,570 | |||||||||||||
Cash and cash equivalents, beginning of period | 3,428 | 10,750 | 69,945 | 95,722 | — | 179,845 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents, end of period | $ | — | $ | 13,472 | $ | 103,346 | $ | 126,597 | $ | — | $ | 243,415 | ||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Parent | Guarantors | Canada | Non- | Eliminations | Consolidated | |||||||||||||||
Company | Guarantors | |||||||||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||||||
Cash Flows from Investing Activities—Continued Operations | $ | (195,786 | ) | $ | 528,011 | $ | 28,580 | $ | 145,788 | $ | — | $ | 506,593 | |||||||
Cash Flows from Investing Activities—Discontinued Operations | — | (129 | ) | — | 1,082 | — | 953 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Cash Flows from Operating Activities | (195,786 | ) | 527,882 | 28,580 | 146,870 | — | 507,546 | |||||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||
Capital expenditures | — | (180,047 | ) | (6,534 | ) | (100,714 | ) | — | (287,295 | ) | ||||||||||
Cash paid for acquisitions, net of cash acquired | — | (212,042 | ) | — | (105,058 | ) | — | (317,100 | ) | |||||||||||
Intercompany loans to subsidiaries | 387,299 | 398,299 | — | — | (785,598 | ) | — | |||||||||||||
Investment in subsidiaries | (63,149 | ) | (63,149 | ) | — | — | 126,298 | — | ||||||||||||
Investment in restricted cash | (248 | ) | — | — | — | — | (248 | ) | ||||||||||||
Additions to customer relationship and acquisition costs | — | (18,083 | ) | (498 | ) | (11,610 | ) | — | (30,191 | ) | ||||||||||
Proceeds from sales of property and equipment and other, net | — | 54 | (3,175 | ) | 5,205 | — | 2,084 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Cash Flows from Investing Activities—Continuing Operations | 323,902 | (74,968 | ) | (10,207 | ) | (212,177 | ) | (659,300 | ) | (632,750 | ) | |||||||||
Cash Flows from Investing Activities—Discontinued Operations | — | (4,937 | ) | — | — | — | (4,937 | ) | ||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Cash Flows from Investing Activities | 323,902 | (79,905 | ) | (10,207 | ) | (212,177 | ) | (659,300 | ) | (637,687 | ) | |||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||
Repayment of revolving credit and term loan facilities and other debt | — | (5,077,356 | ) | (341,336 | ) | (107,980 | ) | — | (5,526,672 | ) | ||||||||||
Proceeds from revolving credit and term loan facilities and other debt | — | 4,948,691 | 438,188 | 274,871 | — | 5,661,750 | ||||||||||||||
Early retirement of senior subordinated notes | (514,239 | ) | — | (170,895 | ) | — | — | (685,134 | ) | |||||||||||
Net proceeds from sales of senior notes | 591,000 | — | 191,307 | — | — | 782,307 | ||||||||||||||
Debt financing (repayment to) and equity contribution from (distribution to) noncontrolling interests, net | (14,852 | ) | — | — | (3,384 | ) | — | (18,236 | ) | |||||||||||
Intercompany loans from parent | — | (379,910 | ) | (232,436 | ) | (173,252 | ) | 785,598 | — | |||||||||||
Equity contribution from parent | — | 63,149 | — | 63,149 | (126,298 | ) | — | |||||||||||||
Parent cash dividends | (206,798 | ) | — | — | — | — | (206,798 | ) | ||||||||||||
Proceeds from exercise of stock options and employee stock purchase plan | 17,664 | — | — | — | — | 17,664 | ||||||||||||||
Excess tax benefits from stock-based compensation | 2,389 | — | — | — | — | 2,389 | ||||||||||||||
Payment of debt finacing costs | (2,037 | ) | (5,657 | ) | (750 | ) | (262 | ) | — | (8,706 | ) | |||||||||
| | | | | | | | | | | | | | | | | | | | |
Cash Flows from Financing Activities—Continuing Operations | (126,873 | ) | (451,083 | ) | (115,922 | ) | 53,142 | 659,300 | 18,564 | |||||||||||
Cash Flows from Financing Activities—Discontinued Operations | — | — | — | — | — | — | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Cash Flows from Financing Activities | (126,873 | ) | (451,083 | ) | (115,922 | ) | 53,142 | 659,300 | 18,564 | |||||||||||
Effect of exchange rates on cash and cash equivalents | — | — | (4,703 | ) | (6,609 | ) | — | (11,312 | ) | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
Increase (Decrease) in cash and cash equivalents | 1,243 | (3,106 | ) | (102,252 | ) | (18,774 | ) | — | (122,889 | ) | ||||||||||
Cash and cash equivalents, beginning of period | — | 13,472 | 103,346 | 126,597 | — | 243,415 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents, end of period | $ | 1,243 | $ | 10,366 | $ | 1,094 | $ | 107,823 | $ | — | $ | 120,526 | ||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Acquisitions
Acquisitions | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Acquisitions | ' | ||||||||||
Acquisitions | ' | ||||||||||
6. Acquisitions | |||||||||||
We account for acquisitions using the acquisition method of accounting, and, accordingly, the results of operations for each acquisition have been included in our consolidated results from their respective acquisition dates. Cash consideration for our various acquisitions was primarily provided through borrowings under our credit facilities and cash equivalents on-hand. The unaudited pro forma results of operations (including revenue and earnings) for the current and prior periods are not presented due to the insignificant impact of the 2011, 2012 and 2013 acquisitions on our consolidated results of operations. Noteworthy acquisitions are as follows: | |||||||||||
In January 2011, we acquired the remaining 80% interest of our joint venture in Poland (Iron Mountain Poland Holdings Limited) in a stock transaction for an estimated purchase price of approximately $80,000, including an initial cash purchase price of $35,000. As a result, we now own 100% of our Polish operations, which provide storage rental and records and information management services. The terms of the purchase and sale agreement also required a second payment based upon the audited financial results of the joint venture. This payment of $42,259 was based upon a formula defined in the purchase and sale agreement and was paid in the second quarter of 2011. Additionally, in July 2012, we paid $2,500 of contingent consideration based upon the satisfaction of certain performance criteria. The carrying value of the 20% interest that we previously held and accounted for under the equity method of accounting amounted to approximately $5,774, and the fair value on the date of the acquisition of such interest of the additional 80% interest was approximately $11,694 and resulted in a gain being recorded to other (income) expense, net of approximately $5,920 in the year ended December 31, 2011. The fair value of our previously held equity interest was derived by reducing the total estimated consideration for the 80% equity interest purchased by 40%, which represents management's estimate of the control premium paid, in order to derive the fair value of $11,694 for the 20% noncontrolling equity interest which we previously held. We determined that a 40% control premium was appropriate after considering the size and location of the business acquired, the potential future profits expected to be generated by the Polish entity and publicly available market data. One of the members of our board of directors and several of his family members held an indirect equity interest in one of the stockholders that received proceeds in connection with this transaction. As a result of this equity interest, such board member, together with several of his family members, received approximately 24% of the purchase price that we paid (including the contingent consideration discussed above). | |||||||||||
In April 2012, in order to enhance our existing operations in Brazil, we acquired the stock of Grupo Store, a storage rental and records management and data protection business in Brazil with locations in Sao Paulo, Rio de Janeiro, Porto Alegre and Recife, for a purchase price of approximately $79,000 ($75,000, net of cash acquired). Included in the purchase price is approximately $8,000 being held in escrow to secure a working capital adjustment and the indemnification obligations of the former owners of the business ("Sellers") to IMI. In 2013, approximately $1,500 of the escrow funds were released to the Sellers in connection with the final working capital adjustment. Unless paid to us in accordance with the terms of the agreement, all amounts remaining in escrow after any indemnification payments are paid out will be released to the Sellers in four annual installments, commencing in April 2014. | |||||||||||
In May 2012, we acquired a controlling interest of our joint venture in Switzerland (Sispace AG), which provides storage rental and records and information management services, in a stock transaction for a cash purchase price of approximately $21,600. The carrying value of the 15% interest that we previously held and accounted for under the equity method of accounting amounted to approximately $1,700 as of the date of acquisition, and the fair value on the date of the acquisition of such interest was approximately $2,700. This resulted in a gain being recorded to other income (expense), net of approximately $1,000 in the second quarter of 2012. The fair value of our previously held equity interest was derived by reducing the total estimated consideration for the controlling interest purchased by 30%, which represents management's estimate of the control premium paid, in order to derive the fair value of $2,700 for the 15% noncontrolling equity interest which we previously held. We determined the 30% control premium was appropriate after considering the size and location of the business acquired, the potential future profits expected to be generated by the Swiss entity and other publicly available market data. | |||||||||||
In May 2013, in order to further enhance our existing operations in the U.S., we acquired a storage rental and records management business in Texas with locations in Michigan, Texas and Florida, in a cash transaction for a purchase price of approximately $25,000. Included in the purchase price is approximately $1,600 held in escrow to secure a post-closing working capital adjustment. The amounts held in escrow for purposes of the post-closing working capital adjustment will be distributed either to us or the former owners based on the final agreed upon post-closing working capital amount. | |||||||||||
In June 2013, in order to further enhance our existing operations in Brazil, we acquired the stock of Archivum Comercial Ltda. and AMG Comercial Ltda., storage rental and records management businesses in Sao Paulo, Brazil, in a single transaction for an aggregate purchase price of approximately $29,000. Included in the purchase price is approximately $2,900 held in escrow to secure a post-closing working capital adjustment and the indemnification obligations of the former owners of the businesses to us. | |||||||||||
In September 2013, in order to further enhance our existing operations in Latin America, we acquired certain entities with operations in Colombia and Peru. We acquired the stock of G4S Secure Data Solutions Colombia S.A.S. and G4S Document Delivery S.A.S (collectively, "G4S"). G4S, a storage rental and records management business with operations in Bogota, Cali, Medellin and Pereira, Colombia, was acquired in a single transaction for an aggregate purchase price of approximately $54,000, subject to post-closing working capital and net debt adjustments. We also acquired the stock of File Service S.A., a storage rental and records management business in Peru, for a purchase price of approximately $16,000, subject to post-closing working capital and net debt adjustments. | |||||||||||
In October 2013, in order to further enhance our existing operations in the U.S., we acquired Cornerstone Records Management, LLC and its affiliates, a national, full solution records and information-management company, in a cash transaction for a purchase price of approximately $191,000. Included in the purchase price is approximately $9,000 held in escrow to secure indemnification obligations and certain working capital adjustments. | |||||||||||
A summary of the cumulative consideration paid and the allocation of the purchase price of all of the acquisitions in each respective year is as follows: | |||||||||||
2011 | 2012 | 2013 | |||||||||
Cash Paid (gross of cash acquired) | $ | 80,439 | -1 | $ | 131,972 | $ | 321,121 | -1 | |||
Contingent Consideration | 2,900 | — | — | ||||||||
Fair Value of Previously Held Equity Interest | 11,694 | 4,265 | — | ||||||||
Fair Value of Noncontrolling Interest | — | 1,000 | — | ||||||||
| | | | | | | | | | | |
Total Consideration | 95,033 | 137,237 | 321,121 | ||||||||
Fair Value of Identifiable Assets Acquired: | |||||||||||
Cash, Accounts Receivable, Prepaid Expenses, Deferred Income Taxes and Other | 7,918 | 18,998 | 28,532 | ||||||||
Property, Plant and Equipment(2) | 6,002 | 11,794 | 44,681 | ||||||||
Customer Relationship Assets(3) | 59,100 | 59,479 | 173,733 | ||||||||
Other Assets | 653 | 4,620 | 68 | ||||||||
Liabilities Assumed and Deferred Income Taxes(4) | (15,245 | ) | (15,947 | ) | (67,645 | ) | |||||
| | | | | | | | | | | |
Total Fair Value of Identifiable Net Assets Acquired | 58,428 | 78,944 | 179,369 | ||||||||
| | | | | | | | | | | |
Goodwill Initially Recorded | $ | 36,605 | $ | 58,293 | $ | 141,752 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
-1 | |||||||||||
Included in cash paid for acquisitions in the Consolidated Statements of Cash Flows for the years ended December 31, 2011 and 2013 are contingent and other payments of $132 and $76, respectively related to acquisitions made in the current and previous years. | |||||||||||
-2 | |||||||||||
Consists primarily of racking structures, leasehold improvements and computer hardware and software. | |||||||||||
-3 | |||||||||||
The weighted average lives of customer relationship assets associated with acquisitions in 2011, 2012 and 2013 was 20 years, 17 years and 22 years, respectively. | |||||||||||
-4 | |||||||||||
Consists primarily of accounts payable, accrued expenses, notes payable, deferred revenue and deferred income taxes. | |||||||||||
Allocations of the purchase price for acquisitions completed in 2013 were based on estimates of the fair value of net assets acquired and are subject to adjustment. We are not aware of any information that would indicate that the final purchase price allocations will differ meaningfully from preliminary estimates. The purchase price allocations of the 2013 acquisitions are subject to finalization of the assessment of the fair value of intangible assets (primarily customer relationship assets), property, plant and equipment (primarily racking structures), operating leases, contingencies and income taxes (primarily deferred income taxes). | |||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Income Taxes | ' | ||||||||||||||||
Income Taxes | ' | ||||||||||||||||
7. Income Taxes | |||||||||||||||||
The significant components of the deferred tax assets and deferred tax liabilities are presented below: | |||||||||||||||||
December 31, | |||||||||||||||||
2012 | 2013 | ||||||||||||||||
Deferred Tax Assets: | |||||||||||||||||
Accrued liabilities | $ | 87,109 | $ | 71,831 | |||||||||||||
Deferred rent | 19,772 | 25,624 | |||||||||||||||
Net operating loss carryforwards | 64,796 | 81,124 | |||||||||||||||
Foreign tax credits | 44,315 | 10,229 | |||||||||||||||
Stock compensation | 15,703 | 16,745 | |||||||||||||||
Federal benefit of unrecognized tax benefits | 7,844 | 20,263 | |||||||||||||||
Other | 21,126 | 23,938 | |||||||||||||||
Valuation allowance | (76,050 | ) | (40,278 | ) | |||||||||||||
| | | | | | | | ||||||||||
184,615 | 209,476 | ||||||||||||||||
Deferred Tax Liabilities: | |||||||||||||||||
Other assets, principally due to differences in amortization | (254,156 | ) | (367,936 | ) | |||||||||||||
Plant and equipment, principally due to differences in depreciation | (318,856 | ) | (168,385 | ) | |||||||||||||
| | | | | | | | ||||||||||
(573,012 | ) | (536,321 | ) | ||||||||||||||
| | | | | | | | ||||||||||
Net deferred tax liability | $ | (388,397 | ) | $ | (326,845 | ) | |||||||||||
| | | | | | | | ||||||||||
| | | | | | | | ||||||||||
The current and noncurrent deferred tax assets (liabilities) are presented below: | |||||||||||||||||
December 31, | |||||||||||||||||
2012 | 2013 | ||||||||||||||||
Deferred tax assets | $ | 54,409 | $ | 65,332 | |||||||||||||
Deferred tax liabilities | (44,257 | ) | (47,709 | ) | |||||||||||||
| | | | | | | | ||||||||||
Current deferred tax assets, net | $ | 10,152 | $ | 17,623 | |||||||||||||
| | | | | | | | ||||||||||
| | | | | | | | ||||||||||
Deferred tax assets | $ | 130,206 | $ | 144,144 | |||||||||||||
Deferred tax liabilities | (528,755 | ) | (488,612 | ) | |||||||||||||
| | | | | | | | ||||||||||
Noncurrent deferred tax liabilities, net | $ | (398,549 | ) | $ | (344,468 | ) | |||||||||||
| | | | | | | | ||||||||||
| | | | | | | | ||||||||||
As of December 31, 2012 and 2013, we have reclassified approximately $123,946 and $26,916, respectively, of long-term deferred income tax liabilities to current deferred income taxes (included within accrued expenses within current liabilities) and prepaid and other assets (included within current assets) in the accompanying Consolidated Balance Sheets related to the depreciation recapture associated with our characterization of certain racking structures as real estate rather than personal property and amortization associated with other intangible assets in conjunction with our potential conversion to a REIT. | |||||||||||||||||
We have federal net operating loss carryforwards, which expire in 2021 through 2033, of $70,329 ($24,615, tax effected) at December 31, 2013 to reduce future federal taxable income. We have assets for state net operating losses of $2,738 (net of federal tax benefit), which expire in 2014 through 2025, subject to a valuation allowance of approximately 45%. We have assets for foreign net operating losses of $53,771, with various expiration dates (and in some cases no expiration date), subject to a valuation allowance of approximately 72%. We also have foreign tax credits of $10,229, which will begin to expire in 2024. | |||||||||||||||||
Rollforward of valuation allowance is as follows: | |||||||||||||||||
Year Ended December 31, | Balance at | Charged | Other | Other | Balance at | ||||||||||||
Beginning of | (Credited) to | Additions | Deductions | End of | |||||||||||||
the Year | Expense | the Year | |||||||||||||||
2011 | $ | 72,229 | $ | 9,844 | $ | — | $ | (9,834 | ) | $ | 72,239 | ||||||
2012 | 72,239 | 2,274 | 1,537 | — | 76,050 | ||||||||||||
2013 | 76,050 | (27,186 | ) | — | (8,586 | ) | 40,278 | ||||||||||
We receive a tax deduction upon the exercise of non-qualified stock options or upon the disqualifying disposition by employees of incentive stock options and certain shares acquired under our ESPP for the difference between the exercise price and the market price of the underlying common stock on the date of exercise or disqualifying disposition. The tax benefit for non-qualified stock options is included in the consolidated financial statements in the period in which compensation expense is recorded. The tax benefit associated with compensation expense recorded in the consolidated financial statements related to incentive stock options is recorded in the period the disqualifying disposition occurs. All tax benefits for awards issued prior to January 1, 2003 and incremental tax benefits in excess of compensation expense recorded in the consolidated financial statements are credited directly to equity and amounted to $919, $1,045 and $2,389 for the years ended December 31, 2011, 2012 and 2013, respectively. | |||||||||||||||||
The components of income (loss) from continuing operations before provision (benefit) for income taxes are: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||
U.S. | $ | 313,530 | $ | 191,175 | $ | 65,230 | |||||||||||
Canada | 48,327 | 44,358 | 39,038 | ||||||||||||||
Other Foreign | (8,957 | ) | 62,833 | 58,750 | |||||||||||||
| | | | | | | | | | | |||||||
$ | 352,900 | $ | 298,366 | $ | 163,018 | ||||||||||||
| | | | | | | | | | | |||||||
| | | | | | | | | | | |||||||
The provision (benefit) for income taxes consists of the following components: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||
Federal—current | $ | 47,523 | $ | 134,231 | $ | 92,657 | |||||||||||
Federal—deferred | 25,708 | (57,166 | ) | (64,441 | ) | ||||||||||||
State—current | 23,828 | 25,466 | 10,232 | ||||||||||||||
State—deferred | (1,093 | ) | (15,134 | ) | (8,056 | ) | |||||||||||
Foreign—current | 31,748 | 32,377 | 59,600 | ||||||||||||||
Foreign—deferred | (21,226 | ) | (4,901 | ) | (26,935 | ) | |||||||||||
| | | | | | | | | | | |||||||
$ | 106,488 | $ | 114,873 | $ | 63,057 | ||||||||||||
| | | | | | | | | | | |||||||
| | | | | | | | | | | |||||||
A reconciliation of total income tax expense and the amount computed by applying the federal income tax rate of 35% to income from continuing operations before provision (benefit) for income taxes for the years ended December 31, 2011, 2012 and 2013, respectively, is as follows: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||
Computed "expected" tax provision | $ | 123,515 | $ | 104,428 | $ | 57,057 | |||||||||||
Changes in income taxes resulting from: | |||||||||||||||||
State taxes (net of federal tax benefit) | 16,301 | 6,946 | 4,212 | ||||||||||||||
Increase in valuation allowance (net operating losses) | 12,601 | 9,045 | 2,832 | ||||||||||||||
Decrease in valuation allowance (foreign tax credits) | (2,757 | ) | (6,771 | ) | (30,018 | ) | |||||||||||
Foreign repatriation | — | — | 44,751 | ||||||||||||||
Foreign restructuring | — | — | 17,691 | ||||||||||||||
Impairment of assets and other transaction costs | 10,254 | 3,045 | 6,576 | ||||||||||||||
Reserve accrual (reversal) and audit settlements (net of federal tax benefit) | (32,989 | ) | 8,266 | (16,322 | ) | ||||||||||||
Foreign tax rate differential | (34,867 | ) | (30,798 | ) | (33,852 | ) | |||||||||||
Disallowed foreign interest and Subpart F income | 5,663 | 15,242 | 9,708 | ||||||||||||||
Other, net | 8,767 | 5,470 | 422 | ||||||||||||||
| | | | | | | | | | | |||||||
$ | 106,488 | $ | 114,873 | $ | 63,057 | ||||||||||||
| | | | | | | | | | | |||||||
| | | | | | | | | | | |||||||
Our effective tax rates for the years ended December 31, 2011, 2012 and 2013 were 30.2%, 38.5% and 38.7%, respectively. Our effective tax rate is subject to variability in the future due to, among other items: (1) changes in the mix of income from foreign jurisdictions; (2) tax law changes; (3) volatility in foreign exchange gains (losses); (4) the timing of the establishment and reversal of tax reserves; (5) our ability to utilize foreign tax credits and net operating losses that we generate; and (6) our proposed REIT conversion. The primary reconciling items between the federal statutory rate of 35% and our overall effective tax rate for the year ended December 31, 2013 were the impact from the repatriation discussed below, which increased our 2013 effective tax rate by 13.1%, and state income taxes (net of federal tax benefit). These expenses were partially offset by a favorable impact provided by the recognition of certain previously unrecognized tax benefits due to expirations of statute of limitation periods and settlements with tax authorities in various jurisdictions and differences in the rates of tax at which our foreign earnings are subject, including foreign exchange gains and losses in different jurisdictions with different tax rates. The primary reconciling items between the federal statutory rate of 35% and our overall effective tax rate for the year ended December 31, 2012 were differences in the rates of tax at which our foreign earnings are subject, including foreign exchange gains and losses in different jurisdictions with different tax rates and state income taxes (net of federal tax benefit). During the year ended December 31, 2012, foreign currency gains were recorded in lower tax jurisdictions associated with our marking-to-market of intercompany loan positions while foreign currency losses were recorded in higher tax jurisdictions associated with our marking-to-market of debt and derivative instruments, which lowered our 2012 effective tax rate by 2.2%. The primary reconciling items between the federal statutory rate of 35% and our overall effective tax rate for the year ended December 31, 2011 was a favorable impact provided by the recognition of certain previously unrecognized tax benefits due to expirations of statute of limitation periods and settlements with tax authorities in various jurisdictions and differences in the rates of tax at which our foreign earnings are subject, including foreign exchange gains and losses in different jurisdictions with different tax rates. This benefit was partially offset by state income taxes (net of federal tax benefit). Additionally, to a lesser extent, a goodwill impairment charge included in income from continuing operations as a component of intangible impairments in our Consolidated Statements of Operations, of which a majority was non- deductible for tax purposes, is a reconciling item that impacts our effective tax rate. | |||||||||||||||||
During 2013, we completed a plan to utilize both current and carryforward foreign tax credits by repatriating approximately $252,700 (approximately $65,200 of which was previously subject to U.S. taxes) from our foreign earnings. Due to uncertainty in our ability to fully utilize foreign tax credit carryforwards, we previously did not recognize a full benefit for such foreign tax credit carryforwards in our tax provision. As a result, we recorded an increase in our tax provision from continuing operations in the amount of $63,504 in 2013. This increase was offset by decreases of $18,753 from current year foreign tax credits and $23,301 reversal of valuation allowances related to foreign tax credit carryforwards, resulting in a net increase of $21,450 in our tax provision from continuing operations. | |||||||||||||||||
After the repatriation, we have a net tax over book outside basis difference related to our foreign subsidiaries. We do not expect this net basis difference to reverse in the foreseeable future and we intend to reinvest any future undistributed earnings of certain foreign subsidiaries indefinitely outside the U.S. We have instances where we have book over tax outside basis differences for certain foreign subsidiaries. These basis differences arose primarily through undistributed book earnings of such foreign subsidiaries of $52,103 and could be reversed through a sale of such foreign subsidiaries, the receipt of dividends from such subsidiaries or certain other events or actions on our part, each of which would result in an increase in our provision for income taxes. It is not practicable to calculate the amount of unrecognized deferred tax liability on these book over tax outside basis differences because of the complexities of the hypothetical calculation. We may record additional deferred taxes on book over tax outside basis differences related to certain foreign subsidiaries in the future depending upon a number of factors, decisions and events in connection with our potential conversion to a REIT, including favorable indications from the U.S. Internal Revenue Service (the "IRS") with regard to our private letter ruling requests, finalization of countries to be included in our plan to convert to a REIT, shareholder approval of certain modifications to our corporate charter and final board of director approval of our conversion to a REIT. | |||||||||||||||||
On January 2, 2013, the American Taxpayer Relief Act of 2012 (the "ATRA") was signed into law. In part, the ATRA retroactively reinstated and extended the controlled foreign corporation look-through rule, which provides for the exception from January 1, 2012 to December 31, 2013 of certain foreign earnings from U.S. federal taxation as Subpart F income. As a result, our income tax provision for the first quarter of 2013 included a discrete tax benefit of $4,025 relating to the previously expired period from January 1, 2012 to December 31, 2012. | |||||||||||||||||
On September 13, 2013, the IRS released final tangible property regulations under Sections 162(a) and 263(a) of the Internal Revenue Code of 1986 (the "Code"), regarding the deduction and capitalization of expenditures related to tangible property. The final regulations replace temporary regulations that were issued in December 2011. Also released were proposed regulations under Section 168 of the Code regarding dispositions of tangible property. These final and proposed regulations will be effective for our tax year beginning on January 1, 2014. Early adoption is available, and as such, we intend to elect early adoption of the regulations. Changes for tax treatment elected by us or required by the regulations will generally be effective prospectively; however, implementation of many of the regulations' provisions will require a calculation of the cumulative effect of the changes on prior years, and it is expected that such amount will have to be included in the determination of our taxable income over a four-year period beginning in 2013. Transition guidance providing the procedural rules to comply with such regulations is expected to be released in the near term. We do not believe these regulations will have a material impact on our consolidated results of operations, cash flows and financial position. | |||||||||||||||||
The evaluation of an uncertain tax position is a two-step process. The first step is a recognition process whereby we determine whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The second step is a measurement process whereby a tax position that meets the more likely than not recognition threshold is calculated to determine the amount of benefit to recognize in the financial statements. The tax position is measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. | |||||||||||||||||
We have elected to recognize interest and penalties associated with uncertain tax positions as a component of the provision (benefit) for income taxes in the accompanying Consolidated Statements of Operations. We recorded a decrease of $(8,477), an increase of $1,257 and an increase of $1,459 for gross interest and penalties for the years ended December 31, 2011, 2012 and 2013, respectively. We had $3,554 and $4,874 accrued for the payment of interest and penalties as of December 31, 2012 and 2013, respectively. | |||||||||||||||||
A summary of tax years that remain subject to examination by major tax jurisdictions is as follows: | |||||||||||||||||
Tax Years | Tax Jurisdiction | ||||||||||||||||
See Below | United States—Federal and State | ||||||||||||||||
2006 to present | Canada | ||||||||||||||||
2010 to present | United Kingdom | ||||||||||||||||
The normal statute of limitations for U.S. federal tax purposes is three years from the date the tax return is filed. The 2009, 2010, 2011 and 2012 tax years remain subject to examination for U.S. federal tax purposes as well as net operating loss carryforwards utilized in these years. We utilized net operating losses from 1998, 1999, and 2000 in our federal income tax returns for these tax years. The normal statute of limitations for state purposes is between three to five years. However, certain of our state statute of limitations remain open for periods longer than this when audits are in progress. | |||||||||||||||||
We are subject to income taxes in the U.S. and numerous foreign jurisdictions. We are subject to examination by various tax authorities in jurisdictions in which we have business operations or a taxable presence. We regularly assess the likelihood of additional assessments by tax authorities and provide for these matters as appropriate. As of December 31, 2012 and 2013, we had $37,563 and $51,146, respectively, of reserves related to uncertain tax positions included in other long-term liabilities in the accompanying Consolidated Balance Sheets. Although we believe our tax estimates are appropriate, the final determination of tax audits and any related litigation could result in changes in our estimates. | |||||||||||||||||
A reconciliation of unrecognized tax benefits is as follows: | |||||||||||||||||
Gross tax contingencies—December 31, 2010 | $ | 59,891 | |||||||||||||||
Gross additions based on tax positions related to the current year | 6,593 | ||||||||||||||||
Gross additions for tax positions of prior years | 6,437 | ||||||||||||||||
Gross reductions for tax positions of prior years | (30,316 | ) | |||||||||||||||
Lapses of statutes | (6,268 | ) | |||||||||||||||
Settlements | (4,929 | ) | |||||||||||||||
| | | | | |||||||||||||
Gross tax contingencies—December 31, 2011 | $ | 31,408 | |||||||||||||||
Gross additions based on tax positions related to the current year | 6,598 | ||||||||||||||||
Gross additions for tax positions of prior years | 3,912 | ||||||||||||||||
Gross reductions for tax positions of prior years | (427 | ) | |||||||||||||||
Lapses of statutes | (2,829 | ) | |||||||||||||||
Settlements | (1,099 | ) | |||||||||||||||
| | | | | |||||||||||||
Gross tax contingencies—December 31, 2012 | $ | 37,563 | |||||||||||||||
Gross additions based on tax positions related to the current year | 5,985 | ||||||||||||||||
Gross additions for tax positions of prior years | 20,275 | ||||||||||||||||
Gross reductions for tax positions of prior years | (1,370 | ) | |||||||||||||||
Lapses of statutes | (1,312 | ) | |||||||||||||||
Settlements | (9,995 | ) | |||||||||||||||
| | | | | |||||||||||||
Gross tax contingencies—December 31, 2013 | $ | 51,146 | |||||||||||||||
| | | | | |||||||||||||
| | | | | |||||||||||||
The reversal of these reserves of $51,146 ($32,496 net of federal tax benefit) as of December 31, 2013 will be recorded as a reduction of our income tax provision if sustained. We believe that it is reasonably possible that an amount up to approximately $2,800 of our unrecognized tax positions may be recognized by the end of 2014 as a result of a lapse of statute of limitations or upon closing and settling significant audits in various worldwide jurisdictions. | |||||||||||||||||
Quarterly_Results_of_Operation
Quarterly Results of Operations (Unaudited) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Quarterly Results of Operations (Unaudited) | ' | |||||||||||||
Quarterly Results of Operations (Unaudited) | ' | |||||||||||||
8. Quarterly Results of Operations (Unaudited) | ||||||||||||||
Quarter Ended | March 31 | June 30 | Sept. 30 | Dec. 31 | ||||||||||
2012 | ||||||||||||||
Total revenues | $ | 746,498 | $ | 752,165 | $ | 748,125 | $ | 758,467 | ||||||
Operating income (loss) | 141,813 | 158,687 | 153,966 | 102,561 | ||||||||||
Income (Loss) from continuing operations | 61,073 | 41,441 | 53,719 | 27,260 | ||||||||||
Total (loss) income from discontinued operations | (5,093 | ) | (2,524 | ) | 32 | (1,074 | ) | |||||||
Net income (loss) | 55,980 | 38,917 | 53,751 | 26,186 | ||||||||||
Net income (loss) attributable to Iron Mountain Incorporated | 55,350 | 38,055 | 52,809 | 25,494 | -1 | |||||||||
Earnings (Losses) per Share—Basic | ||||||||||||||
Income (Loss) per share from continuing operations | 0.36 | 0.24 | 0.31 | 0.15 | ||||||||||
Total (loss) income per share from discontinued operations | (0.03 | ) | (0.01 | ) | — | (0.01 | ) | |||||||
Net income (loss) per share attributable to Iron Mountain Incorporated | 0.32 | 0.22 | 0.31 | 0.14 | ||||||||||
Earnings (Losses) per Share—Diluted | ||||||||||||||
Income (Loss) per share from continuing operations | 0.35 | 0.24 | 0.31 | 0.15 | ||||||||||
Total (loss) income per share from discontinued operations | (0.03 | ) | (0.01 | ) | — | (0.01 | ) | |||||||
Net income (loss) per share attributable to Iron Mountain Incorporated | 0.32 | 0.22 | 0.31 | 0.14 | ||||||||||
2013 | ||||||||||||||
Total revenues | $ | 747,031 | $ | 754,721 | $ | 755,639 | $ | 768,532 | ||||||
Operating income (loss) | 122,842 | 131,869 | 140,283 | 97,400 | ||||||||||
Income (Loss) from continuing operations | 18,350 | 27,538 | 5,528 | 48,545 | ||||||||||
Total income (loss) from discontinued operations | 2,184 | (98 | ) | (571 | ) | (684 | ) | |||||||
Net income (loss) | 20,534 | 27,440 | 4,957 | 47,861 | ||||||||||
Net income (loss) attributable to Iron Mountain Incorporated | 19,386 | 26,564 | 4,047 | 47,265 | -2 | |||||||||
Earnings (Losses) per Share—Basic | ||||||||||||||
Income (Loss) per share from continuing operations | 0.1 | 0.14 | 0.03 | 0.25 | ||||||||||
Total (loss) income per share from discontinued operations | 0.01 | — | — | — | ||||||||||
Net income (loss) per share attributable to Iron Mountain Incorporated | 0.1 | 0.14 | 0.02 | 0.25 | ||||||||||
Earnings (Losses) per Share—Diluted | ||||||||||||||
Income (Loss) per share from continuing operations | 0.1 | 0.14 | 0.03 | 0.25 | ||||||||||
Total (loss) income per share from discontinued operations | 0.01 | — | — | — | ||||||||||
Net income (loss) per share attributable to Iron Mountain Incorporated | 0.1 | 0.14 | 0.02 | 0.25 | ||||||||||
-1 | ||||||||||||||
The change in net income (loss) attributable to Iron Mountain Incorporated in the fourth quarter of 2012 compared to the third quarter of 2012 is primarily attributable to a decrease in operating income of approximately $51,400. The decrease in operating income is primarily related to increases in operating expenses attributable to: (1) $16,700 in costs and certain asset write-downs associated with facility consolidations and other asset impairments, (2) $6,400 in legal fees and reserves and $4,000 in professional fees associated with certain strategic and corporate initiatives, (3) $7,400 in costs associated with the REIT conversion, (4) $5,000 and $1,100 in sales, marketing and account management costs within our North American Records and Information Management Business segment and our North American Data Management Business segment, respectively (primarily associated with certain restructuring activities), (5) $4,300 in worker's compensation and personal property taxes related to certain benefits recorded in the third quarter of 2012 that did not repeat in the fourth quarter of 2012 and (6) $2,800 in stock-based compensation. Additionally, interest expense, net increased approximately $2,800 associated with the issuance of the 53/4% Notes offset by the redemption of the 65/8% Notes and the 83/4% Notes. Offsetting the decrease in operating income and the increase in interest expense, net were a reduction in the provision for income taxes of approximately $21,600 and a reduction in other expenses, net of approximately $6,200 primarily as a result of debt extinguishment charges recorded in the third quarter of 2012 related to the redemption of the 65/8% Notes and the 83/4% Notes that did not repeat in the fourth quarter of 2012. | ||||||||||||||
-2 | ||||||||||||||
The change in net income (loss) attributable to Iron Mountain Incorporated in the fourth quarter of 2013 compared to the third quarter of 2013 is primarily attributable to a benefit for income taxes recorded in the fourth quarter of 2013 compared to a provision recorded in the third quarter of 2013 for a net benefit of approximately $50,200 as well as a decrease in other expenses, net of approximately $34,700 primarily as a result of debt extinguishment charges recorded in the third quarter of 2013 of approximately $43,600 that did not repeat in the fourth quarter of 2013 offset by an increase in foreign exchange transaction losses of approximately $11,000. Offsetting these benefits was a decrease in operating income of approximately $42,900. The decrease in operating income is primarily attributable to: (1) $18,700 of restructuring costs associated with our organizational realignment, (2) $11,200 of facilities costs primarily associated with facility consolidation, (3) $8,100 of other cost increases, including costs associated with recent acquisitions and executing our strategy, (4) $3,600 of increased depreciation and amortization, primarily related to business acquisitions, (5) $3,000 in sales, marketing and account management costs within our North American Records and Information Management Business and North American Data Management segments (primarily associated with sales commissions), (6) $2,200 of increased bad debt expense and (7) $2,000 of charitable contributions, partially offset by a $7,100 decrease in REIT Costs (defined at Note 9) incurred in the fourth quarter compared to the third quarter of 2013. | ||||||||||||||
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Segment Information | ' | ||||||||||||||||
Segment Information | ' | ||||||||||||||||
9. Segment Information | |||||||||||||||||
As a result of certain organizational realignments effective January 1, 2014, we evaluated changes to our internal financial reporting to better align our internal reporting to how we will manage our business going forward. This evaluation resulted in changes to our reportable segments effective January 1, 2014 and, as a result, we have restated previously reported segment information. As a result of the changes to our reportable segments, the former North American Business segment has been separated into two unique reportable segments, which we refer to as (1) our North American Records and Information Management Business segment and (2) our North American Data Management Business segment. In addition, the Emerging Businesses segment, which was previously reported as a component of the former North American Business segment, is now reported as a component of our Corporate and Other segment. | |||||||||||||||||
Our reportable operating segments and Corporate and Other are described as follows: | |||||||||||||||||
• | |||||||||||||||||
North American Records and Information Management Business—storage and information management services throughout the United States and Canada, including the storage of paper documents, as well as other media such as microfilm and microfiche, master audio and videotapes, film, X-rays and blueprints, including healthcare information services, vital records services, service and courier operations, and the collection, handling and disposal of sensitive documents for corporate customers ("Records Management"); information destruction services ("Destruction"); DMS; the storage, assembly, and detailed reporting of customer marketing literature and delivery to sales offices, trade shows and prospective customers' sites based on current and prospective customer orders ("Fulfillment Services"); and technology escrow services that protect and manage source code ("Intellectual Property Management"). | |||||||||||||||||
• | |||||||||||||||||
North American Data Management Business—the storage and rotation of backup computer media as part of corporate disaster recovery plans throughout the United States and Canada, including service and courier operations ("Data Protection & Recovery"); server and computer backup services; digital content repository systems to house, distribute, and archive key media assets; and storage, safeguarding and electronic or physical delivery of physical media of all types, primarily for entertainment and media industry clients. | |||||||||||||||||
• | |||||||||||||||||
International Business—storage and information management services throughout Europe, Latin America and Asia Pacific, including Records Management, Data Protection & Recovery, Destruction and DMS. Our European operations provide Records Management, Data Protection & Recovery and DMS throughout Europe, and Destruction services are primarily provided in the United Kingdom and Ireland. Our Latin America operations provide Records Management, Data Protection & Recovery, Destruction and DMS throughout Argentina, Brazil, Chile, Colombia, Mexico and Peru. Our Asia Pacific operations provide Records Management, Data Protection & Recovery, Destruction and DMS throughout Australia, with Records Management and Data Protection & Recovery services also provided in certain cities in India, Singapore, Hong Kong-SAR and China. | |||||||||||||||||
• | |||||||||||||||||
Corporate and Other—consists of our data center business in the United States, the primary product offering of our Emerging Businesses segment, as well as costs related to executive and staff functions, including finance, human resources and information technology, which benefit the enterprise as a whole. These costs are primarily related to the general management of these functions on a corporate level and the design and development of programs, policies and procedures that are then implemented in the individual segments, with each segment bearing its own cost of implementation. Corporate and Other also includes stock-based employee compensation expense associated with all Employee Stock-Based Awards. | |||||||||||||||||
An analysis of our business segment information and reconciliation to the accompanying Consolidated Financial Statements is as follows: | |||||||||||||||||
North American | North American | International | Corporate | Total | |||||||||||||
Records and | Data | Business | and | Consolidated | |||||||||||||
Information | Management | Other | |||||||||||||||
Management | Business | ||||||||||||||||
Business | |||||||||||||||||
2011 | |||||||||||||||||
Total Revenues | $ | 1,816,484 | $ | 404,766 | $ | 785,560 | $ | 7,893 | $ | 3,014,703 | |||||||
Depreciation and Amortization | 163,357 | 17,357 | 104,815 | 33,970 | 319,499 | ||||||||||||
Depreciation | 151,505 | 16,995 | 88,432 | 33,706 | 290,638 | ||||||||||||
Amortization | 11,852 | 362 | 16,383 | 264 | 28,861 | ||||||||||||
Adjusted OIBDA | 705,869 | 246,900 | 164,212 | (166,542 | ) | 950,439 | |||||||||||
Total Assets(1) | 3,465,227 | 612,531 | 1,646,701 | 316,799 | 6,041,258 | ||||||||||||
Expenditures for Segment Assets | 124,210 | 14,869 | 152,064 | 14,961 | 306,104 | ||||||||||||
Capital Expenditures | 103,367 | 13,971 | 76,856 | 14,961 | 209,155 | ||||||||||||
Cash Paid for Acquisitions, Net of Cash Acquired | 4,538 | 898 | 69,810 | — | 75,246 | ||||||||||||
Additions to Customer Relationship and Acquisition Costs | 16,305 | — | 5,398 | — | 21,703 | ||||||||||||
2012 | |||||||||||||||||
Total Revenues | 1,781,599 | 404,253 | 806,692 | 12,711 | 3,005,255 | ||||||||||||
Depreciation and Amortization | 163,375 | 17,841 | 103,393 | 31,735 | 316,344 | ||||||||||||
Depreciation | 151,471 | 17,034 | 80,493 | 31,600 | 280,598 | ||||||||||||
Amortization | 11,904 | 807 | 22,900 | 135 | 35,746 | ||||||||||||
Adjusted OIBDA | 666,955 | 243,908 | 173,620 | (172,266 | ) | 912,217 | |||||||||||
Total Assets(1) | 3,557,496 | 630,622 | 1,854,050 | 316,171 | 6,358,339 | ||||||||||||
Expenditures for Segment Assets | 138,837 | 26,243 | 191,360 | 38,249 | 394,689 | ||||||||||||
Capital Expenditures | 98,169 | 13,106 | 91,159 | 38,249 | 240,683 | ||||||||||||
Cash Paid for Acquisitions, Net of Cash Acquired | 21,770 | 6,356 | 97,008 | — | 125,134 | ||||||||||||
Additions to Customer Relationship and Acquisition Costs | 18,898 | 6,781 | 3,193 | — | 28,872 | ||||||||||||
2013 | |||||||||||||||||
Total Revenues | 1,770,533 | 396,519 | 845,599 | 13,272 | 3,025,923 | ||||||||||||
Depreciation and Amortization | 165,097 | 19,956 | 105,485 | 31,499 | 322,037 | ||||||||||||
Depreciation | 150,557 | 19,652 | 81,279 | 31,368 | 282,856 | ||||||||||||
Amortization | 14,540 | 304 | 24,206 | 131 | 39,181 | ||||||||||||
Adjusted OIBDA | 646,875 | 235,380 | 206,003 | (192,377 | ) | 895,881 | |||||||||||
Total Assets(1) | 3,702,195 | 676,177 | 2,015,412 | 259,221 | 6,653,005 | ||||||||||||
Expenditures for Segment Assets | 319,419 | 20,678 | 218,903 | 75,586 | 634,586 | ||||||||||||
Capital Expenditures | 96,545 | 12,929 | 102,235 | 75,586 | 287,295 | ||||||||||||
Cash Paid for Acquisitions, Net of Cash Acquired | 205,251 | 6,791 | 105,058 | — | 317,100 | ||||||||||||
Additions to Customer Relationship and Acquisition Costs | 17,623 | 958 | 11,610 | — | 30,191 | ||||||||||||
-1 | |||||||||||||||||
Excludes all intercompany receivables or payables and investment in subsidiary balances. | |||||||||||||||||
The accounting policies of the reportable segments are the same as those described in Note 2. Adjusted OIBDA for each segment is defined as operating income before depreciation, amortization, intangible impairments, (gain) loss on disposal/write-down of property, plant and equipment, net and REIT Costs (defined below) directly attributable to the segment. Internally, we use Adjusted OIBDA as the basis for evaluating the performance of, and allocating resources to, our operating segments. | |||||||||||||||||
A reconciliation of Adjusted OIBDA to income from continuing operations before provision (benefit) for income taxes on a consolidated basis is as follows: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||
Adjusted OIBDA | $ | 950,439 | $ | 912,217 | $ | 895,881 | |||||||||||
Less: Depreciation and Amortization | 319,499 | 316,344 | 322,037 | ||||||||||||||
Intangible Impairments (See Note 2.g. and Note 14) | 46,500 | — | — | ||||||||||||||
(Gain) Loss on Disposal/Write-down of Property, Plant and Equipment, Net | (2,286 | ) | 4,400 | (1,417 | ) | ||||||||||||
REIT Costs(1) | 15,527 | 34,446 | 82,867 | ||||||||||||||
Interest Expense, Net | 205,256 | 242,599 | 254,174 | ||||||||||||||
Other Expense (Income), Net | 13,043 | 16,062 | 75,202 | ||||||||||||||
| | | | | | | | | | | |||||||
Income from Continuing Operations before Provision (Benefit) for Income Taxes | $ | 352,900 | $ | 298,366 | $ | 163,018 | |||||||||||
| | | | | | | | | | | |||||||
| | | | | | | | | | | |||||||
-1 | |||||||||||||||||
Includes costs associated with our 2011 proxy contest, the previous work of the former Strategic Review Special Committee of the board of directors and the proposed REIT conversion ("REIT Costs"). | |||||||||||||||||
Information as to our operations in different geographical areas is as follows: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||
Revenues: | |||||||||||||||||
United States | $ | 1,984,805 | $ | 1,949,979 | $ | 1,939,607 | |||||||||||
United Kingdom | 307,905 | 290,044 | 275,343 | ||||||||||||||
Canada | 244,337 | 248,583 | 240,716 | ||||||||||||||
Other International | 477,656 | 516,649 | 570,257 | ||||||||||||||
| | | | | | | | | | | |||||||
Total Revenues | $ | 3,014,703 | $ | 3,005,255 | $ | 3,025,923 | |||||||||||
| | | | | | | | | | | |||||||
| | | | | | | | | | | |||||||
Long-lived Assets: | |||||||||||||||||
United States | $ | 3,306,574 | $ | 3,359,560 | $ | 3,645,211 | |||||||||||
United Kingdom | 529,239 | 529,336 | 520,255 | ||||||||||||||
Canada | 434,517 | 445,699 | 413,821 | ||||||||||||||
Other International | 856,478 | 999,652 | 1,140,111 | ||||||||||||||
| | | | | | | | | | | |||||||
Total Long-lived Assets | $ | 5,126,808 | $ | 5,334,247 | $ | 5,719,398 | |||||||||||
| | | | | | | | | | | |||||||
| | | | | | | | | | | |||||||
Information as to our revenues by product and service lines is as follows: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||
Revenues: | |||||||||||||||||
Records Management(1)(2) | $ | 2,201,748 | $ | 2,212,401 | $ | 2,245,794 | |||||||||||
Data Management(1)(3) | 504,038 | 524,627 | 527,091 | ||||||||||||||
Information Destruction(1)(4) | 308,917 | 268,227 | 253,038 | ||||||||||||||
| | | | | | | | | | | |||||||
Total Revenues | $ | 3,014,703 | $ | 3,005,255 | $ | 3,025,923 | |||||||||||
| | | | | | | | | | | |||||||
| | | | | | | | | | | |||||||
-1 | |||||||||||||||||
Each of the offerings within our product and service lines has a component of revenue that is storage rental related and a component that is service revenues, except the Destruction service offering, which does not have a storage component. | |||||||||||||||||
-2 | |||||||||||||||||
Includes Business Records Management, Compliant Records Management and Consulting Services, DMS, Fulfillment Services, Health Information Management Solutions, Energy Data Services, Dedicated Facilities Management and Technology Escrow Services. | |||||||||||||||||
-3 | |||||||||||||||||
Includes Data Protection & Recovery Services and Entertainment Services. | |||||||||||||||||
-4 | |||||||||||||||||
Includes Secure Shredding and Compliant Information Destruction. | |||||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Commitments and Contingencies | ' | ||||||||||
Commitments and Contingencies | ' | ||||||||||
10. Commitments and Contingencies | |||||||||||
a. | |||||||||||
Leases | |||||||||||
Most of our leased facilities are leased under various operating leases that typically have initial lease terms of five to ten years. A majority of these leases have renewal options with one or more five year options to extend and may have fixed or Consumer Price Index escalation clauses. We also lease equipment under operating leases (primarily computers) which have an average lease life of three years. Vehicles and office equipment are also leased and have remaining lease lives ranging from one to seven years. Total rent expense (including common area maintenance charges) under all of our operating leases was $242,954, $250,986 and $244,390 for the years ended December 31, 2011, 2012 and 2013, respectively. Included in total rent expense was sublease income of $2,974, $3,407 and $3,109 for the years ended December 31, 2011, 2012 and 2013, respectively. | |||||||||||
Estimated minimum future lease payments (excluding common area maintenance charges) include payments for certain renewal periods at our option because failure to renew results in an economic disincentive due to significant capital expenditure costs (e.g., racking structures), thereby making it reasonably assured that we will renew the lease. Such payments in effect at December 31, are as follows: | |||||||||||
Operating | Sublease | Capital | |||||||||
Lease | Income | Leases | |||||||||
Payment | |||||||||||
2014 | $ | 232,935 | $ | 4,172 | $ | 58,721 | |||||
2015 | 221,597 | 5,062 | 52,850 | ||||||||
2016 | 211,728 | 4,308 | 36,365 | ||||||||
2017 | 200,842 | 3,058 | 31,978 | ||||||||
2018 | 189,366 | 686 | 27,727 | ||||||||
Thereafter | 1,397,792 | 807 | 171,136 | ||||||||
| | | | | | | | | | | |
Total minimum lease payments | $ | 2,454,260 | $ | 18,093 | 378,777 | ||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Less amounts representing interest | (123,653 | ) | |||||||||
| | | | | | | | | | | |
Present value of capital lease obligations | $ | 255,124 | |||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
In addition, we have certain contractual obligations related to purchase commitments which require minimum payments of $44,453, $10,251, $2,048, $1,471, $1,357 and $1,990 in 2014, 2015, 2016, 2017, 2018 and thereafter, respectively. | |||||||||||
b. | |||||||||||
Self-Insured Liabilities | |||||||||||
We are self-insured up to certain limits for costs associated with workers' compensation claims, vehicle accidents, property and general business liabilities, and benefits paid under employee healthcare and short-term disability programs. At December 31, 2012 and 2013, there were $34,806 and $32,850, respectively, of self-insurance accruals reflected in accrued expenses of our Consolidated Balance Sheets. The measurement of these costs requires the consideration of historical cost experience and judgments about the present and expected levels of cost per claim. We account for these costs primarily through actuarial methods, which develop estimates of the undiscounted liability for claims incurred, including those claims incurred but not reported. These methods provide estimates of future ultimate claim costs based on claims incurred as of the balance sheet date. | |||||||||||
c. | |||||||||||
Litigation—General | |||||||||||
We are involved in litigation from time to time in the ordinary course of business. A portion of the defense and/or settlement costs associated with such litigation is covered by various commercial liability insurance policies purchased by us and, in limited cases, indemnification from third parties. Our policy is to establish reserves for loss contingencies when the losses are both probable and reasonably estimable. We record legal costs associated with loss contingencies as expenses in the period in which they are incurred. The matters described below represent our significant loss contingencies. We have evaluated each matter and, if both probable and estimable, accrued an amount that represents our estimate of any probable loss associated with such matter. In addition, we have estimated a reasonably possible range for all loss contingencies including those described below. We believe it is reasonably possible that we could incur aggregate losses in addition to amounts currently accrued for all matters up to an additional $46,500 over the next several years, of which certain amounts would be covered by insurance or indemnity arrangements. | |||||||||||
d. | |||||||||||
Government Contract Billing Matter | |||||||||||
Since October 2001, we have provided services to the U.S. Government under several General Services Administration ("GSA") multiple award schedule contracts (the "Schedules"). From October 1, 2001 through December 31, 2013, we billed approximately $73,100 under the Schedules. The earliest of the Schedules was renewed in October 2006 with certain modifications to its terms. The Schedules contain a price reductions clause ("Price Reductions Clause") that requires us to offer to reduce the prices billed under the Schedules to correspond to the prices billed to certain benchmark commercial customers. In 2011, we initiated an internal review covering the contract period commencing in October 2006, and we discovered potential non-compliance with the Price Reductions Clause. We voluntarily disclosed the potential non-compliance for that period to the GSA and its Office of Inspector General ("OIG") in June 2011. | |||||||||||
In April 2012, the U.S. Government sent us a subpoena seeking information that substantially overlaps with the subjects that are covered by the voluntary disclosure process that we initiated with the GSA and OIG in June 2011, except that the subpoena seeks information dating back to 2000, including the initial GSA schedule period of 2001 to 2006, and seeks information about non-GSA federal and state and local customers. Despite the substantial overlap, we understand that the subpoena relates to a separate inquiry, under the civil False Claims Act, that has been initiated independent of the GSA and OIG voluntary disclosure matter. | |||||||||||
We continue to review this matter and provide the U.S. Government with information, including pricing practices and the proposed pricing adjustment amount to be refunded. The U.S. Government, however, may not agree with our determination of the refund amount and may request additional pricing adjustments, refunds, civil penalties, up to treble damages and/or interest. | |||||||||||
Given the above, it is reasonably possible that an adjustment to our estimates may be required in the future as a result of updated facts and circumstances. To the extent that an adjustment to our estimates is necessary in a future period, we will assess, at that time, whether the adjustment is a result of a change in estimate or the correction of an error. A change in estimate would be reflected as an adjustment through the then-current period statement of operations. A correction of an error would require a quantitative and qualitative analysis to determine the approach to correcting the error. A correction of an error could be reflected in the then-current period statement of operations or as a restatement of prior period financial information, depending upon the underlying facts and circumstances and our quantitative and qualitative analysis. | |||||||||||
e. | |||||||||||
State of Massachusetts Assessment | |||||||||||
During the third quarter of 2012, we applied for an abatement of assessments from the state of Massachusetts. The assessments, issued in the second quarter of 2012, related to a corporate excise audit of the 2004 through 2006 tax years in the aggregate amount of $8,191, including tax, interest and penalties through the assessment date. The applications for abatement were denied during the third quarter of 2012. On October 19, 2012 we filed petitions with the Massachusetts Appellate Tax Board challenging the assessments. We intend to defend this matter vigorously at the Massachusetts Appellate Tax Board. In addition, during the second quarter of 2013, Massachusetts assessed tax for the 2007 and 2008 tax years in the aggregate amount of $4,120, including tax, interest and penalties through the assessment date. The assessment is for issues consistent with those assessed in the earlier years. In the third quarter of 2013, we filed an application for abatement for the 2007 and 2008 tax years, which Massachusetts denied on October 15, 2013. On December 13, 2013, we filed a petition with the Massachusetts Appellate Tax Board to challenge the assessment for the 2007 and 2008 tax years and will vigorously defend the matter. Additionally, the state is auditing us for the 2009-2011 tax years. | |||||||||||
f. | |||||||||||
Italy Fire | |||||||||||
On November 4, 2011, we experienced a fire at a facility we leased in Aprilia, Italy. The facility primarily stored archival and inactive business records for local area businesses. Despite quick response by local fire authorities, damage to the building was extensive, and the building and its contents were a total loss. We continue to assess the impact of the fire, and, although our warehouse legal liability insurer has reserved its rights to contest coverage related to certain types of potential claims, we believe we carry adequate insurance. We have been sued by three customers, and all three of those matters have been settled. We have also received correspondence from other customers, under various theories of liabilities. We deny any liability with respect to the fire and we have referred these claims to our warehouse legal liability insurer for an appropriate response. We do not expect that this event will have a material impact on our consolidated financial condition, results of operations and cash flows. As discussed in Note 14, we sold our Italian operations on April 27, 2012, and we indemnified the buyers related to certain obligations and contingencies associated with the fire. | |||||||||||
Our policy related to business interruption insurance recoveries is to record gains within other (income) expense, net in our Consolidated Statements of Operations and proceeds received within cash flows from operating activities in our Consolidated Statements of Cash Flows. Such amounts are recorded in the period the cash is received. Our policy with respect to involuntary conversion of property, plant and equipment is to record any gain or loss within (gain) loss on disposal/write-down of property, plant and equipment, net within operating income in our Consolidated Statements of Operations and proceeds received within cash flows from investing activities within our Consolidated Statements of Cash Flows. Losses are recorded when incurred and gains are recorded in the period when the cash received exceeds the carrying value of the related property, plant and equipment. As a result of the sale of the Italian operations, statements of operation and cash flow impacts related to the fire will be reflected as discontinued operations. | |||||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions | ' |
Related Party Transactions | ' |
11. Related Party Transactions | |
We formerly leased space to an affiliated company, Schooner Capital LLC ("Schooner"), for its corporate headquarters located in Boston, Massachusetts until February 6, 2014. For the years ended December 31, 2011, 2012 and 2013, Schooner paid rent to us totaling $188, $196 and $194, respectively. One of the members of our board of directors and several of his family members held an indirect equity interest in one of the stockholders that received proceeds in connection with the acquisition of our joint venture in Poland. As a result of this equity interest, such board member, together with several of his family members, received approximately 24% of the purchase price that we paid in connection with this transaction. See Note 6. | |
Paul F. Deninger, one of our directors, is a senior managing director at Evercore Group L.L.C. ("Evercore"). In May 2013, we entered into an agreement with Evercore, which was amended and restated in August 2013 (the "Evercore Engagement"), pursuant to which Evercore agreed to provide financial advisory services to us in exchange for an aggregate fee of up to $3,000 (the "Engagement Fees"). In connection with the Evercore Engagement, Mr. Deninger agreed, and Evercore represented, that Mr. Deninger would not be involved with the Evercore Engagement and would not receive any fees or direct compensation in connection with the Evercore Engagement. The Evercore Engagement was approved by the audit committee of our board of directors in accordance with our Related Persons Transaction Policy. As of December 31, 2013, we have incurred $2,750 of fees associated with the Evercore Engagement, including fees associated with the amendment of our Credit Agreement in August 2013 and discounts and commissions attributable to Evercore's participation as one of the underwriters in the August 2013 Offerings, as well as monthly retention fees. | |
401k_Plans
401(k) Plans | 12 Months Ended |
Dec. 31, 2013 | |
401(k) Plans | ' |
401(k) Plans | ' |
12. 401(k) Plans | |
We have a defined contribution plan, which generally covers all non-union U.S. employees meeting certain service requirements. Eligible employees may elect to defer from 1% to 25% of compensation per pay period up to the amount allowed by the Code. In addition, Iron Mountain Europe (Group) Limited operates a defined contribution plan, which is similar to the U.S.'s 401(k) Plan. We make matching contributions based on the amount of an employee's contribution in accordance with the plan documents. We have expensed $18,133, $18,026 and $19,999 for the years ended December 31, 2011, 2012 and 2013, respectively. | |
Stockholders_Equity_Matters
Stockholders' Equity Matters | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Stockholders' Equity Matters | ' | ||||||||||
Stockholders' Equity Matters | ' | ||||||||||
13. Stockholders' Equity Matters | |||||||||||
Our board of directors has authorized up to $1,200,000 in repurchases of our common stock. All repurchases are subject to stock price, market conditions, corporate and legal requirements and other factors. As of December 31, 2013, we had a remaining amount available for repurchase under our share repurchase program of $66,035, which represents approximately 1% in the aggregate of our outstanding common stock based on the closing stock price on such date. | |||||||||||
In February 2010, our board of directors adopted a dividend policy under which we have paid, and in the future intend to pay, quarterly cash dividends on our common stock. Declaration and payment of future quarterly dividends is at the discretion of our board of directors. We may pay certain distributions in the form of cash and common stock if we are successful in converting to a REIT. In 2012 and 2013, our board of directors declared the following dividends: | |||||||||||
Declaration Date | Dividend | Record Date | Total | Payment Date | |||||||
Per Share | Amount | ||||||||||
March 8, 2012 | $ | 0.25 | March 23, 2012 | $ | 42,791 | April 13, 2012 | |||||
June 5, 2012 | 0.27 | June 22, 2012 | 46,336 | July 13, 2012 | |||||||
September 6, 2012 | 0.27 | September 25, 2012 | 46,473 | October 15, 2012 | |||||||
October 11, 2012 | 4.06 | October 22, 2012 | 700,000 | November 21, 2012 | |||||||
December 14, 2012 | 0.27 | December 26, 2012 | 51,296 | January 17, 2013 | |||||||
March 14, 2013 | 0.27 | March 25, 2013 | 51,460 | April 15, 2013 | |||||||
June 6, 2013 | 0.27 | June 25, 2013 | 51,597 | July 15, 2013 | |||||||
September 11, 2013 | 0.27 | September 25, 2013 | 51,625 | October 15, 2013 | |||||||
December 16, 2013 | 0.27 | December 27, 2013 | 51,683 | January 15, 2014 | |||||||
In December 2013, our board of directors approved, and we entered into, a REIT Protection Rights Agreement (the "Rights Agreement") which provides for a dividend of one preferred stock purchase right (a "Right") for each share of our common stock outstanding on December 20, 2013. Each Right entitles the holder to purchase from us one one-thousandth of a share of our Series A Junior Participating Preferred Stock for a purchase price of $114.00, subject to adjustment as provided in the Rights Agreement and our Amended Certificate of Designations for our Series A Junior Participating Preferred Stock, each of which was filed with the SEC on December 9, 2013, on a Current Report on Form 8-K. We anticipate that we will seek stockholder approval to impose ownership limitations in our charter documents, as is customary for REITs, if we are ultimately successful in converting to a REIT. The Rights Agreement is intended to help protect our potential status as a REIT under the Code until the approval of those ownership limitations by our stockholders, or, if earlier, until the Rights expire, which will be no later than December 9, 2014. | |||||||||||
On October 11, 2012, we announced the declaration by our board of directors of a special dividend of $700,000 (the "Special Dividend"), payable, at the election of the stockholders, in either common stock or cash to stockholders of record as of October 22, 2012 (the "Record Date"). The Special Dividend, which is a distribution to stockholders of a portion of our accumulated earnings and profits, was paid in a combination of common stock and cash. The Special Dividend was paid on November 21, 2012 (the "Distribution Date") to stockholders as of the Record Date. Stockholders elected to be paid their pro rata portion of the Special Dividend in all common stock or cash. The total amount of cash paid to all stockholders associated with the Special Dividend was approximately $140,000 (including cash paid in lieu of fractional shares). Our shares of common stock were valued for purposes of the Special Dividend based upon the average closing price on the three trading days following November 14, 2012, or $32.87 per share, and as such, the number of shares of common stock we issued in the Special Dividend was approximately 17,000,000 and the total amount of common stock paid to all stockholders associated with the Special Dividend was approximately $560,000. These shares impact weighted average shares outstanding from the date of issuance, thus impacting our earnings per share data prospectively from the Distribution Date. | |||||||||||
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Discontinued Operations | ' | ||||||||||
Discontinued Operations | ' | ||||||||||
14. Discontinued Operations | |||||||||||
Digital Operations | |||||||||||
On June 2, 2011, we sold the Digital Business to Autonomy pursuant to the Digital Sale Agreement. In the Digital Sale, Autonomy purchased (1) the shares of certain of IMI's subsidiaries through which we conducted the Digital Business and (2) certain assets of IMI and its subsidiaries relating to the Digital Business. The Digital Sale qualified as discontinued operations and, as a result, the financial position, operating results and cash flows of the Digital Business, for all periods presented, including the gain on the sale, have been reported as discontinued operations for financial reporting purposes. | |||||||||||
Pursuant to the Digital Sale Agreement, IMI received approximately $395,400 in cash, consisting of the initial purchase price and a working capital adjustment. Transaction costs relating to the Digital Sale amounted to $7,387. Additionally, $11,075 of inducements payable to Autonomy have been netted against the proceeds in calculating the gain on the Digital Sale. Also, a tax provision of $45,126 associated with the gain recorded on the Digital Sale was recorded for the year ended December 31, 2011. A gain on sale of discontinued operations in the amount of $243,861 ($198,735, net of tax) was recorded during the year ended December 31, 2011, as a result of the Digital Sale. Approximately $3,828 of cumulative translation adjustment associated with our Digital Business was reclassified from accumulated other comprehensive items, net and reduced the gain on the Digital Sale by the same amount. | |||||||||||
The table below summarizes certain results of operations of the Digital Business: | |||||||||||
Year Ended December 31, | |||||||||||
2011(1) | 2012 | 2013 | |||||||||
Total Revenues | $ | 79,199 | $ | — | $ | — | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
(Loss) Income Before Benefit for Income Taxes of Discontinued Operations | $ | (31,094 | ) | $ | (75 | ) | $ | (958 | ) | ||
(Benefit) Provision for Income Taxes | (13,744 | ) | (505 | ) | (429 | ) | |||||
| | | | | | | | | | | |
(Loss) Income from Discontinued Operations, Net of Tax | $ | (17,350 | ) | $ | 430 | $ | (529 | ) | |||
| | | | | | | | | | | |
Gain on Sale of Discontinued Operations | $ | 243,861 | $ | — | $ | — | |||||
Provision for Income Taxes | 45,126 | — | — | ||||||||
| | | | | | | | | | | |
Gain on Sale of Discontinued Operations, Net of Tax | $ | 198,735 | $ | — | $ | — | |||||
| | | | | | | | | | | |
Total Income (Loss) from Discontinued Operations and Sale, Net of Tax | $ | 181,385 | $ | 430 | $ | (529 | ) | ||||
| | | | | | | | | | | |
| | | | | | | | | | | |
-1 | |||||||||||
Includes the results of operations of our Digital Business through June 2, 2011, the date the Digital Sale was consummated. | |||||||||||
There have been no allocations of corporate general and administrative expenses to discontinued operations. In accordance with our policy, we have allocated corporate interest associated with all debt that is not specifically allocated to a particular component based on the proportion of the assets of the Digital Business to our total consolidated assets at the applicable weighted average interest rate associated with such debt for such reporting period. Interest allocated to the Digital Business included in loss from discontinued operations amounted to $2,396 for the year ended December 31, 2011. | |||||||||||
New Zealand Operations | |||||||||||
We completed the sale of our New Zealand operations on October 3, 2011 for a purchase price of approximately $10,000. During the second quarter of 2011, we recorded an impairment charge of $4,900 to write-down the long-lived assets of our New Zealand operations to its estimated net realizable value, which is included in income (loss) from discontinued operations. In the calculation of the carrying value of our New Zealand operations, we allocated the goodwill of our Australia/New Zealand reporting unit between Australia and New Zealand on a relative fair value basis. Additionally, we recorded a tax benefit of $7,883 during the year ended December 31, 2011 associated with the outside tax basis of our New Zealand operations, which is also reflected in income (loss) from discontinued operations. No valuation allowance was provided against this benefit as such amount is recoverable against the capital gain associated with the Digital Sale. We recorded a gain on the sale of discontinued operations associated with our New Zealand operations of $1,884 during the fourth quarter of 2011 which primarily represents cumulative translation adjustment associated with our New Zealand operations which was reclassified from accumulated other comprehensive items, net and increased the gain on the sale of New Zealand by that same amount. Our New Zealand operations were previously included within the International Business segment. For all periods presented, the financial position, operating results and cash flows of our New Zealand operations, including the gain on the sale, have been reported as discontinued operations for financial reporting purposes. | |||||||||||
The table below summarizes certain results of our New Zealand operations: | |||||||||||
Year Ended | |||||||||||
December 31, | |||||||||||
2011(1) | 2012 | 2013 | |||||||||
Total Revenues | $ | 6,489 | $ | — | $ | — | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Loss Before Benefit for Income Taxes of Discontinued Operations | $ | (4,726 | ) | $ | (88 | ) | $ | — | |||
Benefit for Income Taxes | (7,883 | ) | (34 | ) | — | ||||||
| | | | | | | | | | | |
Income (Loss) from Discontinued Operations, Net of Tax | $ | 3,157 | $ | (54 | ) | $ | — | ||||
| | | | | | | | | | | |
Gain on Sale of Discontinued Operations | $ | 1,884 | $ | — | $ | — | |||||
Provision for Income Taxes | — | — | — | ||||||||
| | | | | | | | | | | |
Gain on Sale of Discontinued Operations, Net of Tax | $ | 1,884 | $ | — | $ | — | |||||
| | | | | | | | | | | |
Total Income (Loss) from Discontinued Operations and Sale, Net of Tax | $ | 5,041 | $ | (54 | ) | $ | — | ||||
| | | | | | | | | | | |
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-1 | |||||||||||
Includes the results of operations of New Zealand through October 3, 2011, the date the sale of our New Zealand operations was consummated. | |||||||||||
Italian Operations | |||||||||||
We sold our Italian operations on April 27, 2012, and we agreed to indemnify the buyers of our Italian operations for certain possible obligations and contingencies associated with the fire in Italy discussed more fully in Note 10.f. We recorded a loss on sale of discontinued operations in the amount of $1,885 during the year ended December 31, 2012 as a result of the sale of our Italian operations. Approximately $383 of cumulative translation adjustment associated with our Italian operations was reclassified from accumulated other comprehensive items, net and reduced the loss on the sale by the same amount. We allocated the goodwill of our Continental Western European reporting unit between our Italian operations and the remainder of this reporting unit on a relative fair value basis. During the third quarter of 2011, we recorded an impairment charge of $17,100 to write down the long-lived assets of our Italian operations to its estimated net realizable value, which is included in loss from discontinued operations. Our Italian operations were previously included within the International Business segment. For all periods presented, the financial position, operating results and cash flows of our Italian operations, including the loss on the sale, have been reported as discontinued operations for financial reporting purposes. | |||||||||||
The table below summarizes certain results of our Italian operations: | |||||||||||
Year Ended December 31, | |||||||||||
2011 | 2012(1) | 2013 | |||||||||
Total Revenues | $ | 15,353 | $ | 2,138 | $ | — | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
(Loss) Income Before Benefit for Income Taxes of Discontinued Operations | $ | (35,350 | ) | $ | (8,692 | ) | $ | 2,290 | |||
(Benefit) Provision for Income Taxes | (2,104 | ) | (1,542 | ) | 930 | ||||||
| | | | | | | | | | | |
(Loss) Income from Discontinued Operations, Net of Tax | $ | (33,246 | ) | $ | (7,150 | ) | $ | 1,360 | |||
| | | | | | | | | | | |
Loss on Sale of Discontinued Operations | $ | — | $ | (1,885 | ) | $ | — | ||||
Provision for Income Taxes | — | — | — | ||||||||
| | | | | | | | | | | |
Loss on Sale of Discontinued Operations, Net of Tax | $ | — | $ | (1,885 | ) | $ | — | ||||
| | | | | | | | | | | |
Total (Loss) Income from Discontinued Operations and Sale, Net of Tax | $ | (33,246 | ) | $ | (9,035 | ) | $ | 1,360 | |||
| | | | | | | | | | | |
| | | | | | | | | | | |
-1 | |||||||||||
Includes the results of operations of Italy through April 27, 2012, the date the sale of our Italian operations was consummated. | |||||||||||
During the year ended December 31, 2013, we recognized income before provision for income taxes of discontinued operations of $2,290 and income from discontinued operations, net of tax of $1,360 associated with our Italian operations. This income primarily represents the recovery of insurance proceeds in excess of carrying value. | |||||||||||
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2013 | |
Restructuring | ' |
Restructuring | ' |
15. Restructuring | |
In the third quarter of 2013, we implemented a plan that calls for certain organizational realignments to advance our growth strategy and reduce operating costs. As a result, we recorded restructuring costs of approximately $23,400 in 2013, primarily related to employee severance and associated benefits. Of the total restructuring costs incurred in 2013, $12,600 $2,100, $3,700 and $5,000 are reflected in the results of operations of our North American Records and Information Management Business, North American Data Management Business, International Business and Corporate and Other segments, respectively. In our Consolidated Statements of Operations for the year ended December 31, 2013, $20,000 and $3,400 of these restructuring costs are recorded in selling, general and administrative expenses and cost of sales, respectively. We expect to incur an additional $6,900 of employee severance and associated benefit costs in 2014 in connection with this organizational realignment primarily in our North American Records and Information Management Business segment. | |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events | ' |
Subsequent Events | ' |
16. Subsequent Events | |
In January 2014, we redeemed the 150,000 British pounds sterling (approximately $248,000) in aggregate principal amount outstanding of our 71/4% Notes at 100% of par, plus accrued and unpaid interest, utilizing borrowings under our Revolving Credit Facility and cash on-hand. | |
During the first quarter of 2014, in order to further enhance our international operations, we acquired, for an aggregate purchase price of approximately $39,600, Tape Management Services Pty Ltd, a data management company with operations in Australia, and RM Arsiv Yönetim Hizmetleri Ticaret Anonim Sirketi, a records and information management company with operations in Turkey. | |
In January 2014, in conjunction with a facility consolidation plan, we disposed of two facilities in the United Kingdom which resulted in net cash proceeds of approximately $16,500. We will record a gain of approximately $9,300 within (gain)/loss on disposal/write-down of property, plant and equipment, net in the first quarter of 2014 as a result of these dispositions. | |
On February 5, 2014, we experienced a fire at a facility we own in Buenos Aires, Argentina. As a result of the quick response by local fire authorities, the fire was contained before the entire facility was destroyed and all employees were safely evacuated; however, a number of first responders lost their lives, or in some cases, were severely injured. The cause of the fire is currently being investigated. We believe we carry adequate insurance and are in the process of assessing the impact of the fire but do not expect that this event will have a material impact to our consolidated financial condition. Revenues from our operations at this facility represent less than 0.5% of our consolidated revenues. | |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||||||||||
Property, Plant and Equipment | ' | |||||||||||||||||||
f. | ||||||||||||||||||||
Property, Plant and Equipment | ||||||||||||||||||||
Property, plant and equipment are stated at cost and depreciated using the straight-line method with the following useful lives: | ||||||||||||||||||||
Building and building improvements | 5 to 40 years | |||||||||||||||||||
Leasehold improvements | 10 years or the life of the lease, whichever is shorter | |||||||||||||||||||
Racking | 1 to 20 years | |||||||||||||||||||
Warehouse equipment and vehicles | 1 to 10 years | |||||||||||||||||||
Furniture and fixtures | 2 to 10 years | |||||||||||||||||||
Computer hardware and software | 3 to 5 years | |||||||||||||||||||
Property, plant and equipment (including capital leases in the respective category), at cost, consist of the following: | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||
Land | $ | 199,354 | $ | 203,423 | ||||||||||||||||
Buildings and building improvements | 1,217,107 | 1,283,458 | ||||||||||||||||||
Leasehold improvements | 461,927 | 499,906 | ||||||||||||||||||
Racking | 1,481,377 | 1,536,212 | ||||||||||||||||||
Warehouse equipment/vehicles | 366,754 | 365,171 | ||||||||||||||||||
Furniture and fixtures | 81,093 | 53,590 | ||||||||||||||||||
Computer hardware and software | 526,973 | 511,927 | ||||||||||||||||||
Construction in progress | 108,738 | 177,380 | ||||||||||||||||||
| | | | | | | | |||||||||||||
$ | 4,443,323 | $ | 4,631,067 | |||||||||||||||||
| | | | | | | | |||||||||||||
| | | | | | | | |||||||||||||
Minor maintenance costs are expensed as incurred. Major improvements which extend the life, increase the capacity or improve the safety or the efficiency of property owned are capitalized. Major improvements to leased buildings are capitalized as leasehold improvements and depreciated. | ||||||||||||||||||||
We develop various software applications for internal use. Computer software costs associated with internal use software are expensed as incurred until certain capitalization criteria are met. Payroll and related costs for employees directly associated with, and devoting time to, the development of internal use computer software projects (to the extent time is spent directly on the project) are capitalized. During the years ended December 31, 2012 and 2013, we capitalized $26,755 and $39,487 of costs, respectively, associated with the development of internal use computer software projects. Capitalization begins when the design stage of the application has been completed and it is probable that the project will be completed and used to perform the function intended. Capitalization ends when the asset is ready for its intended use. Depreciation begins when the software is placed in service. Computer software costs that are capitalized are periodically evaluated for impairment. During the years ended December 31, 2011, 2012 and 2013, we wrote-off $3,500 (approximately $3,050 associated with our International Business segment and approximately $450 associated with our North American Records and Information Management Business segment), $1,110 associated with our Emerging Business segment and $1,100 (approximately $800 associated with our North American Records and Information Management Business segment and $300 associated with our Corporate and Other segment), respectively, of previously deferred software costs associated with internal use software development projects that were discontinued after implementation, which resulted in a loss on disposal/write-down of property, plant and equipment, net in the accompanying Consolidated Statements of Operations. | ||||||||||||||||||||
Entities are required to record the fair value of a liability for an asset retirement obligation in the period in which it is incurred. Asset retirement obligations represent the costs to replace or remove tangible long-lived assets required by law, regulatory rule or contractual agreement. When the liability is initially recorded, the entity capitalizes the cost by increasing the carrying amount of the related long-lived asset, which is then depreciated over the useful life of the related asset. The liability is increased over time through accretion expense (included in depreciation expense) such that the liability will equate to the future cost to retire the long- lived asset at the expected retirement date. Upon settlement of the liability, an entity either settles the obligation for its recorded amount or realizes a gain or loss upon settlement. Our obligations are primarily the result of requirements under our facility lease agreements which generally have "return to original condition" clauses which would require us to remove or restore items such as shred pits, vaults, demising walls and office build-outs, among others. The significant assumptions used in estimating our aggregate asset retirement obligation are the timing of removals, the probability of a requirement to perform, estimated cost and associated expected inflation rates that are consistent with historical rates and credit-adjusted risk-free rates that approximate our incremental borrowing rate. | ||||||||||||||||||||
A reconciliation of liabilities for asset retirement obligations (included in other long-term liabilities) is as follows: | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||
Asset Retirement Obligations, beginning of the year | $ | 10,116 | $ | 10,982 | ||||||||||||||||
Liabilities Incurred | 389 | 480 | ||||||||||||||||||
Liabilities Settled | (785 | ) | (687 | ) | ||||||||||||||||
Accretion Expense | 1,056 | 1,123 | ||||||||||||||||||
Foreign Currency Exchange Movement | 206 | (89 | ) | |||||||||||||||||
| | | | | | | | |||||||||||||
Asset Retirement Obligations, end of the year | $ | 10,982 | $ | 11,809 | ||||||||||||||||
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Goodwill and Other Intangible Assets | ' | |||||||||||||||||||
g. | ||||||||||||||||||||
Goodwill and Other Intangible Assets | ||||||||||||||||||||
Goodwill and intangible assets with indefinite lives are not amortized but are reviewed annually for impairment or more frequently if impairment indicators arise. Other than goodwill, we currently have no intangible assets that have indefinite lives and which are not amortized. Separable intangible assets that are not deemed to have indefinite lives are amortized over their useful lives. We annually assess whether a change in the life over which our intangible assets are amortized is necessary or more frequently if events or circumstances warrant. | ||||||||||||||||||||
We have selected October 1 as our annual goodwill impairment review date. We performed our annual goodwill impairment review as of October 1, 2011, 2012 and 2013 and noted no impairment of goodwill at those dates. However, as a result of interim triggering events as discussed below, we recorded a provisional goodwill impairment charge in the third quarter of 2011 associated with our Continental Western Europe (as defined below) operations. This provisional goodwill impairment charge was finalized in the fourth quarter of 2011. As of December 31, 2013, no factors were identified that would alter our October 1, 2013 goodwill assessment. In making this assessment, we relied on a number of factors including operating results, business plans, anticipated future cash flows, transactions and marketplace data. There are inherent uncertainties related to these factors and our judgment in applying them to the analysis of goodwill impairment. When changes occur in the composition of one or more reporting units, the goodwill is reassigned to the reporting units affected based on their relative fair values. | ||||||||||||||||||||
In September 2011, as a result of certain changes we made in the manner in which our European operations are managed, we reorganized our reporting structure and reassigned goodwill among the revised reporting units. Previously, we tested goodwill impairment at the European level on a combined basis. As a result of the management and reporting changes, we concluded at that time that we had three reporting units within our European operations: (1) United Kingdom, Ireland and Norway ("UKI"); (2) Belgium, France, Germany, Luxembourg, Netherlands and Spain ("Continental Western Europe"); and (3) the remaining countries in Europe ("Central Europe"). As a result of the restructuring of our reporting units, we concluded that we had an interim triggering event, and, therefore, we performed an interim goodwill impairment test for UKI, Continental Western Europe and Central Europe in the third quarter of 2011, as of August 31, 2011. As required by GAAP, prior to our goodwill impairment analysis, we performed an impairment assessment on the long-lived assets within our UKI, Continental Western Europe and Central Europe reporting units and noted no impairment, except for our Italian operations, which was included in our Continental Western Europe reporting unit, and which is now included in discontinued operations as discussed in Note 14. Based on our analysis, we concluded that the goodwill of our UKI and Central Europe reporting units was not impaired. Our Continental Western Europe reporting unit's fair value was less than its carrying value, and, as a result, we recorded a goodwill impairment charge of $46,500 included as a component of intangible impairments from continuing operations in the accompanying Consolidated Statements of Operations for the year ended December 31, 2011. A tax benefit of approximately $5,449 was recorded associated with the Continental Western Europe goodwill impairment charge for the year ended December 31, 2011 and is included in the provision (benefit) for income taxes from continuing operations in the accompanying Consolidated Statements of Operations. See Note 14 for the portion of the charge allocated to our Italian operations based on a relative fair value basis. | ||||||||||||||||||||
In 2012, we reorganized the management and reporting structure of our international operations. As a result of the management and reporting changes, we concluded that we have the following six reporting units: (1) North America; (2) United Kingdom, Ireland, Norway, Belgium, France, Germany, Luxembourg, Netherlands and Spain ("Western Europe"); (3) the remaining countries in Europe in which we operate, excluding Russia and the Ukraine ("Emerging Markets"); (4) Latin America; (5) Australia, China, Hong Kong and Singapore ("Asia Pacific"); and (6) India, Russia and the Ukraine ("Emerging Market Joint Ventures"). As of December 31, 2012, the carrying value of goodwill, net amounted to $1,762,307, $365,303, $87,492, $56,893 and $62,764 for North America, Western Europe, Emerging Markets, Latin America and Asia Pacific, respectively. Our Emerging Market Joint Ventures reporting unit had no goodwill as of December 31, 2012 and 2013. As of December 31, 2013, the carrying value of goodwill, net amounted to $1,849,440, $375,954, $88,599, $93,149 and $56,210 for North America, Western Europe, Emerging Markets, Latin America and Asia Pacific, respectively. Based on our goodwill impairment assessment, all of our reporting units with goodwill had estimated fair values as of October 1, 2013 that exceeded their carrying values by greater than 15%. | ||||||||||||||||||||
Reporting unit valuations have been calculated using an income approach based on the present value of future cash flows of each reporting unit or a combined approach based on the present value of future cash flows and market and transaction multiples of revenues and earnings. The income approach incorporates many assumptions including future growth rates, discount factors, expected capital expenditures and income tax cash flows. Changes in economic and operating conditions impacting these assumptions could result in goodwill impairments in future periods. In conjunction with our annual goodwill impairment reviews, we reconcile the sum of the valuations of all of our reporting units to our market capitalization as of such dates. | ||||||||||||||||||||
The changes in the carrying value of goodwill attributable to each reportable operating segment for the years ended December 31, 2012 and 2013 is as follows: | ||||||||||||||||||||
North American | North American | International | Total | |||||||||||||||||
Records and | Data | Business | Consolidated | |||||||||||||||||
Information | Management | |||||||||||||||||||
Management | Business | |||||||||||||||||||
Business | ||||||||||||||||||||
Gross Balance as of December 31, 2011 | $ | 1,608,193 | $ | 402,048 | $ | 564,044 | $ | 2,574,285 | ||||||||||||
Deductible goodwill acquired during the year | 6,084 | 1,521 | 32,609 | 40,214 | ||||||||||||||||
Non-deductible goodwill acquired during the year | — | — | 18,079 | 18,079 | ||||||||||||||||
Currency effects | 4,900 | 1,225 | 16,796 | 22,921 | ||||||||||||||||
| | | | | | | | | | | | | | |||||||
Gross Balance as of December 31, 2012 | 1,619,177 | 404,794 | 631,528 | 2,655,499 | ||||||||||||||||
Deductible goodwill acquired during the year | 40,046 | 10,011 | 13,983 | 64,040 | ||||||||||||||||
Non-deductible goodwill acquired during the year | 34,066 | 8,517 | 35,129 | 77,712 | ||||||||||||||||
Fair value and other adjustments | 7,144 | 1,786 | (408 | ) | 8,522(1 | ) | ||||||||||||||
Currency effects | (12,153 | ) | (3,038 | ) | (6,897 | ) | (22,088 | ) | ||||||||||||
| | | | | | | | | | | | | | |||||||
Gross Balance as of December 31, 2013 | $ | 1,688,280 | $ | 422,070 | $ | 673,335 | $ | 2,783,685 | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Accumulated Amortization Balance as of December 31, 2011 | $ | 209,090 | $ | 52,272 | $ | 58,655 | $ | 320,017 | ||||||||||||
Currency effects | 242 | 60 | 421 | 723 | ||||||||||||||||
| | | | | | | | | | | | | | |||||||
Accumulated Amortization Balance as of December 31, 2012 | 209,332 | 52,332 | 59,076 | 320,740 | ||||||||||||||||
Currency effects | (603 | ) | (151 | ) | 347 | (407 | ) | |||||||||||||
| | | | | | | | | | | | | | |||||||
Accumulated Amortization Balance as of December 31, 2013 | $ | 208,729 | $ | 52,181 | $ | 59,423 | $ | 320,333 | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Net Balance as of December 31, 2012 | $ | 1,409,845 | $ | 352,462 | $ | 572,452 | $ | 2,334,759 | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Net Balance as of December 31, 2013 | $ | 1,479,551 | $ | 369,889 | $ | 613,912 | $ | 2,463,352 | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Accumulated Goodwill Impairment Balance as of December 31, 2012 | $ | 85,909 | $ | — | $ | 46,500 | $ | 132,409 | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Accumulated Goodwill Impairment Balance as of December 31, 2013 | $ | 85,909 | $ | — | $ | 46,500 | $ | 132,409 | ||||||||||||
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| | | | | | | | | | | | | | |||||||
-1 | ||||||||||||||||||||
Total fair value and other adjustments primarily include $8,446 in net adjustments to property, plant and equipment, net, customer relationships and deferred income taxes, as well as $76 of cash paid related to acquisitions made in previous years. | ||||||||||||||||||||
Revenues | ' | |||||||||||||||||||
l. | ||||||||||||||||||||
Revenues | ||||||||||||||||||||
Our revenues consist of storage rental revenues as well as service revenues and are reflected net of sales and value added taxes. Storage rental revenues, which are considered a key driver of financial performance for the storage and information management services industry, consist primarily of recurring periodic rental charges related to the storage of materials or data (generally on a per unit basis). Service revenues include charges for related core service activities and a wide array of complementary products and services. Included in core service revenues are: (1) the handling of records, including the addition of new records, temporary removal of records from storage, refiling of removed records and the destruction of records; (2) courier operations, consisting primarily of the pickup and delivery of records upon customer request; (3) secure shredding of sensitive documents; and (4) other recurring services, including the scanning, imaging and document conversion services of active and inactive records, or Document Management Solutions ("DMS"), which relate to physical and digital records, and recurring project revenues. Our complementary services revenues include special project work, customer termination and permanent withdrawal fees, data restoration projects, fulfillment services, consulting services, technology services and product sales (including specially designed storage containers and related supplies). Our secure shredding revenues include the sale of recycled paper (included in complementary services revenues), the price of which can fluctuate from period to period, adding to the volatility and reducing the predictability of that revenue stream. | ||||||||||||||||||||
We recognize revenue when the following criteria are met: persuasive evidence of an arrangement exists, services have been rendered, the sales price is fixed or determinable and collectability of the resulting receivable is reasonably assured. Storage rental and service revenues are recognized in the month the respective storage rental or service is provided, and customers are generally billed on a monthly basis on contractually agreed-upon terms. Amounts related to future storage rental or prepaid service contracts for customers where storage rental fees or services are billed in advance are accounted for as deferred revenue and recognized ratably over the period the applicable storage rental or service is provided or performed. Revenues from the sales of products, which is included as a component of service revenues, is recognized when products are shipped and title has passed to the customer. Revenues from the sales of products have historically not been significant. | ||||||||||||||||||||
Stock-Based Compensation | ' | |||||||||||||||||||
n. | ||||||||||||||||||||
Stock-Based Compensation | ||||||||||||||||||||
We record stock-based compensation expense, utilizing the straight-line method, for the cost of stock options, restricted stock, restricted stock units, performance units and shares of stock issued under the 2003 employee stock purchase plan and the 2013 employee stock purchase plan (together, "Employee Stock-Based Awards"). | ||||||||||||||||||||
Stock-based compensation expense for Employee Stock-Based Awards included in the accompanying Consolidated Statements of Operations for the years ended December 31, 2011, 2012 and 2013 was $17,510, including $260 in discontinued operations, ($8,834 after tax or $0.05 per basic and diluted share), $30,360 ($23,437 after tax or $0.14 per basic and $0.13 per diluted share) and $30,354 ($22,085 after tax or $0.12 per basic and $0.11 per diluted share), respectively. | ||||||||||||||||||||
Stock-based compensation expense for Employee Stock-Based Awards included in the accompanying Consolidated Statements of Operations related to continuing operations is as follows: | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2011 | 2012 | 2013 | ||||||||||||||||||
Cost of sales (excluding depreciation and amortization) | $ | 914 | $ | 1,392 | $ | 293 | ||||||||||||||
Selling, general and administrative expenses | 16,336 | 28,968 | 30,061 | |||||||||||||||||
| | | | | | | | | | | ||||||||||
Total stock-based compensation | $ | 17,250 | $ | 30,360 | $ | 30,354 | ||||||||||||||
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| | | | | | | | | | | ||||||||||
The benefits associated with the tax deductions in excess of recognized compensation cost are required to be reported as financing activities in the accompanying Consolidated Statements of Cash Flows. This requirement reduces reported operating cash flows and increases reported financing cash flows. As a result, net financing cash flows from continuing operations included $919, $1,045 and $2,389 for the years ended December 31, 2011, 2012 and 2013, respectively, from the benefits of tax deductions in excess of recognized compensation cost. The tax benefit of any resulting excess tax deduction increases the Additional Paid-in Capital ("APIC") pool. Any resulting tax deficiency is deducted from the APIC pool. | ||||||||||||||||||||
Stock Options | ||||||||||||||||||||
Under our various stock option plans, options were granted with exercise prices equal to the market price of the stock on the date of grant. The majority of our options become exercisable ratably over a period of five years from the date of grant and generally have a contractual life of ten years from the date of grant, unless the holder's employment is terminated sooner. Certain of the options we issue become exercisable ratably over a period of ten years from the date of grant and have a contractual life of 12 years from the date of grant, unless the holder's employment is terminated sooner. As of December 31, 2013, ten-year vesting options represented 7.5% of total outstanding options. Beginning in 2011, certain of the options we issue become exercisable ratably over a period of three years from the date of grant and have a contractual life of ten years from the date of grant, unless the holder's employment is terminated sooner. As of December 31, 2013, three-year vesting options represented 20.5% of total outstanding options. Our non-employee directors are considered employees for purposes of our stock option plans and stock option reporting. Options granted to our non-employee directors generally become exercisable one year from the date of grant. | ||||||||||||||||||||
In December 2008, we amended each of the Iron Mountain Incorporated 2002 Stock Incentive Plan, the Iron Mountain Incorporated 1997 Stock Option Plan and the LiveVault Corporation 2001 Stock Incentive Plan (each a "Plan") to provide that any unvested options and other awards granted under each respective Plan shall vest immediately should an employee be terminated by the Company, or terminate his or her own employment for good reason (as defined in each Plan), in connection with a vesting change in control (as defined in each Plan). The Mimosa Systems, Inc. 2009 Equity Incentive Plan and the Mimosa Systems, Inc. 2003 Stock Plan were similarly amended in June 2010. | ||||||||||||||||||||
A total of 38,917,411 shares of common stock have been reserved for grants of options and other rights under our various stock incentive plans. The number of shares available for grant at December 31, 2013 was 5,814,061. | ||||||||||||||||||||
The weighted average fair value of options granted in 2011, 2012 and 2013 was $7.42, $7.00 and $7.69 per share, respectively. These values were estimated on the date of grant using the Black-Scholes option pricing model. The following table summarizes the weighted average assumptions used for grants in the year ended December 31: | ||||||||||||||||||||
Weighted Average Assumptions | 2011 | 2012 | 2013 | |||||||||||||||||
Expected volatility | 33.4 | % | 33.8 | % | 33.8 | % | ||||||||||||||
Risk-free interest rate | 2.4 | % | 1.24 | % | 1.13 | % | ||||||||||||||
Expected dividend yield | 3 | % | 3 | % | 3 | % | ||||||||||||||
Expected life | 6.3 years | 6.3 years | 6.3 years | |||||||||||||||||
Expected volatility is calculated utilizing daily historical volatility over a period that equates to the expected life of the option. The risk-free interest rate was based on the U.S. Treasury interest rates whose term is consistent with the expected life of the stock options. Expected dividend yield is considered in the option pricing model and represents our current annualized expected per share dividends over the current trade price of our common stock. The expected life (estimated period of time outstanding) of the stock options granted is estimated using the historical exercise behavior of employees. | ||||||||||||||||||||
A summary of option activity for the year ended December 31, 2013 is as follows: | ||||||||||||||||||||
Options | Weighted | Weighted | Aggregate | |||||||||||||||||
Average | Average | Intrinsic | ||||||||||||||||||
Exercise | Remaining | Value | ||||||||||||||||||
Price | Contractual | |||||||||||||||||||
Term | ||||||||||||||||||||
Outstanding at December 31, 2012 | 5,908,102 | $ | 23.39 | |||||||||||||||||
Granted | 261,698 | 33.03 | ||||||||||||||||||
Exercised | (895,372 | ) | 22.3 | |||||||||||||||||
Forfeited | (121,006 | ) | 21.81 | |||||||||||||||||
Expired | (7,683 | ) | 28.71 | |||||||||||||||||
| | | | | | | | | | | | | | |||||||
Outstanding at December 31, 2013 | 5,145,739 | $ | 24.09 | 4.69 | $ | 33,618 | ||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Options exercisable at December 31, 2013 | 3,779,348 | $ | 23.66 | 4.1 | $ | 25,990 | ||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Options expected to vest | 1,193,816 | $ | 25.37 | 6.91 | $ | 6,605 | ||||||||||||||
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The following table provides the aggregate intrinsic value of stock options exercised for the years ended December 31, 2011, 2012 and 2013: | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2011 | 2012 | 2013 | ||||||||||||||||||
Aggregate intrinsic value of stock options exercised | $ | 37,901 | $ | 15,859 | $ | 11,024 | ||||||||||||||
Restricted Stock and Restricted Stock Units | ||||||||||||||||||||
Under our various equity compensation plans, we may also grant restricted stock or restricted stock units ("RSUs"). Our restricted stock and RSUs generally have a three to five year vesting period from the date of grant. All RSUs accrue dividend equivalents associated with the underlying stock as we declare dividends. Dividends will generally be paid to holders of RSUs in cash upon the vesting date of the associated RSU and will be forfeited if the RSU does not vest. We accrued approximately $1,378 and $1,854 of cash dividends on RSUs for the years ended December 31, 2012 and 2013, respectively. We paid approximately $58 and $820 of cash dividends on RSUs for the years ended December 31, 2012 and 2013, respectively. The fair value of restricted stock and RSUs is the excess of the market price of our common stock at the date of grant over the purchase price (which is typically zero). | ||||||||||||||||||||
A summary of restricted stock and RSU activity for the year ended December 31, 2013 is as follows: | ||||||||||||||||||||
Restricted | Weighted- | |||||||||||||||||||
Stock and RSUs | Average | |||||||||||||||||||
Grant-Date | ||||||||||||||||||||
Fair Value | ||||||||||||||||||||
Non-vested at December 31, 2012 | 1,303,664 | $ | 29.89 | |||||||||||||||||
Granted | 758,799 | 29.75 | ||||||||||||||||||
Vested | (555,776 | ) | 29.94 | |||||||||||||||||
Forfeited | (71,457 | ) | 30.62 | |||||||||||||||||
| | | | | | | | |||||||||||||
Non-vested at December 31, 2013 | 1,435,230 | $ | 29.76 | |||||||||||||||||
| | | | | | | | |||||||||||||
| | | | | | | | |||||||||||||
The total fair value of restricted stock vested for the years ended December 31, 2011, 2012 and 2013 was $13, $1 and $1, respectively. The total fair value of RSUs vested for the years ended December 31, 2011, 2012 and 2013 was $931, $8,296 and $16,638, respectively. | ||||||||||||||||||||
Performance Units | ||||||||||||||||||||
Under our various equity compensation plans, we may also make awards of performance units ("PUs"). For the majority of PUs, the number of PUs earned is determined based on our performance against predefined calendar year targets of revenue growth and return on invested capital ("ROIC"). The number of PUs earned may range from 0% to 150% of the initial award. The number of PUs earned is determined based on our actual performance as compared to the targets at the end of the one-year performance period. Certain PUs granted in 2013 will be earned based on a market condition associated with the total return on our common stock in relation to a subset of the S&P 500 rather than the revenue growth and ROIC targets noted above. The number of PUs earned based on this market condition may range from 0% to 200% of the initial award. All of our PUs will be settled in shares of our common stock and are subject to cliff vesting three years from the date of the original PU grant. Employees who subsequently terminate their employment after the end of the one-year performance period and on or after attaining age 55 and completing 10 years of qualifying service (the "retirement criteria") shall immediately and completely vest in any PUs earned based on the actual achievement against the predefined targets as discussed above (but delivery of the shares remains deferred). As a result, PUs are generally expensed over the shorter of (1) the vesting period, (2) achievement of the retirement criteria, which may occur as early as January 1 of the year following the year of grant, or (3) a maximum of three years. Outstanding PUs accrue dividend equivalents associated with the underlying stock as we declare dividends. Dividends will generally be paid to holders of PUs in cash upon the settlement date of the associated PU and will be forfeited if the PU does not vest. We accrued approximately $369 and $681 of cash dividends on PUs for the years ended December 31, 2012 and 2013, respectively. | ||||||||||||||||||||
In 2011, 2012 and 2013, we issued 154,239, 221,781 and 198,869 PUs, respectively. For PUs that are earned based on our performance against revenue growth and ROIC targets during the one-year performance period, we forecast the likelihood of achieving the predefined annual revenue growth and ROIC targets in order to calculate the expected PUs to be earned. We record a compensation charge based on either the forecasted PUs to be earned (during the one-year performance period) or the actual PUs earned (at the one-year anniversary date) over the vesting period for each of the awards. For the 2013 PUs that will be earned based on a market condition, we utilized a Monte Carlo simulation to fair value these awards at the date of grant, and such fair value will be expensed over the three-year performance period. No PUs vested during 2011. The total fair value of earned PUs that vested during the years ended December 31, 2012 and 2013 was $4,285 and $2,962, respectively. There were no cash dividends paid on PUs for the years ended December 31, 2011, 2012 and 2013. As of December 31, 2013, we expected 70.0% achievement of the predefined revenue and ROIC targets associated with the awards of PUs made in 2013. | ||||||||||||||||||||
A summary of PU activity for the year ended December 31, 2013 is as follows: | ||||||||||||||||||||
Original | PU Adjustment(1) | Total | Weighted- | |||||||||||||||||
PU Awards | PU Awards | Average | ||||||||||||||||||
Grant-Date | ||||||||||||||||||||
Fair Value | ||||||||||||||||||||
Non-vested at December 31, 2012 | 236,093 | (4,447 | ) | 231,646 | $ | 29.12 | ||||||||||||||
Granted | 198,869 | (25,536 | ) | 173,333 | 38.81 | |||||||||||||||
Vested | (94,019 | ) | 6,251 | (87,768 | ) | 33.74 | ||||||||||||||
Forfeited | (6,395 | ) | — | (6,395 | ) | 30.77 | ||||||||||||||
| | | | | | | | | | | | | | |||||||
Non-vested at December 31, 2013 | 334,548 | (23,732 | ) | 310,816 | $ | 33.18 | ||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
-1 | ||||||||||||||||||||
Represents an increase or decrease in the number of original PUs awarded based on either (a) the final performance criteria achievement at the end of the defined performance period of such PUs or (b) a change in estimated awards based on the forecasted performance against the predefined targets. | ||||||||||||||||||||
Employee Stock Purchase Plan | ||||||||||||||||||||
We offer an employee stock purchase plan (the "ESPP") in which participation is available to substantially all U.S. and Canadian employees who meet certain service eligibility requirements. The ESPP provides a way for our eligible employees to become stockholders on favorable terms. The ESPP provides for the purchase of our common stock by eligible employees through successive offering periods. We have historically had two six-month offering periods per year, the first of which generally runs from June 1 through November 30 and the second of which generally runs from December 1 through May 31. During each offering period, participating employees accumulate after-tax payroll contributions, up to a maximum of 15% of their compensation, to pay the purchase price at the end of the offering. Participating employees may withdraw from an offering before the purchase date and obtain a refund of the amounts withheld as payroll deductions. At the end of the offering period, outstanding options under the ESPP are exercised, and each employee's accumulated contributions are used to purchase our common stock. The price for shares purchased under the ESPP is 95% of the fair market price at the end of the offering period, without a look-back feature. As a result, we do not recognize compensation expense for the ESPP shares purchased. For the years ended December 31, 2011, 2012 and 2013, there were 154,559 shares, 151,285 shares and 144,432 shares, respectively, purchased under the ESPP. Our prior ESPP was replaced subsequent to the expiration of our June 1 offering on November 29, 2013, by the Iron Mountain Incorporated 2013 Employee Stock Purchase Plan, which was approved by our stockholders at the 2013 Annual Meeting of Stockholders held on June 6, 2013. As of December 31, 2013, we have 1,000,000 shares available under the ESPP. | ||||||||||||||||||||
As of December 31, 2013, unrecognized compensation cost related to the unvested portion of our Employee Stock-Based Awards was $41,877 and is expected to be recognized over a weighted-average period of 2.0 years. | ||||||||||||||||||||
We generally issue shares of our common stock for the exercises of stock options, restricted stock, RSUs, PUs and shares of our common stock under our ESPP from unissued reserved shares. | ||||||||||||||||||||
Income Taxes | ' | |||||||||||||||||||
o. | ||||||||||||||||||||
Income Taxes | ||||||||||||||||||||
Accounting for income taxes requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the tax and financial reporting basis of assets and liabilities and for loss and credit carryforwards. Valuation allowances are provided when recovery of deferred tax assets does not meet the more likely than not standard as defined in GAAP. We have elected to recognize interest and penalties associated with uncertain tax positions as a component of the provision (benefit) for income taxes in the accompanying Consolidated Statements of Operations. | ||||||||||||||||||||
Income (Loss) Per Share-Basic and Diluted | ' | |||||||||||||||||||
p. | ||||||||||||||||||||
Income (Loss) Per Share—Basic and Diluted | ||||||||||||||||||||
Basic income (loss) per common share is calculated by dividing income (loss) by the weighted average number of common shares outstanding. The calculation of diluted income (loss) per share is consistent with that of basic income (loss) per share but gives effect to all potential common shares (that is, securities such as options, warrants or convertible securities) that were outstanding during the period, unless the effect is antidilutive. | ||||||||||||||||||||
The following table presents the calculation of basic and diluted income (loss) per share: | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2011 | 2012 | 2013 | ||||||||||||||||||
Income (loss) from continuing operations | $ | 246,412 | $ | 183,493 | $ | 99,961 | ||||||||||||||
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| | | | | | | | | | | ||||||||||
Total income (loss) from discontinued operations (see Note 14) | $ | 153,180 | $ | (8,659 | ) | $ | 831 | |||||||||||||
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Net income (loss) attributable to Iron Mountain Incorporated | $ | 395,538 | $ | 171,708 | $ | 97,262 | ||||||||||||||
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| | | | | | | | | | | ||||||||||
Weighted-average shares—basic | 194,777,000 | 173,604,000 | 190,994,000 | |||||||||||||||||
Effect of dilutive potential stock options | 1,060,477 | 914,308 | 995,836 | |||||||||||||||||
Effect of dilutive potential restricted stock, RSUs and PUs | 100,136 | 349,128 | 422,045 | |||||||||||||||||
| | | | | | | | | | | ||||||||||
Weighted-average shares—diluted | 195,937,613 | 174,867,436 | 192,411,881 | |||||||||||||||||
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Earnings (losses) per share—basic: | ||||||||||||||||||||
Income (loss) from continuing operations | $ | 1.27 | $ | 1.06 | $ | 0.52 | ||||||||||||||
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Total income (loss) from discontinued operations (see Note 14) | $ | 0.79 | $ | (0.05 | ) | $ | 0 | |||||||||||||
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| | | | | | | | | | | ||||||||||
Net income (loss) attributable to Iron Mountain Incorporated—basic | $ | 2.03 | $ | 0.99 | $ | 0.51 | ||||||||||||||
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| | | | | | | | | | | ||||||||||
Earnings (losses) per share—diluted: | ||||||||||||||||||||
Income (loss) from continuing operations | $ | 1.26 | $ | 1.05 | $ | 0.52 | ||||||||||||||
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| | | | | | | | | | | ||||||||||
Total income (loss) from discontinued operations (see Note 14) | $ | 0.78 | $ | (0.05 | ) | $ | 0 | |||||||||||||
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| | | | | | | | | | | ||||||||||
Net income (loss) attributable to Iron Mountain Incorporated—diluted | $ | 2.02 | $ | 0.98 | $ | 0.51 | ||||||||||||||
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Antidilutive stock options, RSUs and PUs, excluded from the calculation | 3,973,760 | 1,286,150 | 903,416 | |||||||||||||||||
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Allowance for Doubtful Accounts and Credit Memo Reserves | ' | |||||||||||||||||||
q. | ||||||||||||||||||||
Allowance for Doubtful Accounts and Credit Memo Reserves | ||||||||||||||||||||
We maintain an allowance for doubtful accounts and credit memos for estimated losses resulting from the potential inability of our customers to make required payments and potential disputes regarding billing and service issues. When calculating the allowance, we consider our past loss experience, current and prior trends in our aged receivables and credit memo activity, current economic conditions and specific circumstances of individual receivable balances. If the financial condition of our customers were to significantly change, resulting in a significant improvement or impairment of their ability to make payments, an adjustment of the allowance may be required. We consider accounts receivable to be delinquent after such time as reasonable means of collection have been exhausted. We charge-off uncollectible balances as circumstances warrant, generally, no later than one year past due. | ||||||||||||||||||||
Rollforward of allowance for doubtful accounts and credit memo reserves is as follows: | ||||||||||||||||||||
Year Ended December 31, | Balance at | Credit Memos | Allowance for | Other(1) | Deductions(2) | Balance at | ||||||||||||||
Beginning of | Charged to | Bad Debts | End of | |||||||||||||||||
the Year | Revenue | Charged to | the Year | |||||||||||||||||
Expense | ||||||||||||||||||||
2011 | $ | 20,747 | $ | 39,343 | $ | 9,506 | $ | (205 | ) | $ | (46,114 | ) | $ | 23,277 | ||||||
2012 | 23,277 | 39,723 | 8,323 | 977 | (47,091 | ) | 25,209 | |||||||||||||
2013 | 25,209 | 49,483 | 11,321 | 3,612 | (54,980 | ) | 34,645 | |||||||||||||
-1 | ||||||||||||||||||||
Primarily consists of recoveries of previously written-off accounts receivable, allowances of businesses acquired and the impact associated with currency translation adjustments. | ||||||||||||||||||||
-2 | ||||||||||||||||||||
Primarily consists of the issuance of credit memos and the write-off of accounts receivable. | ||||||||||||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||||||||||
Useful lives of Property, Plant and Equipment | ' | |||||||||||||||||||
Building and building improvements | 5 to 40 years | |||||||||||||||||||
Leasehold improvements | 10 years or the life of the lease, whichever is shorter | |||||||||||||||||||
Racking | 1 to 20 years | |||||||||||||||||||
Warehouse equipment and vehicles | 1 to 10 years | |||||||||||||||||||
Furniture and fixtures | 2 to 10 years | |||||||||||||||||||
Computer hardware and software | 3 to 5 years | |||||||||||||||||||
Property, Plant and Equipment at cost | ' | |||||||||||||||||||
December 31, | ||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||
Land | $ | 199,354 | $ | 203,423 | ||||||||||||||||
Buildings and building improvements | 1,217,107 | 1,283,458 | ||||||||||||||||||
Leasehold improvements | 461,927 | 499,906 | ||||||||||||||||||
Racking | 1,481,377 | 1,536,212 | ||||||||||||||||||
Warehouse equipment/vehicles | 366,754 | 365,171 | ||||||||||||||||||
Furniture and fixtures | 81,093 | 53,590 | ||||||||||||||||||
Computer hardware and software | 526,973 | 511,927 | ||||||||||||||||||
Construction in progress | 108,738 | 177,380 | ||||||||||||||||||
| | | | | | | | |||||||||||||
$ | 4,443,323 | $ | 4,631,067 | |||||||||||||||||
| | | | | | | | |||||||||||||
| | | | | | | | |||||||||||||
Reconciliation of liabilities for asset retirement obligations (included in other long-term liabilities) | ' | |||||||||||||||||||
December 31, | ||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||
Asset Retirement Obligations, beginning of the year | $ | 10,116 | $ | 10,982 | ||||||||||||||||
Liabilities Incurred | 389 | 480 | ||||||||||||||||||
Liabilities Settled | (785 | ) | (687 | ) | ||||||||||||||||
Accretion Expense | 1,056 | 1,123 | ||||||||||||||||||
Foreign Currency Exchange Movement | 206 | (89 | ) | |||||||||||||||||
| | | | | | | | |||||||||||||
Asset Retirement Obligations, end of the year | $ | 10,982 | $ | 11,809 | ||||||||||||||||
| | | | | | | | |||||||||||||
| | | | | | | | |||||||||||||
Changes in the carrying value of goodwill attributable to each reportable operating segment | ' | |||||||||||||||||||
North American | North American | International | Total | |||||||||||||||||
Records and | Data | Business | Consolidated | |||||||||||||||||
Information | Management | |||||||||||||||||||
Management | Business | |||||||||||||||||||
Business | ||||||||||||||||||||
Gross Balance as of December 31, 2011 | $ | 1,608,193 | $ | 402,048 | $ | 564,044 | $ | 2,574,285 | ||||||||||||
Deductible goodwill acquired during the year | 6,084 | 1,521 | 32,609 | 40,214 | ||||||||||||||||
Non-deductible goodwill acquired during the year | — | — | 18,079 | 18,079 | ||||||||||||||||
Currency effects | 4,900 | 1,225 | 16,796 | 22,921 | ||||||||||||||||
| | | | | | | | | | | | | | |||||||
Gross Balance as of December 31, 2012 | 1,619,177 | 404,794 | 631,528 | 2,655,499 | ||||||||||||||||
Deductible goodwill acquired during the year | 40,046 | 10,011 | 13,983 | 64,040 | ||||||||||||||||
Non-deductible goodwill acquired during the year | 34,066 | 8,517 | 35,129 | 77,712 | ||||||||||||||||
Fair value and other adjustments | 7,144 | 1,786 | (408 | ) | 8,522(1 | ) | ||||||||||||||
Currency effects | (12,153 | ) | (3,038 | ) | (6,897 | ) | (22,088 | ) | ||||||||||||
| | | | | | | | | | | | | | |||||||
Gross Balance as of December 31, 2013 | $ | 1,688,280 | $ | 422,070 | $ | 673,335 | $ | 2,783,685 | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Accumulated Amortization Balance as of December 31, 2011 | $ | 209,090 | $ | 52,272 | $ | 58,655 | $ | 320,017 | ||||||||||||
Currency effects | 242 | 60 | 421 | 723 | ||||||||||||||||
| | | | | | | | | | | | | | |||||||
Accumulated Amortization Balance as of December 31, 2012 | 209,332 | 52,332 | 59,076 | 320,740 | ||||||||||||||||
Currency effects | (603 | ) | (151 | ) | 347 | (407 | ) | |||||||||||||
| | | | | | | | | | | | | | |||||||
Accumulated Amortization Balance as of December 31, 2013 | $ | 208,729 | $ | 52,181 | $ | 59,423 | $ | 320,333 | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Net Balance as of December 31, 2012 | $ | 1,409,845 | $ | 352,462 | $ | 572,452 | $ | 2,334,759 | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Net Balance as of December 31, 2013 | $ | 1,479,551 | $ | 369,889 | $ | 613,912 | $ | 2,463,352 | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Accumulated Goodwill Impairment Balance as of December 31, 2012 | $ | 85,909 | $ | — | $ | 46,500 | $ | 132,409 | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Accumulated Goodwill Impairment Balance as of December 31, 2013 | $ | 85,909 | $ | — | $ | 46,500 | $ | 132,409 | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
-1 | ||||||||||||||||||||
Total fair value and other adjustments primarily include $8,446 in net adjustments to property, plant and equipment, net, customer relationships and deferred income taxes, as well as $76 of cash paid related to acquisitions made in previous years. | ||||||||||||||||||||
Gross carrying amount and accumulated amortization | ' | |||||||||||||||||||
December 31, | ||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||
Gross Carrying Amount | ||||||||||||||||||||
Customer relationship and acquisition costs | $ | 685,898 | $ | 879,378 | ||||||||||||||||
Other intangible assets (included in other assets, net) | 9,778 | 9,475 | ||||||||||||||||||
Accumulated Amortization | ||||||||||||||||||||
Customer relationship and acquisition costs | $ | 229,778 | $ | 273,894 | ||||||||||||||||
Other intangible assets (included in other assets, net) | 5,875 | 7,305 | ||||||||||||||||||
Amortization expense | ' | |||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2011 | 2012 | 2013 | ||||||||||||||||||
Customer relationship and acquisition costs: | ||||||||||||||||||||
Amortization expense included in depreciation and amortization | $ | 27,900 | $ | 34,806 | $ | 37,725 | ||||||||||||||
Amortization expense offsetting revenues | 10,100 | 10,784 | 11,788 | |||||||||||||||||
Other intangible assets: | ||||||||||||||||||||
Amortization expense included in depreciation and amortization | 961 | 940 | 1,456 | |||||||||||||||||
Estimated amortization expense for existing intangible assets for the next five succeeding fiscal years | ' | |||||||||||||||||||
Estimated Amortization | ||||||||||||||||||||
Included in Depreciation | Charged to | |||||||||||||||||||
and Amortization | Revenues | |||||||||||||||||||
2014 | $ | 46,606 | $ | 7,466 | ||||||||||||||||
2015 | 46,295 | 6,403 | ||||||||||||||||||
2016 | 46,068 | 4,854 | ||||||||||||||||||
2017 | 44,373 | 2,917 | ||||||||||||||||||
2018 | 43,703 | 2,228 | ||||||||||||||||||
Components of prepaid expenses | ' | |||||||||||||||||||
December 31, | ||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||
Income tax receivable | $ | 68,312 | $ | 31,915 | ||||||||||||||||
Other | 96,401 | 112,886 | ||||||||||||||||||
| | | | | | | | |||||||||||||
Prepaid expenses | $ | 164,713 | $ | 144,801 | ||||||||||||||||
| | | | | | | | |||||||||||||
| | | | | | | | |||||||||||||
Components of accrued expenses | ' | |||||||||||||||||||
December 31, | ||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||
Interest | $ | 64,227 | $ | 71,971 | ||||||||||||||||
Payroll and vacation | 80,931 | 91,519 | ||||||||||||||||||
Incentive compensation | 63,828 | 58,562 | ||||||||||||||||||
Dividend | 53,042 | 55,142 | ||||||||||||||||||
Self-insured liabilities (Note 10.b.) | 34,806 | 32,850 | ||||||||||||||||||
Other | 129,979 | 151,294 | ||||||||||||||||||
| | | | | | | | |||||||||||||
Accrued expenses | $ | 426,813 | $ | 461,338 | ||||||||||||||||
| | | | | | | | |||||||||||||
| | | | | | | | |||||||||||||
Stock-based compensation expense for Employee Stock-Based Awards related to continuing operations | ' | |||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2011 | 2012 | 2013 | ||||||||||||||||||
Cost of sales (excluding depreciation and amortization) | $ | 914 | $ | 1,392 | $ | 293 | ||||||||||||||
Selling, general and administrative expenses | 16,336 | 28,968 | 30,061 | |||||||||||||||||
| | | | | | | | | | | ||||||||||
Total stock-based compensation | $ | 17,250 | $ | 30,360 | $ | 30,354 | ||||||||||||||
| | | | | | | | | | | ||||||||||
| | | | | | | | | | | ||||||||||
Summary of the weighted average assumptions used for stock option grants | ' | |||||||||||||||||||
Weighted Average Assumptions | 2011 | 2012 | 2013 | |||||||||||||||||
Expected volatility | 33.4 | % | 33.8 | % | 33.8 | % | ||||||||||||||
Risk-free interest rate | 2.4 | % | 1.24 | % | 1.13 | % | ||||||||||||||
Expected dividend yield | 3 | % | 3 | % | 3 | % | ||||||||||||||
Expected life | 6.3 years | 6.3 years | 6.3 years | |||||||||||||||||
Summary of stock option activity | ' | |||||||||||||||||||
Options | Weighted | Weighted | Aggregate | |||||||||||||||||
Average | Average | Intrinsic | ||||||||||||||||||
Exercise | Remaining | Value | ||||||||||||||||||
Price | Contractual | |||||||||||||||||||
Term | ||||||||||||||||||||
Outstanding at December 31, 2012 | 5,908,102 | $ | 23.39 | |||||||||||||||||
Granted | 261,698 | 33.03 | ||||||||||||||||||
Exercised | (895,372 | ) | 22.3 | |||||||||||||||||
Forfeited | (121,006 | ) | 21.81 | |||||||||||||||||
Expired | (7,683 | ) | 28.71 | |||||||||||||||||
| | | | | | | | | | | | | | |||||||
Outstanding at December 31, 2013 | 5,145,739 | $ | 24.09 | 4.69 | $ | 33,618 | ||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Options exercisable at December 31, 2013 | 3,779,348 | $ | 23.66 | 4.1 | $ | 25,990 | ||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Options expected to vest | 1,193,816 | $ | 25.37 | 6.91 | $ | 6,605 | ||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Aggregate intrinsic value of stock options exercised | ' | |||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2011 | 2012 | 2013 | ||||||||||||||||||
Aggregate intrinsic value of stock options exercised | $ | 37,901 | $ | 15,859 | $ | 11,024 | ||||||||||||||
Summary of restricted stock and RSU activity | ' | |||||||||||||||||||
Restricted | Weighted- | |||||||||||||||||||
Stock and RSUs | Average | |||||||||||||||||||
Grant-Date | ||||||||||||||||||||
Fair Value | ||||||||||||||||||||
Non-vested at December 31, 2012 | 1,303,664 | $ | 29.89 | |||||||||||||||||
Granted | 758,799 | 29.75 | ||||||||||||||||||
Vested | (555,776 | ) | 29.94 | |||||||||||||||||
Forfeited | (71,457 | ) | 30.62 | |||||||||||||||||
| | | | | | | | |||||||||||||
Non-vested at December 31, 2013 | 1,435,230 | $ | 29.76 | |||||||||||||||||
| | | | | | | | |||||||||||||
| | | | | | | | |||||||||||||
Summary of Performance Unit (PU) activity | ' | |||||||||||||||||||
Original | PU Adjustment(1) | Total | Weighted- | |||||||||||||||||
PU Awards | PU Awards | Average | ||||||||||||||||||
Grant-Date | ||||||||||||||||||||
Fair Value | ||||||||||||||||||||
Non-vested at December 31, 2012 | 236,093 | (4,447 | ) | 231,646 | $ | 29.12 | ||||||||||||||
Granted | 198,869 | (25,536 | ) | 173,333 | 38.81 | |||||||||||||||
Vested | (94,019 | ) | 6,251 | (87,768 | ) | 33.74 | ||||||||||||||
Forfeited | (6,395 | ) | — | (6,395 | ) | 30.77 | ||||||||||||||
| | | | | | | | | | | | | | |||||||
Non-vested at December 31, 2013 | 334,548 | (23,732 | ) | 310,816 | $ | 33.18 | ||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
-1 | ||||||||||||||||||||
Represents an increase or decrease in the number of original PUs awarded based on either (a) the final performance criteria achievement at the end of the defined performance period of such PUs or (b) a change in estimated awards based on the forecasted performance against the predefined targets. | ||||||||||||||||||||
Calculation of basic and diluted net income (loss) per share attributable to the entity | ' | |||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2011 | 2012 | 2013 | ||||||||||||||||||
Income (loss) from continuing operations | $ | 246,412 | $ | 183,493 | $ | 99,961 | ||||||||||||||
| | | | | | | | | | | ||||||||||
| | | | | | | | | | | ||||||||||
Total income (loss) from discontinued operations (see Note 14) | $ | 153,180 | $ | (8,659 | ) | $ | 831 | |||||||||||||
| | | | | | | | | | | ||||||||||
| | | | | | | | | | | ||||||||||
Net income (loss) attributable to Iron Mountain Incorporated | $ | 395,538 | $ | 171,708 | $ | 97,262 | ||||||||||||||
| | | | | | | | | | | ||||||||||
| | | | | | | | | | | ||||||||||
Weighted-average shares—basic | 194,777,000 | 173,604,000 | 190,994,000 | |||||||||||||||||
Effect of dilutive potential stock options | 1,060,477 | 914,308 | 995,836 | |||||||||||||||||
Effect of dilutive potential restricted stock, RSUs and PUs | 100,136 | 349,128 | 422,045 | |||||||||||||||||
| | | | | | | | | | | ||||||||||
Weighted-average shares—diluted | 195,937,613 | 174,867,436 | 192,411,881 | |||||||||||||||||
| | | | | | | | | | | ||||||||||
| | | | | | | | | | | ||||||||||
Earnings (losses) per share—basic: | ||||||||||||||||||||
Income (loss) from continuing operations | $ | 1.27 | $ | 1.06 | $ | 0.52 | ||||||||||||||
| | | | | | | | | | | ||||||||||
| | | | | | | | | | | ||||||||||
Total income (loss) from discontinued operations (see Note 14) | $ | 0.79 | $ | (0.05 | ) | $ | 0 | |||||||||||||
| | | | | | | | | | | ||||||||||
| | | | | | | | | | | ||||||||||
Net income (loss) attributable to Iron Mountain Incorporated—basic | $ | 2.03 | $ | 0.99 | $ | 0.51 | ||||||||||||||
| | | | | | | | | | | ||||||||||
| | | | | | | | | | | ||||||||||
Earnings (losses) per share—diluted: | ||||||||||||||||||||
Income (loss) from continuing operations | $ | 1.26 | $ | 1.05 | $ | 0.52 | ||||||||||||||
| | | | | | | | | | | ||||||||||
| | | | | | | | | | | ||||||||||
Total income (loss) from discontinued operations (see Note 14) | $ | 0.78 | $ | (0.05 | ) | $ | 0 | |||||||||||||
| | | | | | | | | | | ||||||||||
| | | | | | | | | | | ||||||||||
Net income (loss) attributable to Iron Mountain Incorporated—diluted | $ | 2.02 | $ | 0.98 | $ | 0.51 | ||||||||||||||
| | | | | | | | | | | ||||||||||
| | | | | | | | | | | ||||||||||
Antidilutive stock options, RSUs and PUs, excluded from the calculation | 3,973,760 | 1,286,150 | 903,416 | |||||||||||||||||
| | | | | | | | | | | ||||||||||
| | | | | | | | | | | ||||||||||
Roll forward of allowance for doubtful accounts and credit memo reserves | ' | |||||||||||||||||||
Year Ended December 31, | Balance at | Credit Memos | Allowance for | Other(1) | Deductions(2) | Balance at | ||||||||||||||
Beginning of | Charged to | Bad Debts | End of | |||||||||||||||||
the Year | Revenue | Charged to | the Year | |||||||||||||||||
Expense | ||||||||||||||||||||
2011 | $ | 20,747 | $ | 39,343 | $ | 9,506 | $ | (205 | ) | $ | (46,114 | ) | $ | 23,277 | ||||||
2012 | 23,277 | 39,723 | 8,323 | 977 | (47,091 | ) | 25,209 | |||||||||||||
2013 | 25,209 | 49,483 | 11,321 | 3,612 | (54,980 | ) | 34,645 | |||||||||||||
-1 | ||||||||||||||||||||
Primarily consists of recoveries of previously written-off accounts receivable, allowances of businesses acquired and the impact associated with currency translation adjustments. | ||||||||||||||||||||
-2 | ||||||||||||||||||||
Primarily consists of the issuance of credit memos and the write-off of accounts receivable. | ||||||||||||||||||||
Assets and liabilities carried at fair value measured on a recurring basis | ' | |||||||||||||||||||
Fair Value Measurements at December 31, | ||||||||||||||||||||
2012 Using | ||||||||||||||||||||
Description | Total Carrying | Quoted prices | Significant other | Significant | ||||||||||||||||
Value at | in active | observable | unobservable | |||||||||||||||||
December 31, | markets | inputs | inputs | |||||||||||||||||
2012 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Money Market Funds(1) | $ | 68,800 | $ | — | $ | 68,800 | $ | — | ||||||||||||
Time Deposits(1) | 149,829 | — | 149,829 | — | ||||||||||||||||
Trading Securities | 11,071 | 10,525 | -2 | 546 | -1 | — | ||||||||||||||
Derivative Liabilities(3) | 1,522 | — | 1,522 | — | ||||||||||||||||
Fair Value Measurements at December 31, | ||||||||||||||||||||
2013 Using | ||||||||||||||||||||
Description | Total Carrying | Quoted prices | Significant other | Significant | ||||||||||||||||
Value at | in active | observable | unobservable | |||||||||||||||||
December 31, | markets | inputs | inputs | |||||||||||||||||
2013 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Money Market Funds(1) | $ | 33,860 | $ | — | $ | 33,860 | $ | — | ||||||||||||
Time Deposits(1) | 2,753 | — | 2,753 | — | ||||||||||||||||
Trading Securities | 13,386 | 12,785 | -2 | 601 | -1 | — | ||||||||||||||
Derivative Assets(3) | 72 | — | 72 | — | ||||||||||||||||
Derivative Liabilities(3) | 5,592 | — | 5,592 | — | ||||||||||||||||
-1 | ||||||||||||||||||||
Money market funds and time deposits (including certain trading securities) are measured based on quoted prices for similar assets and/or subsequent transactions. | ||||||||||||||||||||
-2 | ||||||||||||||||||||
Securities are measured at fair value using quoted market prices. | ||||||||||||||||||||
-3 | ||||||||||||||||||||
Our derivative assets and liabilities primarily relate to short- term (six months or less) foreign currency contracts that we have entered into to hedge our intercompany exposures denominated in British pounds sterling, Euros and Australian dollars. We calculate the fair value of such forward contracts by adjusting the spot rate utilized at the balance sheet date for translation purposes by an estimate of the forward points observed in active markets. | ||||||||||||||||||||
Schedule of accumulated other comprehensive items, net | ' | |||||||||||||||||||
December 31, | ||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||
Foreign currency translation adjustments | $ | 20,314 | $ | (9,586 | ) | |||||||||||||||
Market value adjustments for securities, net of tax | 0 | 926 | ||||||||||||||||||
| | | | | | | | |||||||||||||
$ | 20,314 | $ | (8,660 | ) | ||||||||||||||||
| | | | | | | | |||||||||||||
| | | | | | | | |||||||||||||
Other expense (income), net | ' | |||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2011 | 2012 | 2013 | ||||||||||||||||||
Foreign currency transaction losses (gains), net | $ | 17,352 | $ | 10,223 | $ | 36,201 | ||||||||||||||
Debt extinguishment expense, net | 993 | 10,628 | 43,724 | |||||||||||||||||
Other, net | (5,302 | ) | (4,789 | ) | (4,723 | ) | ||||||||||||||
| | | | | | | | | | | ||||||||||
$ | 13,043 | $ | 16,062 | $ | 75,202 | |||||||||||||||
| | | | | | | | | | | ||||||||||
| | | | | | | | | | | ||||||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||||
Fair value of derivative instruments | ' | ||||||||||||
Asset Derivatives | |||||||||||||
December 31, | |||||||||||||
2012 | 2013 | ||||||||||||
Derivatives Not Designated as | Balance Sheet Location | Fair | Balance Sheet Location | Fair | |||||||||
Hedging Instruments | Value | Value | |||||||||||
Foreign exchange contracts | Prepaid expenses and other | $ | — | Prepaid expenses and other | $ | 72 | |||||||
| | | | | | | | | | | | ||
Total | $ | — | $ | 72 | |||||||||
| | | | | | | | | | | | ||
| | | | | | | | | | | | ||
Liability Derivatives | |||||||||||||
December 31, | |||||||||||||
2012 | 2013 | ||||||||||||
Derivatives Not Designated as | Balance Sheet Location | Fair | Balance Sheet Location | Fair | |||||||||
Hedging Instruments | Value | Value | |||||||||||
Foreign exchange contracts | Accrued expenses | $ | 1,522 | Accrued expenses | $ | 5,592 | |||||||
| | | | | | | | | | | | ||
Total | $ | 1,522 | $ | 5,592 | |||||||||
| | | | | | | | | | | | ||
| | | | | | | | | | | | ||
Fair value of derivative instruments, amount of (gain) loss recognized in income | ' | ||||||||||||
Amount of (Gain) Loss | |||||||||||||
Recognized in Income | |||||||||||||
on Derivatives | |||||||||||||
December 31, | |||||||||||||
Location of (Gain) Loss | |||||||||||||
Recognized in Income on | |||||||||||||
Derivatives Not Designated as | Derivative | 2011 | 2012 | 2013 | |||||||||
Hedging Instruments | |||||||||||||
Foreign exchange contracts | Other (income) expense, net | $ | (1,209 | ) | $ | 13,007 | $ | (2,955 | ) | ||||
| | | | | | | | | | | | | |
Total | $ | (1,209 | ) | $ | 13,007 | $ | (2,955 | ) | |||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Debt | ' | ||||||||||||||||||||||
Schedule of carrying amount and fair value of long-term debt instruments | ' | ||||||||||||||||||||||
December 31, 2012 | December 31, 2013 | ||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||||||||
Revolving Credit Facility(1) | $ | 55,500 | $ | 55,500 | $ | 675,717 | $ | 675,717 | |||||||||||||||
Term Loan Facility(1) | 462,500 | 462,500 | — | — | |||||||||||||||||||
71/4% GBP Senior Subordinated Notes due 2014 (the "71/4% Notes")(2)(3) | 242,813 | 242,813 | 247,808 | 248,117 | |||||||||||||||||||
71/2% CAD Senior Subordinated Notes due 2017 (the "Senior Subordinated Subsidiary Notes")(2)(4) | 175,875 | 181,591 | — | — | |||||||||||||||||||
8% Senior Subordinated Notes due 2018 (the "8% Notes")(2)(3) | 49,834 | 56,052 | — | — | |||||||||||||||||||
63/4% Euro Senior Subordinated Notes due 2018 (the "63/4% Notes")(2)(3) | 335,152 | 341,753 | 350,272 | 355,071 | |||||||||||||||||||
73/4% Senior Subordinated Notes due 2019 (the "73/4% Notes")(2)(3) | 400,000 | 451,000 | 400,000 | 446,000 | |||||||||||||||||||
8% Senior Subordinated Notes due 2020 (the "8% Notes due 2020")(2)(3) | 300,000 | 317,250 | — | — | |||||||||||||||||||
83/8% Senior Subordinated Notes due 2021 (the "83/8% Notes")(2)(3) | 548,518 | 610,500 | 411,518 | 444,470 | |||||||||||||||||||
61/8% CAD Senior Notes due 2021 (the "Senior Subsidiary Notes")(2)(4) | — | — | 187,960 | 187,960 | |||||||||||||||||||
6% Senior Notes due 2023 (the "6% Notes")(2)(3) | — | — | 600,000 | 614,820 | |||||||||||||||||||
53/4% Senior Subordinated Notes due 2024 (the "53/4% Notes")(2)(3) | 1,000,000 | 1,012,500 | 1,000,000 | 930,000 | |||||||||||||||||||
Real Estate Mortgages, Capital Leases and Other(5) | 254,811 | 254,811 | 298,447 | 298,447 | |||||||||||||||||||
| | | | | | | | | | | | | | ||||||||||
Total Long-term Debt | 3,825,003 | 4,171,722 | |||||||||||||||||||||
Less Current Portion | (92,887 | ) | (52,583 | ) | |||||||||||||||||||
| | | | | | | | | | | | | | ||||||||||
Long-term Debt, Net of Current Portion | $ | 3,732,116 | $ | 4,119,139 | |||||||||||||||||||
| | | | | | | | | | | | | | ||||||||||
| | | | | | | | | | | | | | ||||||||||
-1 | |||||||||||||||||||||||
The capital stock or other equity interests of most of our U.S. subsidiaries, and up to 66% of the capital stock or other equity interests of our first-tier foreign subsidiaries, are pledged to secure these debt instruments, together with all intercompany obligations (including promissory notes) of subsidiaries owed to us or to one of our U.S. subsidiary guarantors. In addition, Iron Mountain Canada Operations ULC (f/k/a Iron Mountain Canada Corporation) ("Canada Company") has pledged 66% of the capital stock of its subsidiaries, and all intercompany obligations (including promissory notes) owed to or held by it, to secure the Canadian dollar subfacility under these debt instruments. The fair value (Level 3 of fair value hierarchy described at Note 2.s.) of this long-term debt approximates the carrying value (as borrowings under these debt instruments are based on current variable market interest rates (plus a margin that is subject to change based on our consolidated leverage ratio)), as of December 31, 2012 and 2013, respectively. | |||||||||||||||||||||||
-2 | |||||||||||||||||||||||
The fair values (Level 1 of fair value hierarchy described at Note 2.s.) of these debt instruments are based on quoted market prices for these notes on December 31, 2012 and 2013, respectively. | |||||||||||||||||||||||
-3 | |||||||||||||||||||||||
Collectively, the "Parent Notes." IMI is the direct obligor on the Parent Notes, which are fully and unconditionally guaranteed, on a senior or senior subordinated basis, as the case may be, by substantially all of its direct and indirect 100% owned U.S. subsidiaries (the "Guarantors"). These guarantees are joint and several obligations of the Guarantors. Canada Company and the remainder of our subsidiaries do not guarantee the Parent Notes. | |||||||||||||||||||||||
-4 | |||||||||||||||||||||||
Canada Company is the direct obligor on the Senior Subordinated Subsidiary Notes and Senior Subsidiary Notes, which are fully and unconditionally guaranteed, on a senior or senior subordinated basis, as the case may be, by IMI and the Guarantors. These guarantees are joint and several obligations of IMI and the Guarantors. See Note 5 to Notes to Consolidated Financial Statements. | |||||||||||||||||||||||
-5 | |||||||||||||||||||||||
Includes (a) real estate mortgages of $4,305 and $3,704 as of December 31, 2012 and 2013, respectively, which bear interest at rates ranging from 4.6% to 7.0% and are payable in various installments through 2021, (b) capital lease obligations of $235,826 and $255,124 as of December 31, 2012 and 2013, respectively, which bear a weighted average interest rate of 5.8% as of December 31, 2013 and (c) other various notes and other obligations, which were assumed by us as a result of certain acquisitions, of $14,680 and $39,619 as of December 31, 2012 and 2013, respectively, and bear a weighted average interest rate of 14.3% as of December 31, 2013. We believe the fair value (Level 3 of fair value hierarchy described at Note 2.s.) of this debt approximates its carrying value. | |||||||||||||||||||||||
Schedule of redemption dates and prices of the senior or senior subordinated notes | ' | ||||||||||||||||||||||
Redemption Date | 71/4% Notes | 63/4% Notes | 73/4% Notes | 83/8% Notes | Senior | 6% Notes | 53/4% Notes | ||||||||||||||||
April 15, | October 15, | October 1, | August 15, | Subsidiary | August 15, | August 15, | |||||||||||||||||
Notes | |||||||||||||||||||||||
August 15, | |||||||||||||||||||||||
2013 | 100 | % | 101.125 | % | — | — | — | — | — | ||||||||||||||
2014 | 100 | % | 100 | % | — | 104.188 | % | — | — | — | |||||||||||||
2015 | — | 100 | % | 103.875 | % | 102.792 | % | — | — | — | |||||||||||||
2016 | — | 100 | % | 101.938 | % | 101.396 | % | — | — | — | |||||||||||||
2017 | — | 100 | % | 100 | % | 100 | % | 103.063 | % | — | 102.875 | % | |||||||||||
2018 | — | 100 | % | 100 | % | 100 | % | 101.531 | % | 103 | % | 101.917 | % | ||||||||||
2019 | — | — | 100 | % | 100 | % | 100 | % | 102 | % | 100.958 | % | |||||||||||
2020 | — | — | — | 100 | % | 100 | % | 101 | % | 100 | % | ||||||||||||
2021 | — | — | — | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||
2022 | — | — | — | — | — | 100 | % | 100 | % | ||||||||||||||
2023 | — | — | — | — | — | 100 | % | 100 | % | ||||||||||||||
2024 | — | — | — | — | — | — | 100 | % | |||||||||||||||
Schedule of maturities of long-term debt | ' | ||||||||||||||||||||||
Year | Amount | ||||||||||||||||||||||
2014 | $ | 300,391 | |||||||||||||||||||||
2015 | 47,969 | ||||||||||||||||||||||
2016 | 713,347 | ||||||||||||||||||||||
2017 | 31,140 | ||||||||||||||||||||||
2018 | 377,966 | ||||||||||||||||||||||
Thereafter | 2,703,176 | ||||||||||||||||||||||
| | | | | |||||||||||||||||||
4,173,989 | |||||||||||||||||||||||
Net Premiums (Discounts) | (2,267 | ) | |||||||||||||||||||||
| | | | | |||||||||||||||||||
Total Long-term Debt (including current portion) | $ | 4,171,722 | |||||||||||||||||||||
| | | | | |||||||||||||||||||
| | | | | |||||||||||||||||||
Selected_Consolidated_Financia1
Selected Consolidated Financial Statements of Parent, Guarantors, Canada Company and Non-Guarantors (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Selected Consolidated Financial Statements of Parent, Guarantors, Canada Company and Non-Guarantors | ' | |||||||||||||||||||
Schedule of selected consolidated Balance sheet statements of Parent, Guarantors, Canada Company and Non-Guarantors | ' | |||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||
Parent | Guarantors | Canada | Non- | Eliminations | Consolidated | |||||||||||||||
Company | Guarantors | |||||||||||||||||||
Assets | ||||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and Cash Equivalents | $ | — | $ | 13,472 | $ | 103,346 | $ | 126,597 | $ | — | $ | 243,415 | ||||||||
Restricted Cash | 33,612 | — | — | — | — | 33,612 | ||||||||||||||
Accounts Receivable | — | 338,455 | 45,623 | 188,122 | — | 572,200 | ||||||||||||||
Intercompany Receivable | 1,055,593 | — | — | — | (1,055,593 | ) | — | |||||||||||||
Other Current Assets | 48 | 121,933 | 6,871 | 46,078 | (65 | ) | 174,865 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Current Assets | 1,089,253 | 473,860 | 155,840 | 360,797 | (1,055,658 | ) | 1,024,092 | |||||||||||||
Property, Plant and Equipment, Net | 1,305 | 1,500,309 | 187,286 | 788,827 | — | 2,477,727 | ||||||||||||||
Other Assets, Net: | ||||||||||||||||||||
Long-term Notes Receivable from Affiliates and Intercompany Receivable | 1,070,930 | 1,000 | 2,855 | — | (1,074,785 | ) | — | |||||||||||||
Investment in Subsidiaries | 1,941,540 | 1,688,000 | 29,831 | 303,164 | (3,962,535 | ) | — | |||||||||||||
Goodwill | — | 1,536,964 | 200,250 | 597,545 | — | 2,334,759 | ||||||||||||||
Other | 37,909 | 261,950 | 10,686 | 211,330 | (114 | ) | 521,761 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Other Assets, Net | 3,050,379 | 3,487,914 | 243,622 | 1,112,039 | (5,037,434 | ) | 2,856,520 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Assets | $ | 4,140,937 | $ | 5,462,083 | $ | 586,748 | $ | 2,261,663 | $ | (6,093,092 | ) | $ | 6,358,339 | |||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Liabilities and Equity | ||||||||||||||||||||
Intercompany Payable | $ | — | $ | 942,547 | $ | 3,310 | $ | 109,736 | $ | (1,055,593 | ) | $ | — | |||||||
Current Portion of Long-term Debt | — | 70,870 | — | 22,082 | (65 | ) | 92,887 | |||||||||||||
Total Other Current Liabilities | 111,536 | 469,249 | 26,836 | 204,445 | — | 812,066 | ||||||||||||||
Long-term Debt, Net of Current Portion | 2,876,317 | 568,205 | 183,505 | 104,089 | — | 3,732,116 | ||||||||||||||
Long-term Notes Payable to Affiliates and Intercompany Payable | 1,000 | 1,066,823 | — | 6,962 | (1,074,785 | ) | — | |||||||||||||
Other Long-term Liabilities | 2,113 | 417,972 | 40,102 | 98,749 | (114 | ) | 558,822 | |||||||||||||
Commitments and Contingencies (See Note 10) | ||||||||||||||||||||
Total Iron Mountain Incorporated Stockholders' Equity | 1,149,971 | 1,926,417 | 332,995 | 1,703,123 | (3,962,535 | ) | 1,149,971 | |||||||||||||
Noncontrolling Interests | — | — | — | 12,477 | — | 12,477 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Equity | 1,149,971 | 1,926,417 | 332,995 | 1,715,600 | (3,962,535 | ) | 1,162,448 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Liabilities and Equity | $ | 4,140,937 | $ | 5,462,083 | $ | 586,748 | $ | 2,261,663 | $ | (6,093,092 | ) | $ | 6,358,339 | |||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
December 31, 2013 | ||||||||||||||||||||
Parent | Guarantors | Canada | Non- | Eliminations | Consolidated | |||||||||||||||
Company | Guarantors | |||||||||||||||||||
Assets | ||||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and Cash Equivalents | $ | 1,243 | $ | 10,366 | $ | 1,094 | $ | 107,823 | $ | — | $ | 120,526 | ||||||||
Restricted Cash | 33,860 | — | — | — | — | 33,860 | ||||||||||||||
Accounts Receivable | — | 358,118 | 38,928 | 219,751 | — | 616,797 | ||||||||||||||
Intercompany Receivable | 761,501 | — | 1,607 | — | (763,108 | ) | — | |||||||||||||
Other Current Assets | 1,120 | 98,717 | 5,995 | 56,622 | (30 | ) | 162,424 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Current Assets | 797,724 | 467,201 | 47,624 | 384,196 | (763,138 | ) | 933,607 | |||||||||||||
Property, Plant and Equipment, Net | 1,019 | 1,569,248 | 172,246 | 835,747 | — | 2,578,260 | ||||||||||||||
Other Assets, Net: | ||||||||||||||||||||
Long-term Notes Receivable from Affiliates and Intercompany Receivable | 1,775,570 | 1,000 | 2,672 | — | (1,779,242 | ) | — | |||||||||||||
Investment in Subsidiaries | 1,570,505 | 1,313,835 | 31,130 | 70,788 | (2,986,258 | ) | — | |||||||||||||
Goodwill | — | 1,638,534 | 187,259 | 637,559 | — | 2,463,352 | ||||||||||||||
Other | 38,862 | 376,939 | 11,257 | 250,842 | (114 | ) | 677,786 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Other Assets, Net | 3,384,937 | 3,330,308 | 232,318 | 959,189 | (4,765,614 | ) | 3,141,138 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Assets | $ | 4,183,680 | $ | 5,366,757 | $ | 452,188 | $ | 2,179,132 | $ | (5,528,752 | ) | $ | 6,653,005 | |||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Liabilities and Equity | ||||||||||||||||||||
Intercompany Payable | $ | — | $ | 581,029 | $ | — | $ | 182,079 | $ | (763,108 | ) | $ | — | |||||||
Current Portion of Long-term Debt | — | 30,236 | — | 22,377 | (30 | ) | 52,583 | |||||||||||||
Total Other Current Liabilities | 125,705 | 530,169 | 29,513 | 221,131 | — | 906,518 | ||||||||||||||
Long-term Debt, Net of Current Portion | 3,009,597 | 508,382 | 289,105 | 312,055 | — | 4,119,139 | ||||||||||||||
Long-term Notes Payable to Affiliates and Intercompany Payable | 1,000 | 1,772,144 | — | 6,098 | (1,779,242 | ) | — | |||||||||||||
Other Long-term Liabilities | 40 | 392,545 | 31,652 | 92,808 | (114 | ) | 516,931 | |||||||||||||
Commitments and Contingencies (See Note 10) | ||||||||||||||||||||
Total Iron Mountain Incorporated Stockholders' Equity | 1,047,338 | 1,552,252 | 101,918 | 1,332,088 | (2,986,258 | ) | 1,047,338 | |||||||||||||
Noncontrolling Interests | — | — | — | 10,496 | — | 10,496 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Equity | 1,047,338 | 1,552,252 | 101,918 | 1,342,584 | (2,986,258 | ) | 1,057,834 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Liabilities and Equity | $ | 4,183,680 | $ | 5,366,757 | $ | 452,188 | $ | 2,179,132 | $ | (5,528,752 | ) | $ | 6,653,005 | |||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Schedule of selected consolidated Income statements of Parent, Guarantors, Canada Company and Non-Guarantors | ' | |||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||
Parent | Guarantors | Canada | Non- | Eliminations | Consolidated | |||||||||||||||
Company | Guarantors | |||||||||||||||||||
Revenues: | ||||||||||||||||||||
Storage Rental | $ | — | $ | 1,132,743 | $ | 126,088 | $ | 424,159 | $ | — | $ | 1,682,990 | ||||||||
Service | — | 833,652 | — | 498,061 | — | 1,331,713 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Revenues | — | 1,966,395 | 126,088 | 922,220 | — | 3,014,703 | ||||||||||||||
Operating Expenses: | ||||||||||||||||||||
Cost of Sales (Excluding Depreciation and Amortization) | 2,000 | 760,300 | 27,220 | 455,680 | — | 1,245,200 | ||||||||||||||
Selling, General and Administrative | (1,885 | ) | 548,848 | 19,505 | 268,123 | — | 834,591 | |||||||||||||
Depreciation and Amortization | 457 | 192,551 | 12,751 | 113,740 | — | 319,499 | ||||||||||||||
Intangible Impairments | — | — | — | 46,500 | — | 46,500 | ||||||||||||||
(Gain) Loss on Disposal/Write-down of Property, Plant and Equipment, Net | — | (1,120 | ) | (3,512 | ) | 2,346 | — | (2,286 | ) | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Operating Expenses | 572 | 1,500,579 | 55,964 | 886,389 | — | 2,443,504 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Operating (Loss) Income | (572 | ) | 465,816 | 70,124 | 35,831 | — | 571,199 | |||||||||||||
Interest Expense (Income), Net | 173,738 | (24,055 | ) | 37,578 | 17,995 | — | 205,256 | |||||||||||||
Other (Income) Expense, Net | (3,944 | ) | 7,561 | 314 | 9,112 | — | 13,043 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
(Loss) Income from Continuing Operations | ||||||||||||||||||||
Before Provision (Benefit) for Income Taxes | (170,366 | ) | 482,310 | 32,232 | 8,724 | — | 352,900 | |||||||||||||
Provision (Benefit) for Income Taxes | — | 86,139 | 14,266 | 6,083 | — | 106,488 | ||||||||||||||
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax | (565,904 | ) | 18,569 | (8,994 | ) | (17,966 | ) | 574,295 | — | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
Income (Loss) from Continuing Operations | 395,538 | 377,602 | 26,960 | 20,607 | (574,295 | ) | 246,412 | |||||||||||||
(Loss) Income from Discontinued Operations, Net of Tax | — | (17,350 | ) | — | (30,089 | ) | — | (47,439 | ) | |||||||||||
Gain (Loss) on Sale of Discontinued Operations, Net of Tax | — | 198,735 | — | 1,884 | — | 200,619 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Net Income (Loss) | 395,538 | 558,987 | 26,960 | (7,598 | ) | (574,295 | ) | 399,592 | ||||||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests | — | — | — | 4,054 | — | 4,054 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Net Income (Loss) Attributable to Iron Mountain Incorporated | $ | 395,538 | $ | 558,987 | $ | 26,960 | $ | (11,652 | ) | $ | (574,295 | ) | $ | 395,538 | ||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Net Income (Loss) | $ | 395,538 | $ | 558,987 | $ | 26,960 | $ | (7,598 | ) | $ | (574,295 | ) | $ | 399,592 | ||||||
Other Comprehensive Income (Loss): | ||||||||||||||||||||
Foreign Currency Translation Adjustments | 5,412 | (97 | ) | (5,852 | ) | (32,079 | ) | — | (32,616 | ) | ||||||||||
Equity in Other Comprehensive (Loss) Income of Subsidiaries | (37,097 | ) | (36,443 | ) | — | (5,852 | ) | 79,392 | — | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Other Comprehensive (Loss) Income | (31,685 | ) | (36,540 | ) | (5,852 | ) | (37,931 | ) | 79,392 | (32,616 | ) | |||||||||
| | | | | | | | | | | | | | | | | | | | |
Comprehensive Income (Loss) | 363,853 | 522,447 | 21,108 | (45,529 | ) | (494,903 | ) | 366,976 | ||||||||||||
Comprehensive Income (Loss) Attributable to Noncontrolling Interests | — | — | — | 3,123 | — | 3,123 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | $ | 363,853 | $ | 522,447 | $ | 21,108 | $ | (48,652 | ) | $ | (494,903 | ) | $ | 363,853 | ||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Year Ended December 31, 2012 | ||||||||||||||||||||
Parent | Guarantors | Canada | Non- | Eliminations | Consolidated | |||||||||||||||
Company | Guarantors | |||||||||||||||||||
Revenues: | ||||||||||||||||||||
Storage Rental | $ | — | $ | 1,156,681 | $ | 130,825 | $ | 445,632 | $ | — | $ | 1,733,138 | ||||||||
Service | — | 784,068 | — | 488,049 | — | 1,272,117 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Revenues | — | 1,940,749 | 130,825 | 933,681 | — | 3,005,255 | ||||||||||||||
Operating Expenses: | ||||||||||||||||||||
Cost of Sales (Excluding Depreciation and Amortization) | — | 761,092 | 27,881 | 488,140 | — | 1,277,113 | ||||||||||||||
Selling, General and Administrative | 220 | 591,092 | 17,741 | 241,318 | — | 850,371 | ||||||||||||||
Depreciation and Amortization | 320 | 192,304 | 12,797 | 110,923 | — | 316,344 | ||||||||||||||
(Gain) Loss on Disposal/Write-down of Property, Plant and Equipment, Net | — | (966 | ) | 84 | 5,282 | — | 4,400 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Operating Expenses | 540 | 1,543,522 | 58,503 | 845,663 | — | 2,448,228 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Operating (Loss) Income | (540 | ) | 397,227 | 72,322 | 88,018 | — | 557,027 | |||||||||||||
Interest Expense (Income), Net | 196,423 | (17,117 | ) | 36,114 | 27,179 | — | 242,599 | |||||||||||||
Other Expense (Income), Net | 32,161 | (3,842 | ) | (37 | ) | (12,220 | ) | — | 16,062 | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes | (229,124 | ) | 418,186 | 36,245 | 73,059 | — | 298,366 | |||||||||||||
Provision (Benefit) for Income Taxes | — | 86,549 | 12,768 | 15,556 | — | 114,873 | ||||||||||||||
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax | (400,832 | ) | (73,625 | ) | (5,273 | ) | (23,477 | ) | 503,207 | — | ||||||||||
| | | | | | | | | | | | | | | | | | | | |
Income (Loss) from Continuing Operations | 171,708 | 405,262 | 28,750 | 80,980 | (503,207 | ) | 183,493 | |||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax | — | 430 | — | (7,204 | ) | — | (6,774 | ) | ||||||||||||
(Loss) Gain on Sale of Discontinued Operations, Net of Tax | — | — | — | (1,885 | ) | — | (1,885 | ) | ||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Net Income (Loss) | 171,708 | 405,692 | 28,750 | 71,891 | (503,207 | ) | 174,834 | |||||||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests | — | — | — | 3,126 | — | 3,126 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Net Income (Loss) Attributable to Iron Mountain Incorporated | $ | 171,708 | $ | 405,692 | $ | 28,750 | $ | 68,765 | $ | (503,207 | ) | $ | 171,708 | |||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Net Income (Loss) | $ | 171,708 | $ | 405,692 | $ | 28,750 | $ | 71,891 | $ | (503,207 | ) | $ | 174,834 | |||||||
Other Comprehensive Income (Loss): | ||||||||||||||||||||
Foreign Currency Translation Adjustments | (2,668 | ) | (212 | ) | 8,012 | 18,054 | — | 23,186 | ||||||||||||
Equity in Other Comprehensive Income (Loss) of Subsidiaries | 25,185 | 25,421 | — | 8,012 | (58,618 | ) | — | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Other Comprehensive Income (Loss) | 22,517 | 25,209 | 8,012 | 26,066 | (58,618 | ) | 23,186 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Comprehensive Income (Loss) | 194,225 | 430,901 | 36,762 | 97,957 | (561,825 | ) | 198,020 | |||||||||||||
Comprehensive Income (Loss) Attributable to Noncontrolling Interests | — | — | — | 3,795 | — | 3,795 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | $ | 194,225 | $ | 430,901 | $ | 36,762 | $ | 94,162 | $ | (561,825 | ) | $ | 194,225 | |||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Year Ended December 31, 2013 | ||||||||||||||||||||
Parent | Guarantors | Canada | Non- | Eliminations | Consolidated | |||||||||||||||
Company | Guarantors | |||||||||||||||||||
Revenues: | ||||||||||||||||||||
Storage Rental | $ | — | $ | 1,174,978 | $ | 129,987 | $ | 479,756 | $ | — | $ | 1,784,721 | ||||||||
Service | — | 755,390 | 35,119 | 450,693 | — | 1,241,202 | ||||||||||||||
Intercompany Service | — | — | — | 32,810 | (32,810 | ) | — | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Revenues | — | 1,930,368 | 165,106 | 963,259 | (32,810 | ) | 3,025,923 | |||||||||||||
Operating Expenses: | ||||||||||||||||||||
Cost of Sales (Excluding Depreciation and Amortization) | — | 771,271 | 27,354 | 490,253 | — | 1,288,878 | ||||||||||||||
Intercompany Service Cost of Sales | — | — | 32,810 | — | (32,810 | ) | — | |||||||||||||
Selling, General and Administrative | 227 | 655,052 | 15,792 | 252,960 | — | 924,031 | ||||||||||||||
Depreciation and Amortization | 319 | 195,794 | 12,383 | 113,541 | — | 322,037 | ||||||||||||||
Loss (Gain) on Disposal/Write-down of Property, Plant and Equipment, Net | 5 | (100 | ) | 21 | (1,343 | ) | — | (1,417 | ) | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Operating Expenses | 551 | 1,622,017 | 88,360 | 855,411 | (32,810 | ) | 2,533,529 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Operating (Loss) Income | (551 | ) | 308,351 | 76,746 | 107,848 | — | 492,394 | |||||||||||||
Interest Expense (Income), Net | 206,682 | (19,731 | ) | 40,537 | 26,686 | — | 254,174 | |||||||||||||
Other Expense (Income), Net | 54,144 | 1,283 | 5,410 | 14,365 | — | 75,202 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
(Loss) Income from Continuing Operations | ||||||||||||||||||||
Before Provision (Benefit) for Income Taxes | (261,377 | ) | 326,799 | 30,799 | 66,797 | — | 163,018 | |||||||||||||
(Benefit) Provision for Income Taxes | (16 | ) | 34,267 | 12,361 | 16,445 | — | 63,057 | |||||||||||||
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax | (358,623 | ) | (63,775 | ) | (5,681 | ) | (18,438 | ) | 446,517 | — | ||||||||||
| | | | | | | | | | | | | | | | | | | | |
Income (Loss) from Continuing Operations | 97,262 | 356,307 | 24,119 | 68,790 | (446,517 | ) | 99,961 | |||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax | — | (529 | ) | — | 1,360 | — | 831 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Net Income (Loss) | 97,262 | 355,778 | 24,119 | 70,150 | (446,517 | ) | 100,792 | |||||||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests | — | — | — | 3,530 | — | 3,530 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Net Income (Loss) Attributable to Iron Mountain Incorporated | $ | 97,262 | $ | 355,778 | $ | 24,119 | $ | 66,620 | $ | (446,517 | ) | $ | 97,262 | |||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Net Income (Loss) | $ | 97,262 | $ | 355,778 | $ | 24,119 | $ | 70,150 | $ | (446,517 | ) | $ | 100,792 | |||||||
Other Comprehensive Income (Loss): | ||||||||||||||||||||
Foreign Currency Translation Adjustments | (3,237 | ) | 1,177 | (11,096 | ) | (18,376 | ) | — | (31,532 | ) | ||||||||||
Market Value Adjustments for Securities, Net of Tax | — | 926 | — | — | — | 926 | ||||||||||||||
Equity in Other Comprehensive Income (Loss) of Subsidiaries | (25,737 | ) | (26,862 | ) | (4,037 | ) | (11,096 | ) | 67,732 | — | ||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Other Comprehensive (Loss) Income | (28,974 | ) | (24,759 | ) | (15,133 | ) | (29,472 | ) | 67,732 | (30,606 | ) | |||||||||
| | | | | | | | | | | | | | | | | | | | |
Comprehensive Income (Loss) | 68,288 | 331,019 | 8,986 | 40,678 | (378,785 | ) | 70,186 | |||||||||||||
Comprehensive Income (Loss) Attributable to Noncontrolling Interests | — | — | — | 1,898 | — | 1,898 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | $ | 68,288 | $ | 331,019 | $ | 8,986 | $ | 38,780 | $ | (378,785 | ) | $ | 68,288 | |||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Schedule of selected consolidated cash flow statements of Parent, Guarantors, Canada Company and Non-Guarantors | ' | |||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||
Parent | Guarantors | Canada | Non- | Eliminations | Consolidated | |||||||||||||||
Company | Guarantors | |||||||||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||||||
Cash Flows from Operating Activities—Continuing Operations | $ | (162,478 | ) | $ | 698,033 | $ | 30,871 | $ | 97,088 | $ | — | $ | 663,514 | |||||||
Cash Flows from Operating Activities—Discontinued Operations | — | (47,166 | ) | — | (910 | ) | — | (48,076 | ) | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
Cash Flows from Operating Activities | (162,478 | ) | 650,867 | 30,871 | 96,178 | — | 615,438 | |||||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||
Capital expenditures | — | (114,768 | ) | (13,001 | ) | (81,386 | ) | — | (209,155 | ) | ||||||||||
Cash paid for acquisitions, net of cash acquired | — | (5,378 | ) | (58 | ) | (69,810 | ) | — | (75,246 | ) | ||||||||||
Intercompany loans to subsidiaries | 1,469,788 | (79,808 | ) | — | — | (1,389,980 | ) | — | ||||||||||||
Investment in subsidiaries | (12,595 | ) | (12,595 | ) | — | — | 25,190 | — | ||||||||||||
Investment in restricted cash | (5 | ) | — | — | — | — | (5 | ) | ||||||||||||
Additions to customer relationship and acquisition costs | — | (15,700 | ) | (462 | ) | (5,541 | ) | — | (21,703 | ) | ||||||||||
Investment in joint ventures | — | — | — | (335 | ) | — | (335 | ) | ||||||||||||
Proceeds from sales of property and equipment and other, net | — | 363 | 4,568 | (700 | ) | — | 4,231 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Cash Flows from Investing Activities—Continuing Operations | 1,457,188 | (227,886 | ) | (8,953 | ) | (157,772 | ) | (1,364,790 | ) | (302,213 | ) | |||||||||
Cash Flows from Investing Activities—Discontinued Operations | — | 371,365 | — | 9,356 | — | 380,721 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Cash Flows from Investing Activities | 1,457,188 | 143,479 | (8,953 | ) | (148,416 | ) | (1,364,790 | ) | 78,508 | |||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||
Repayment of revolving credit and term loan facilities and other debt | (396,200 | ) | (1,458,628 | ) | (87,888 | ) | (74,458 | ) | — | (2,017,174 | ) | |||||||||
Proceeds from revolving credit and term loan facilities and other debt | — | 2,014,500 | 89,838 | 66,641 | — | 2,170,979 | ||||||||||||||
Early retirement of senior subordinated notes | (231,255 | ) | — | — | — | — | (231,255 | ) | ||||||||||||
Net proceeds from sales of senior subordinated notes | 394,000 | — | — | — | — | 394,000 | ||||||||||||||
Debt financing (repayment to) and equity contribution from (distribution to) noncontrolling interests, net | — | — | — | 698 | — | 698 | ||||||||||||||
Intercompany loans from parent | — | (1,465,465 | ) | 12,439 | 63,046 | 1,389,980 | — | |||||||||||||
Equity contribution from parent | — | 12,595 | — | 12,595 | (25,190 | ) | — | |||||||||||||
Stock repurchases | (984,953 | ) | — | — | — | — | (984,953 | ) | ||||||||||||
Parent cash dividends | (172,616 | ) | — | — | — | — | (172,616 | ) | ||||||||||||
Proceeds from exercise of stock options and employee stock purchase plan | 85,742 | — | — | — | — | 85,742 | ||||||||||||||
Excess tax benefits from stock-based compensation | 919 | — | — | — | — | 919 | ||||||||||||||
Payment of debt financing costs | (828 | ) | (8,182 | ) | — | — | — | (9,010 | ) | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
Cash Flows from Financing Activities—Continuing Operations | (1,305,191 | ) | (905,180 | ) | 14,389 | 68,522 | 1,364,790 | (762,670 | ) | |||||||||||
Cash Flows from Financing Activities—Discontinued Operations | — | — | — | (1,138 | ) | — | (1,138 | ) | ||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Cash Flows from Financing Activities | (1,305,191 | ) | (905,180 | ) | 14,389 | 67,384 | 1,364,790 | (763,808 | ) | |||||||||||
Effect of exchange rates on cash and cash equivalents | — | — | (4,080 | ) | (4,906 | ) | — | (8,986 | ) | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
(Decrease) Increase in cash and cash equivalents | (10,481 | ) | (110,834 | ) | 32,227 | 10,240 | — | (78,848 | ) | |||||||||||
Cash and cash equivalents, beginning of period | 13,909 | 121,584 | 37,718 | 85,482 | — | 258,693 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents, end of period | $ | 3,428 | $ | 10,750 | $ | 69,945 | $ | 95,722 | $ | — | $ | 179,845 | ||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Year Ended December 31, 2012 | ||||||||||||||||||||
Parent | Guarantors | Canada | Non- | Eliminations | Consolidated | |||||||||||||||
Company | Guarantors | |||||||||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||||||
Cash Flows from Investing Activities—Continued Operations | $ | (195,478 | ) | $ | 496,542 | $ | 37,299 | $ | 105,289 | $ | — | $ | 443,652 | |||||||
Cash Flows from Investing Activities—Discontinued Operations | — | (8,814 | ) | — | (2,102 | ) | — | (10,916 | ) | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
Cash Flows from Operating Activities | (195,478 | ) | 487,728 | 37,299 | 103,187 | — | 432,736 | |||||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||
Capital expenditures | — | (134,852 | ) | (8,454 | ) | (97,377 | ) | — | (240,683 | ) | ||||||||||
Cash paid for acquisitions, net of cash acquired | — | (28,126 | ) | — | (97,008 | ) | — | (125,134 | ) | |||||||||||
Intercompany loans to subsidiaries | 88,376 | (110,142 | ) | — | — | 21,766 | — | |||||||||||||
Investment in subsidiaries | (37,572 | ) | (37,572 | ) | — | — | 75,144 | — | ||||||||||||
Investment in restricted cash | 1,498 | — | — | — | — | 1,498 | ||||||||||||||
Additions to customer relationship and acquisition costs | — | (23,543 | ) | (2,132 | ) | (3,197 | ) | — | (28,872 | ) | ||||||||||
Investment in joint ventures | (2,330 | ) | — | — | — | — | (2,330 | ) | ||||||||||||
Proceeds from sales of property and equipment and other, net | — | (1,739 | ) | 5 | 3,191 | — | 1,457 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Cash Flows from Investing Activities—Continuing Operations | 49,972 | (335,974 | ) | (10,581 | ) | (194,391 | ) | 96,910 | (394,064 | ) | ||||||||||
Cash Flows from Investing Activities—Discontinued Operations | — | (1,982 | ) | — | (4,154 | ) | — | (6,136 | ) | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
Cash Flows from Investing Activities | 49,972 | (337,956 | ) | (10,581 | ) | (198,545 | ) | 96,910 | (400,200 | ) | ||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||
Repayment of revolving credit and term loan facilities and other debt | — | (2,774,070 | ) | (58 | ) | (70,565 | ) | — | (2,844,693 | ) | ||||||||||
Proceeds from revolving credit and term loan facilities and other debt | — | 2,680,107 | — | 51,078 | — | 2,731,185 | ||||||||||||||
Early retirement of senior subordinated notes | (525,834 | ) | — | — | — | — | (525,834 | ) | ||||||||||||
Net proceeds from sales of senior subordinated notes | 985,000 | — | — | — | — | 985,000 | ||||||||||||||
Debt financing (repayment to) and equity contribution from (distribution to) noncontrolling interests, net | — | — | — | 480 | — | 480 | ||||||||||||||
Intercompany loans from parent | — | (89,878 | ) | 4,861 | 106,783 | (21,766 | ) | — | ||||||||||||
Equity contribution from parent | — | 37,572 | — | 37,572 | (75,144 | ) | — | |||||||||||||
Stock repurchases | (38,052 | ) | — | — | — | — | (38,052 | ) | ||||||||||||
Parent cash dividends | (318,845 | ) | — | — | — | — | (318,845 | ) | ||||||||||||
Proceeds from exercise of stock options and employee stock purchase plan | 40,244 | — | — | — | — | 40,244 | ||||||||||||||
Excess tax benefits from stock-based compensation | 1,045 | — | — | — | — | 1,045 | ||||||||||||||
Payment of debt finacing costs | (1,480 | ) | (781 | ) | — | — | — | (2,261 | ) | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
Cash Flows from Financing Activities—Continuing Operations | 142,078 | (147,050 | ) | 4,803 | 125,348 | (96,910 | ) | 28,269 | ||||||||||||
Cash Flows from Financing Activities—Discontinued Operations | — | — | — | (39 | ) | — | (39 | ) | ||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Cash Flows from Financing Activities | 142,078 | (147,050 | ) | 4,803 | 125,309 | (96,910 | ) | 28,230 | ||||||||||||
Effect of exchange rates on cash and cash equivalents | — | — | 1,880 | 924 | — | 2,804 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
(Decrease) Increase in cash and cash equivalents | (3,428 | ) | 2,722 | 33,401 | 30,875 | — | 63,570 | |||||||||||||
Cash and cash equivalents, beginning of period | 3,428 | 10,750 | 69,945 | 95,722 | — | 179,845 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents, end of period | $ | — | $ | 13,472 | $ | 103,346 | $ | 126,597 | $ | — | $ | 243,415 | ||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Year Ended December 31, 2013 | ||||||||||||||||||||
Parent | Guarantors | Canada | Non- | Eliminations | Consolidated | |||||||||||||||
Company | Guarantors | |||||||||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||||||
Cash Flows from Investing Activities—Continued Operations | $ | (195,786 | ) | $ | 528,011 | $ | 28,580 | $ | 145,788 | $ | — | $ | 506,593 | |||||||
Cash Flows from Investing Activities—Discontinued Operations | — | (129 | ) | — | 1,082 | — | 953 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Cash Flows from Operating Activities | (195,786 | ) | 527,882 | 28,580 | 146,870 | — | 507,546 | |||||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||
Capital expenditures | — | (180,047 | ) | (6,534 | ) | (100,714 | ) | — | (287,295 | ) | ||||||||||
Cash paid for acquisitions, net of cash acquired | — | (212,042 | ) | — | (105,058 | ) | — | (317,100 | ) | |||||||||||
Intercompany loans to subsidiaries | 387,299 | 398,299 | — | — | (785,598 | ) | — | |||||||||||||
Investment in subsidiaries | (63,149 | ) | (63,149 | ) | — | — | 126,298 | — | ||||||||||||
Investment in restricted cash | (248 | ) | — | — | — | — | (248 | ) | ||||||||||||
Additions to customer relationship and acquisition costs | — | (18,083 | ) | (498 | ) | (11,610 | ) | — | (30,191 | ) | ||||||||||
Proceeds from sales of property and equipment and other, net | — | 54 | (3,175 | ) | 5,205 | — | 2,084 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Cash Flows from Investing Activities—Continuing Operations | 323,902 | (74,968 | ) | (10,207 | ) | (212,177 | ) | (659,300 | ) | (632,750 | ) | |||||||||
Cash Flows from Investing Activities—Discontinued Operations | — | (4,937 | ) | — | — | — | (4,937 | ) | ||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Cash Flows from Investing Activities | 323,902 | (79,905 | ) | (10,207 | ) | (212,177 | ) | (659,300 | ) | (637,687 | ) | |||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||
Repayment of revolving credit and term loan facilities and other debt | — | (5,077,356 | ) | (341,336 | ) | (107,980 | ) | — | (5,526,672 | ) | ||||||||||
Proceeds from revolving credit and term loan facilities and other debt | — | 4,948,691 | 438,188 | 274,871 | — | 5,661,750 | ||||||||||||||
Early retirement of senior subordinated notes | (514,239 | ) | — | (170,895 | ) | — | — | (685,134 | ) | |||||||||||
Net proceeds from sales of senior notes | 591,000 | — | 191,307 | — | — | 782,307 | ||||||||||||||
Debt financing (repayment to) and equity contribution from (distribution to) noncontrolling interests, net | (14,852 | ) | — | — | (3,384 | ) | — | (18,236 | ) | |||||||||||
Intercompany loans from parent | — | (379,910 | ) | (232,436 | ) | (173,252 | ) | 785,598 | — | |||||||||||
Equity contribution from parent | — | 63,149 | — | 63,149 | (126,298 | ) | — | |||||||||||||
Parent cash dividends | (206,798 | ) | — | — | — | — | (206,798 | ) | ||||||||||||
Proceeds from exercise of stock options and employee stock purchase plan | 17,664 | — | — | — | — | 17,664 | ||||||||||||||
Excess tax benefits from stock-based compensation | 2,389 | — | — | — | — | 2,389 | ||||||||||||||
Payment of debt finacing costs | (2,037 | ) | (5,657 | ) | (750 | ) | (262 | ) | — | (8,706 | ) | |||||||||
| | | | | | | | | | | | | | | | | | | | |
Cash Flows from Financing Activities—Continuing Operations | (126,873 | ) | (451,083 | ) | (115,922 | ) | 53,142 | 659,300 | 18,564 | |||||||||||
Cash Flows from Financing Activities—Discontinued Operations | — | — | — | — | — | — | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Cash Flows from Financing Activities | (126,873 | ) | (451,083 | ) | (115,922 | ) | 53,142 | 659,300 | 18,564 | |||||||||||
Effect of exchange rates on cash and cash equivalents | — | — | (4,703 | ) | (6,609 | ) | — | (11,312 | ) | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
Increase (Decrease) in cash and cash equivalents | 1,243 | (3,106 | ) | (102,252 | ) | (18,774 | ) | — | (122,889 | ) | ||||||||||
Cash and cash equivalents, beginning of period | — | 13,472 | 103,346 | 126,597 | — | 243,415 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents, end of period | $ | 1,243 | $ | 10,366 | $ | 1,094 | $ | 107,823 | $ | — | $ | 120,526 | ||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Acquisitions | ' | ||||||||||
Summary of cumulative consideration paid for acquisitions and allocation of purchase price | ' | ||||||||||
2011 | 2012 | 2013 | |||||||||
Cash Paid (gross of cash acquired) | $ | 80,439 | -1 | $ | 131,972 | $ | 321,121 | -1 | |||
Contingent Consideration | 2,900 | — | — | ||||||||
Fair Value of Previously Held Equity Interest | 11,694 | 4,265 | — | ||||||||
Fair Value of Noncontrolling Interest | — | 1,000 | — | ||||||||
| | | | | | | | | | | |
Total Consideration | 95,033 | 137,237 | 321,121 | ||||||||
Fair Value of Identifiable Assets Acquired: | |||||||||||
Cash, Accounts Receivable, Prepaid Expenses, Deferred Income Taxes and Other | 7,918 | 18,998 | 28,532 | ||||||||
Property, Plant and Equipment(2) | 6,002 | 11,794 | 44,681 | ||||||||
Customer Relationship Assets(3) | 59,100 | 59,479 | 173,733 | ||||||||
Other Assets | 653 | 4,620 | 68 | ||||||||
Liabilities Assumed and Deferred Income Taxes(4) | (15,245 | ) | (15,947 | ) | (67,645 | ) | |||||
| | | | | | | | | | | |
Total Fair Value of Identifiable Net Assets Acquired | 58,428 | 78,944 | 179,369 | ||||||||
| | | | | | | | | | | |
Goodwill Initially Recorded | $ | 36,605 | $ | 58,293 | $ | 141,752 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
-1 | |||||||||||
Included in cash paid for acquisitions in the Consolidated Statements of Cash Flows for the years ended December 31, 2011 and 2013 are contingent and other payments of $132 and $76, respectively related to acquisitions made in the current and previous years. | |||||||||||
-2 | |||||||||||
Consists primarily of racking structures, leasehold improvements and computer hardware and software. | |||||||||||
-3 | |||||||||||
The weighted average lives of customer relationship assets associated with acquisitions in 2011, 2012 and 2013 was 20 years, 17 years and 22 years, respectively. | |||||||||||
-4 | |||||||||||
Consists primarily of accounts payable, accrued expenses, notes payable, deferred revenue and deferred income taxes. | |||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Income Taxes | ' | ||||||||||||||||
Components of deferred tax assets and deferred tax liabilities | ' | ||||||||||||||||
December 31, | |||||||||||||||||
2012 | 2013 | ||||||||||||||||
Deferred Tax Assets: | |||||||||||||||||
Accrued liabilities | $ | 87,109 | $ | 71,831 | |||||||||||||
Deferred rent | 19,772 | 25,624 | |||||||||||||||
Net operating loss carryforwards | 64,796 | 81,124 | |||||||||||||||
Foreign tax credits | 44,315 | 10,229 | |||||||||||||||
Stock compensation | 15,703 | 16,745 | |||||||||||||||
Federal benefit of unrecognized tax benefits | 7,844 | 20,263 | |||||||||||||||
Other | 21,126 | 23,938 | |||||||||||||||
Valuation allowance | (76,050 | ) | (40,278 | ) | |||||||||||||
| | | | | | | | ||||||||||
184,615 | 209,476 | ||||||||||||||||
Deferred Tax Liabilities: | |||||||||||||||||
Other assets, principally due to differences in amortization | (254,156 | ) | (367,936 | ) | |||||||||||||
Plant and equipment, principally due to differences in depreciation | (318,856 | ) | (168,385 | ) | |||||||||||||
| | | | | | | | ||||||||||
(573,012 | ) | (536,321 | ) | ||||||||||||||
| | | | | | | | ||||||||||
Net deferred tax liability | $ | (388,397 | ) | $ | (326,845 | ) | |||||||||||
| | | | | | | | ||||||||||
| | | | | | | | ||||||||||
Schedule of current and noncurrent deferred tax assets (liabilities) | ' | ||||||||||||||||
December 31, | |||||||||||||||||
2012 | 2013 | ||||||||||||||||
Deferred tax assets | $ | 54,409 | $ | 65,332 | |||||||||||||
Deferred tax liabilities | (44,257 | ) | (47,709 | ) | |||||||||||||
| | | | | | | | ||||||||||
Current deferred tax assets, net | $ | 10,152 | $ | 17,623 | |||||||||||||
| | | | | | | | ||||||||||
| | | | | | | | ||||||||||
Deferred tax assets | $ | 130,206 | $ | 144,144 | |||||||||||||
Deferred tax liabilities | (528,755 | ) | (488,612 | ) | |||||||||||||
| | | | | | | | ||||||||||
Noncurrent deferred tax liabilities, net | $ | (398,549 | ) | $ | (344,468 | ) | |||||||||||
| | | | | | | | ||||||||||
| | | | | | | | ||||||||||
Roll forward of Valuation allowance | ' | ||||||||||||||||
Year Ended December 31, | Balance at | Charged | Other | Other | Balance at | ||||||||||||
Beginning of | (Credited) to | Additions | Deductions | End of | |||||||||||||
the Year | Expense | the Year | |||||||||||||||
2011 | $ | 72,229 | $ | 9,844 | $ | — | $ | (9,834 | ) | $ | 72,239 | ||||||
2012 | 72,239 | 2,274 | 1,537 | — | 76,050 | ||||||||||||
2013 | 76,050 | (27,186 | ) | — | (8,586 | ) | 40,278 | ||||||||||
Components of income (loss) from continuing operations before provision for income taxes | ' | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||
U.S. | $ | 313,530 | $ | 191,175 | $ | 65,230 | |||||||||||
Canada | 48,327 | 44,358 | 39,038 | ||||||||||||||
Other Foreign | (8,957 | ) | 62,833 | 58,750 | |||||||||||||
| | | | | | | | | | | |||||||
$ | 352,900 | $ | 298,366 | $ | 163,018 | ||||||||||||
| | | | | | | | | | | |||||||
| | | | | | | | | | | |||||||
Provision (benefit) for income taxes | ' | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||
Federal—current | $ | 47,523 | $ | 134,231 | $ | 92,657 | |||||||||||
Federal—deferred | 25,708 | (57,166 | ) | (64,441 | ) | ||||||||||||
State—current | 23,828 | 25,466 | 10,232 | ||||||||||||||
State—deferred | (1,093 | ) | (15,134 | ) | (8,056 | ) | |||||||||||
Foreign—current | 31,748 | 32,377 | 59,600 | ||||||||||||||
Foreign—deferred | (21,226 | ) | (4,901 | ) | (26,935 | ) | |||||||||||
| | | | | | | | | | | |||||||
$ | 106,488 | $ | 114,873 | $ | 63,057 | ||||||||||||
| | | | | | | | | | | |||||||
| | | | | | | | | | | |||||||
Reconciliation of total income tax expense and amount computed by applying the federal income tax rate | ' | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||
Computed "expected" tax provision | $ | 123,515 | $ | 104,428 | $ | 57,057 | |||||||||||
Changes in income taxes resulting from: | |||||||||||||||||
State taxes (net of federal tax benefit) | 16,301 | 6,946 | 4,212 | ||||||||||||||
Increase in valuation allowance (net operating losses) | 12,601 | 9,045 | 2,832 | ||||||||||||||
Decrease in valuation allowance (foreign tax credits) | (2,757 | ) | (6,771 | ) | (30,018 | ) | |||||||||||
Foreign repatriation | — | — | 44,751 | ||||||||||||||
Foreign restructuring | — | — | 17,691 | ||||||||||||||
Impairment of assets and other transaction costs | 10,254 | 3,045 | 6,576 | ||||||||||||||
Reserve accrual (reversal) and audit settlements (net of federal tax benefit) | (32,989 | ) | 8,266 | (16,322 | ) | ||||||||||||
Foreign tax rate differential | (34,867 | ) | (30,798 | ) | (33,852 | ) | |||||||||||
Disallowed foreign interest and Subpart F income | 5,663 | 15,242 | 9,708 | ||||||||||||||
Other, net | 8,767 | 5,470 | 422 | ||||||||||||||
| | | | | | | | | | | |||||||
$ | 106,488 | $ | 114,873 | $ | 63,057 | ||||||||||||
| | | | | | | | | | | |||||||
| | | | | | | | | | | |||||||
Tax years subject to examination by major tax jurisdictions | ' | ||||||||||||||||
Tax Years | Tax Jurisdiction | ||||||||||||||||
See Below | United States—Federal and State | ||||||||||||||||
2006 to present | Canada | ||||||||||||||||
2010 to present | United Kingdom | ||||||||||||||||
Reconciliation of unrecognized tax benefits | ' | ||||||||||||||||
Gross tax contingencies—December 31, 2010 | $ | 59,891 | |||||||||||||||
Gross additions based on tax positions related to the current year | 6,593 | ||||||||||||||||
Gross additions for tax positions of prior years | 6,437 | ||||||||||||||||
Gross reductions for tax positions of prior years | (30,316 | ) | |||||||||||||||
Lapses of statutes | (6,268 | ) | |||||||||||||||
Settlements | (4,929 | ) | |||||||||||||||
| | | | | |||||||||||||
Gross tax contingencies—December 31, 2011 | $ | 31,408 | |||||||||||||||
Gross additions based on tax positions related to the current year | 6,598 | ||||||||||||||||
Gross additions for tax positions of prior years | 3,912 | ||||||||||||||||
Gross reductions for tax positions of prior years | (427 | ) | |||||||||||||||
Lapses of statutes | (2,829 | ) | |||||||||||||||
Settlements | (1,099 | ) | |||||||||||||||
| | | | | |||||||||||||
Gross tax contingencies—December 31, 2012 | $ | 37,563 | |||||||||||||||
Gross additions based on tax positions related to the current year | 5,985 | ||||||||||||||||
Gross additions for tax positions of prior years | 20,275 | ||||||||||||||||
Gross reductions for tax positions of prior years | (1,370 | ) | |||||||||||||||
Lapses of statutes | (1,312 | ) | |||||||||||||||
Settlements | (9,995 | ) | |||||||||||||||
| | | | | |||||||||||||
Gross tax contingencies—December 31, 2013 | $ | 51,146 | |||||||||||||||
| | | | | |||||||||||||
| | | | | |||||||||||||
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Quarterly Results of Operations (Unaudited) | ' | |||||||||||||
Quarterly Results of Operations (Unaudited) | ' | |||||||||||||
Quarter Ended | March 31 | June 30 | Sept. 30 | Dec. 31 | ||||||||||
2012 | ||||||||||||||
Total revenues | $ | 746,498 | $ | 752,165 | $ | 748,125 | $ | 758,467 | ||||||
Operating income (loss) | 141,813 | 158,687 | 153,966 | 102,561 | ||||||||||
Income (Loss) from continuing operations | 61,073 | 41,441 | 53,719 | 27,260 | ||||||||||
Total (loss) income from discontinued operations | (5,093 | ) | (2,524 | ) | 32 | (1,074 | ) | |||||||
Net income (loss) | 55,980 | 38,917 | 53,751 | 26,186 | ||||||||||
Net income (loss) attributable to Iron Mountain Incorporated | 55,350 | 38,055 | 52,809 | 25,494 | -1 | |||||||||
Earnings (Losses) per Share—Basic | ||||||||||||||
Income (Loss) per share from continuing operations | 0.36 | 0.24 | 0.31 | 0.15 | ||||||||||
Total (loss) income per share from discontinued operations | (0.03 | ) | (0.01 | ) | — | (0.01 | ) | |||||||
Net income (loss) per share attributable to Iron Mountain Incorporated | 0.32 | 0.22 | 0.31 | 0.14 | ||||||||||
Earnings (Losses) per Share—Diluted | ||||||||||||||
Income (Loss) per share from continuing operations | 0.35 | 0.24 | 0.31 | 0.15 | ||||||||||
Total (loss) income per share from discontinued operations | (0.03 | ) | (0.01 | ) | — | (0.01 | ) | |||||||
Net income (loss) per share attributable to Iron Mountain Incorporated | 0.32 | 0.22 | 0.31 | 0.14 | ||||||||||
2013 | ||||||||||||||
Total revenues | $ | 747,031 | $ | 754,721 | $ | 755,639 | $ | 768,532 | ||||||
Operating income (loss) | 122,842 | 131,869 | 140,283 | 97,400 | ||||||||||
Income (Loss) from continuing operations | 18,350 | 27,538 | 5,528 | 48,545 | ||||||||||
Total income (loss) from discontinued operations | 2,184 | (98 | ) | (571 | ) | (684 | ) | |||||||
Net income (loss) | 20,534 | 27,440 | 4,957 | 47,861 | ||||||||||
Net income (loss) attributable to Iron Mountain Incorporated | 19,386 | 26,564 | 4,047 | 47,265 | -2 | |||||||||
Earnings (Losses) per Share—Basic | ||||||||||||||
Income (Loss) per share from continuing operations | 0.1 | 0.14 | 0.03 | 0.25 | ||||||||||
Total (loss) income per share from discontinued operations | 0.01 | — | — | — | ||||||||||
Net income (loss) per share attributable to Iron Mountain Incorporated | 0.1 | 0.14 | 0.02 | 0.25 | ||||||||||
Earnings (Losses) per Share—Diluted | ||||||||||||||
Income (Loss) per share from continuing operations | 0.1 | 0.14 | 0.03 | 0.25 | ||||||||||
Total (loss) income per share from discontinued operations | 0.01 | — | — | — | ||||||||||
Net income (loss) per share attributable to Iron Mountain Incorporated | 0.1 | 0.14 | 0.02 | 0.25 | ||||||||||
-1 | ||||||||||||||
The change in net income (loss) attributable to Iron Mountain Incorporated in the fourth quarter of 2012 compared to the third quarter of 2012 is primarily attributable to a decrease in operating income of approximately $51,400. The decrease in operating income is primarily related to increases in operating expenses attributable to: (1) $16,700 in costs and certain asset write-downs associated with facility consolidations and other asset impairments, (2) $6,400 in legal fees and reserves and $4,000 in professional fees associated with certain strategic and corporate initiatives, (3) $7,400 in costs associated with the REIT conversion, (4) $5,000 and $1,100 in sales, marketing and account management costs within our North American Records and Information Management Business segment and our North American Data Management Business segment, respectively (primarily associated with certain restructuring activities), (5) $4,300 in worker's compensation and personal property taxes related to certain benefits recorded in the third quarter of 2012 that did not repeat in the fourth quarter of 2012 and (6) $2,800 in stock-based compensation. Additionally, interest expense, net increased approximately $2,800 associated with the issuance of the 53/4% Notes offset by the redemption of the 65/8% Notes and the 83/4% Notes. Offsetting the decrease in operating income and the increase in interest expense, net were a reduction in the provision for income taxes of approximately $21,600 and a reduction in other expenses, net of approximately $6,200 primarily as a result of debt extinguishment charges recorded in the third quarter of 2012 related to the redemption of the 65/8% Notes and the 83/4% Notes that did not repeat in the fourth quarter of 2012. | ||||||||||||||
-2 | ||||||||||||||
The change in net income (loss) attributable to Iron Mountain Incorporated in the fourth quarter of 2013 compared to the third quarter of 2013 is primarily attributable to a benefit for income taxes recorded in the fourth quarter of 2013 compared to a provision recorded in the third quarter of 2013 for a net benefit of approximately $50,200 as well as a decrease in other expenses, net of approximately $34,700 primarily as a result of debt extinguishment charges recorded in the third quarter of 2013 of approximately $43,600 that did not repeat in the fourth quarter of 2013 offset by an increase in foreign exchange transaction losses of approximately $11,000. Offsetting these benefits was a decrease in operating income of approximately $42,900. The decrease in operating income is primarily attributable to: (1) $18,700 of restructuring costs associated with our organizational realignment, (2) $11,200 of facilities costs primarily associated with facility consolidation, (3) $8,100 of other cost increases, including costs associated with recent acquisitions and executing our strategy, (4) $3,600 of increased depreciation and amortization, primarily related to business acquisitions, (5) $3,000 in sales, marketing and account management costs within our North American Records and Information Management Business and North American Data Management segments (primarily associated with sales commissions), (6) $2,200 of increased bad debt expense and (7) $2,000 of charitable contributions, partially offset by a $7,100 decrease in REIT Costs (defined at Note 9) incurred in the fourth quarter compared to the third quarter of 2013. | ||||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Segment Information | ' | ||||||||||||||||
Schedule of analysis of business segment information and reconciliation | ' | ||||||||||||||||
North American | North American | International | Corporate | Total | |||||||||||||
Records and | Data | Business | and | Consolidated | |||||||||||||
Information | Management | Other | |||||||||||||||
Management | Business | ||||||||||||||||
Business | |||||||||||||||||
2011 | |||||||||||||||||
Total Revenues | $ | 1,816,484 | $ | 404,766 | $ | 785,560 | $ | 7,893 | $ | 3,014,703 | |||||||
Depreciation and Amortization | 163,357 | 17,357 | 104,815 | 33,970 | 319,499 | ||||||||||||
Depreciation | 151,505 | 16,995 | 88,432 | 33,706 | 290,638 | ||||||||||||
Amortization | 11,852 | 362 | 16,383 | 264 | 28,861 | ||||||||||||
Adjusted OIBDA | 705,869 | 246,900 | 164,212 | (166,542 | ) | 950,439 | |||||||||||
Total Assets(1) | 3,465,227 | 612,531 | 1,646,701 | 316,799 | 6,041,258 | ||||||||||||
Expenditures for Segment Assets | 124,210 | 14,869 | 152,064 | 14,961 | 306,104 | ||||||||||||
Capital Expenditures | 103,367 | 13,971 | 76,856 | 14,961 | 209,155 | ||||||||||||
Cash Paid for Acquisitions, Net of Cash Acquired | 4,538 | 898 | 69,810 | — | 75,246 | ||||||||||||
Additions to Customer Relationship and Acquisition Costs | 16,305 | — | 5,398 | — | 21,703 | ||||||||||||
2012 | |||||||||||||||||
Total Revenues | 1,781,599 | 404,253 | 806,692 | 12,711 | 3,005,255 | ||||||||||||
Depreciation and Amortization | 163,375 | 17,841 | 103,393 | 31,735 | 316,344 | ||||||||||||
Depreciation | 151,471 | 17,034 | 80,493 | 31,600 | 280,598 | ||||||||||||
Amortization | 11,904 | 807 | 22,900 | 135 | 35,746 | ||||||||||||
Adjusted OIBDA | 666,955 | 243,908 | 173,620 | (172,266 | ) | 912,217 | |||||||||||
Total Assets(1) | 3,557,496 | 630,622 | 1,854,050 | 316,171 | 6,358,339 | ||||||||||||
Expenditures for Segment Assets | 138,837 | 26,243 | 191,360 | 38,249 | 394,689 | ||||||||||||
Capital Expenditures | 98,169 | 13,106 | 91,159 | 38,249 | 240,683 | ||||||||||||
Cash Paid for Acquisitions, Net of Cash Acquired | 21,770 | 6,356 | 97,008 | — | 125,134 | ||||||||||||
Additions to Customer Relationship and Acquisition Costs | 18,898 | 6,781 | 3,193 | — | 28,872 | ||||||||||||
2013 | |||||||||||||||||
Total Revenues | 1,770,533 | 396,519 | 845,599 | 13,272 | 3,025,923 | ||||||||||||
Depreciation and Amortization | 165,097 | 19,956 | 105,485 | 31,499 | 322,037 | ||||||||||||
Depreciation | 150,557 | 19,652 | 81,279 | 31,368 | 282,856 | ||||||||||||
Amortization | 14,540 | 304 | 24,206 | 131 | 39,181 | ||||||||||||
Adjusted OIBDA | 646,875 | 235,380 | 206,003 | (192,377 | ) | 895,881 | |||||||||||
Total Assets(1) | 3,702,195 | 676,177 | 2,015,412 | 259,221 | 6,653,005 | ||||||||||||
Expenditures for Segment Assets | 319,419 | 20,678 | 218,903 | 75,586 | 634,586 | ||||||||||||
Capital Expenditures | 96,545 | 12,929 | 102,235 | 75,586 | 287,295 | ||||||||||||
Cash Paid for Acquisitions, Net of Cash Acquired | 205,251 | 6,791 | 105,058 | — | 317,100 | ||||||||||||
Additions to Customer Relationship and Acquisition Costs | 17,623 | 958 | 11,610 | — | 30,191 | ||||||||||||
-1 | |||||||||||||||||
Excludes all intercompany receivables or payables and investment in subsidiary balances. | |||||||||||||||||
Schedule of reconciliation of Adjusted OIBDA to income from continuing operations before provision (benefit) for income taxes on a consolidated basis | ' | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||
Adjusted OIBDA | $ | 950,439 | $ | 912,217 | $ | 895,881 | |||||||||||
Less: Depreciation and Amortization | 319,499 | 316,344 | 322,037 | ||||||||||||||
Intangible Impairments (See Note 2.g. and Note 14) | 46,500 | — | — | ||||||||||||||
(Gain) Loss on Disposal/Write-down of Property, Plant and Equipment, Net | (2,286 | ) | 4,400 | (1,417 | ) | ||||||||||||
REIT Costs(1) | 15,527 | 34,446 | 82,867 | ||||||||||||||
Interest Expense, Net | 205,256 | 242,599 | 254,174 | ||||||||||||||
Other Expense (Income), Net | 13,043 | 16,062 | 75,202 | ||||||||||||||
| | | | | | | | | | | |||||||
Income from Continuing Operations before Provision (Benefit) for Income Taxes | $ | 352,900 | $ | 298,366 | $ | 163,018 | |||||||||||
| | | | | | | | | | | |||||||
| | | | | | | | | | | |||||||
-1 | |||||||||||||||||
Includes costs associated with our 2011 proxy contest, the previous work of the former Strategic Review Special Committee of the board of directors and the proposed REIT conversion ("REIT Costs"). | |||||||||||||||||
Schedule of operations in different geographical areas | ' | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||
Revenues: | |||||||||||||||||
United States | $ | 1,984,805 | $ | 1,949,979 | $ | 1,939,607 | |||||||||||
United Kingdom | 307,905 | 290,044 | 275,343 | ||||||||||||||
Canada | 244,337 | 248,583 | 240,716 | ||||||||||||||
Other International | 477,656 | 516,649 | 570,257 | ||||||||||||||
| | | | | | | | | | | |||||||
Total Revenues | $ | 3,014,703 | $ | 3,005,255 | $ | 3,025,923 | |||||||||||
| | | | | | | | | | | |||||||
| | | | | | | | | | | |||||||
Long-lived Assets: | |||||||||||||||||
United States | $ | 3,306,574 | $ | 3,359,560 | $ | 3,645,211 | |||||||||||
United Kingdom | 529,239 | 529,336 | 520,255 | ||||||||||||||
Canada | 434,517 | 445,699 | 413,821 | ||||||||||||||
Other International | 856,478 | 999,652 | 1,140,111 | ||||||||||||||
| | | | | | | | | | | |||||||
Total Long-lived Assets | $ | 5,126,808 | $ | 5,334,247 | $ | 5,719,398 | |||||||||||
| | | | | | | | | | | |||||||
| | | | | | | | | | | |||||||
Schedule of revenues by product and service lines | ' | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||
Revenues: | |||||||||||||||||
Records Management(1)(2) | $ | 2,201,748 | $ | 2,212,401 | $ | 2,245,794 | |||||||||||
Data Management(1)(3) | 504,038 | 524,627 | 527,091 | ||||||||||||||
Information Destruction(1)(4) | 308,917 | 268,227 | 253,038 | ||||||||||||||
| | | | | | | | | | | |||||||
Total Revenues | $ | 3,014,703 | $ | 3,005,255 | $ | 3,025,923 | |||||||||||
| | | | | | | | | | | |||||||
| | | | | | | | | | | |||||||
-1 | |||||||||||||||||
Each of the offerings within our product and service lines has a component of revenue that is storage rental related and a component that is service revenues, except the Destruction service offering, which does not have a storage component. | |||||||||||||||||
-2 | |||||||||||||||||
Includes Business Records Management, Compliant Records Management and Consulting Services, DMS, Fulfillment Services, Health Information Management Solutions, Energy Data Services, Dedicated Facilities Management and Technology Escrow Services. | |||||||||||||||||
-3 | |||||||||||||||||
Includes Data Protection & Recovery Services and Entertainment Services. | |||||||||||||||||
-4 | |||||||||||||||||
Includes Secure Shredding and Compliant Information Destruction. | |||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Commitments and Contingencies | ' | ||||||||||
Schedule of future minimum lease payments for leases | ' | ||||||||||
Operating | Sublease | Capital | |||||||||
Lease | Income | Leases | |||||||||
Payment | |||||||||||
2014 | $ | 232,935 | $ | 4,172 | $ | 58,721 | |||||
2015 | 221,597 | 5,062 | 52,850 | ||||||||
2016 | 211,728 | 4,308 | 36,365 | ||||||||
2017 | 200,842 | 3,058 | 31,978 | ||||||||
2018 | 189,366 | 686 | 27,727 | ||||||||
Thereafter | 1,397,792 | 807 | 171,136 | ||||||||
| | | | | | | | | | | |
Total minimum lease payments | $ | 2,454,260 | $ | 18,093 | 378,777 | ||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Less amounts representing interest | (123,653 | ) | |||||||||
| | | | | | | | | | | |
Present value of capital lease obligations | $ | 255,124 | |||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Stockholders_Equity_Matters_Ta
Stockholders' Equity Matters (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Stockholders' Equity Matters | ' | ||||||||||
Schedule of dividend declared and payments | ' | ||||||||||
Declaration Date | Dividend | Record Date | Total | Payment Date | |||||||
Per Share | Amount | ||||||||||
March 8, 2012 | $ | 0.25 | March 23, 2012 | $ | 42,791 | April 13, 2012 | |||||
June 5, 2012 | 0.27 | June 22, 2012 | 46,336 | July 13, 2012 | |||||||
September 6, 2012 | 0.27 | September 25, 2012 | 46,473 | October 15, 2012 | |||||||
October 11, 2012 | 4.06 | October 22, 2012 | 700,000 | November 21, 2012 | |||||||
December 14, 2012 | 0.27 | December 26, 2012 | 51,296 | January 17, 2013 | |||||||
March 14, 2013 | 0.27 | March 25, 2013 | 51,460 | April 15, 2013 | |||||||
June 6, 2013 | 0.27 | June 25, 2013 | 51,597 | July 15, 2013 | |||||||
September 11, 2013 | 0.27 | September 25, 2013 | 51,625 | October 15, 2013 | |||||||
December 16, 2013 | 0.27 | December 27, 2013 | 51,683 | January 15, 2014 |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Worldwide Digital Operations | ' | ||||||||||
Discontinued operation disclosures | ' | ||||||||||
Summarized results of operations | ' | ||||||||||
Year Ended December 31, | |||||||||||
2011(1) | 2012 | 2013 | |||||||||
Total Revenues | $ | 79,199 | $ | — | $ | — | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
(Loss) Income Before Benefit for Income Taxes of Discontinued Operations | $ | (31,094 | ) | $ | (75 | ) | $ | (958 | ) | ||
(Benefit) Provision for Income Taxes | (13,744 | ) | (505 | ) | (429 | ) | |||||
| | | | | | | | | | | |
(Loss) Income from Discontinued Operations, Net of Tax | $ | (17,350 | ) | $ | 430 | $ | (529 | ) | |||
| | | | | | | | | | | |
Gain on Sale of Discontinued Operations | $ | 243,861 | $ | — | $ | — | |||||
Provision for Income Taxes | 45,126 | — | — | ||||||||
| | | | | | | | | | | |
Gain on Sale of Discontinued Operations, Net of Tax | $ | 198,735 | $ | — | $ | — | |||||
| | | | | | | | | | | |
Total Income (Loss) from Discontinued Operations and Sale, Net of Tax | $ | 181,385 | $ | 430 | $ | (529 | ) | ||||
| | | | | | | | | | | |
| | | | | | | | | | | |
-1 | |||||||||||
Includes the results of operations of our Digital Business through June 2, 2011, the date the Digital Sale was consummated. | |||||||||||
New Zealand Operations | ' | ||||||||||
Discontinued operation disclosures | ' | ||||||||||
Summarized results of operations | ' | ||||||||||
Year Ended | |||||||||||
December 31, | |||||||||||
2011(1) | 2012 | 2013 | |||||||||
Total Revenues | $ | 6,489 | $ | — | $ | — | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Loss Before Benefit for Income Taxes of Discontinued Operations | $ | (4,726 | ) | $ | (88 | ) | $ | — | |||
Benefit for Income Taxes | (7,883 | ) | (34 | ) | — | ||||||
| | | | | | | | | | | |
Income (Loss) from Discontinued Operations, Net of Tax | $ | 3,157 | $ | (54 | ) | $ | — | ||||
| | | | | | | | | | | |
Gain on Sale of Discontinued Operations | $ | 1,884 | $ | — | $ | — | |||||
Provision for Income Taxes | — | — | — | ||||||||
| | | | | | | | | | | |
Gain on Sale of Discontinued Operations, Net of Tax | $ | 1,884 | $ | — | $ | — | |||||
| | | | | | | | | | | |
Total Income (Loss) from Discontinued Operations and Sale, Net of Tax | $ | 5,041 | $ | (54 | ) | $ | — | ||||
| | | | | | | | | | | |
| | | | | | | | | | | |
-1 | |||||||||||
Includes the results of operations of New Zealand through October 3, 2011, the date the sale of our New Zealand operations was consummated. | |||||||||||
Italian Operations | ' | ||||||||||
Discontinued operation disclosures | ' | ||||||||||
Summarized results of operations | ' | ||||||||||
Year Ended December 31, | |||||||||||
2011 | 2012(1) | 2013 | |||||||||
Total Revenues | $ | 15,353 | $ | 2,138 | $ | — | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
(Loss) Income Before Benefit for Income Taxes of Discontinued Operations | $ | (35,350 | ) | $ | (8,692 | ) | $ | 2,290 | |||
(Benefit) Provision for Income Taxes | (2,104 | ) | (1,542 | ) | 930 | ||||||
| | | | | | | | | | | |
(Loss) Income from Discontinued Operations, Net of Tax | $ | (33,246 | ) | $ | (7,150 | ) | $ | 1,360 | |||
| | | | | | | | | | | |
Loss on Sale of Discontinued Operations | $ | — | $ | (1,885 | ) | $ | — | ||||
Provision for Income Taxes | — | — | — | ||||||||
| | | | | | | | | | | |
Loss on Sale of Discontinued Operations, Net of Tax | $ | — | $ | (1,885 | ) | $ | — | ||||
| | | | | | | | | | | |
Total (Loss) Income from Discontinued Operations and Sale, Net of Tax | $ | (33,246 | ) | $ | (9,035 | ) | $ | 1,360 | |||
| | | | | | | | | | | |
| | | | | | | | | | | |
-1 | |||||||||||
Includes the results of operations of Italy through April 27, 2012, the date the sale of our Italian operations was consummated. | |||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
item | item | ||
Cash, Cash Equivalents and Restricted Cash | ' | ' | ' |
Restricted cash | $33,860 | $33,612 | ' |
Foreign Currency | ' | ' | ' |
Foreign currency transaction gains (loss) | ($36,201) | ($10,223) | ($17,352) |
Derivative Instruments and Hedging Activities | ' | ' | ' |
Targeted percentage of debt portfolio to be fixed with interest rates | 75.00% | ' | ' |
Number of derivative instrument with contingent features of credit risk | 0 | 0 | ' |
The 7 1/4% Notes | ' | ' | ' |
Debt | ' | ' | ' |
Stated interest rate (as a percent) | 7.25% | 7.25% | 7.25% |
6 3/4% Notes | ' | ' | ' |
Debt | ' | ' | ' |
Stated interest rate (as a percent) | 6.75% | 6.75% | 6.75% |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details 2) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 |
Land | Land | Building and building improvements | Building and building improvements | Building and building improvements | Building and building improvements | Leasehold improvements | Leasehold improvements | Leasehold improvements | Racking | Racking | Racking | Racking | Warehouse equipment and vehicles | Warehouse equipment and vehicles | Warehouse equipment and vehicles | Warehouse equipment and vehicles | Furniture and fixtures | Furniture and fixtures | Furniture and fixtures | Furniture and fixtures | Computer hardware and software | Computer hardware and software | Computer hardware and software | Computer hardware and software | Computer hardware and software | Construction in progress | Construction in progress | Emerging Business | International Business | North American Records and Information Management business | North American Records and Information Management business | Corporate and Other | |||
Minimum | Maximum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Computer hardware and software | Computer hardware and software | Computer hardware and software | Computer hardware and software | Computer hardware and software | ||||||||||||||||||||
Property, plant and equipment and long-lived assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful life | ' | ' | ' | ' | ' | ' | '5 years | '40 years | ' | ' | '10 years | ' | ' | '1 year | '20 years | ' | ' | '1 year | '10 years | ' | ' | '2 years | '10 years | ' | ' | ' | '3 years | '5 years | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, stated at cost | $4,631,067 | $4,443,323 | $203,423 | $199,354 | $1,283,458 | $1,217,107 | ' | ' | $499,906 | $461,927 | ' | $1,536,212 | $1,481,377 | ' | ' | $365,171 | $366,754 | ' | ' | $53,590 | $81,093 | ' | ' | $511,927 | ' | $526,973 | ' | ' | $177,380 | $108,738 | ' | ' | ' | ' | ' |
Capitalization of internal use computer software | 39,487 | 26,755 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred software cost written off | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100 | 3,500 | ' | ' | ' | ' | ' | 1,110 | 3,050 | 800 | 450 | 300 |
A reconciliation of liabilities for assets retirement obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets Retirement Obligations, beginning of the year | 10,982 | 10,116 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities Incurred | 480 | 389 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities Settled | -687 | -785 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accretion Expense | 1,123 | 1,056 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign Currency Exchange Movement | -89 | 206 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets Retirement Obligations, end of the year | $11,809 | $10,982 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Details 3) (USD $) | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, unless otherwise specified | Oct. 01, 2013 | Oct. 01, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 02, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
item | Europe | Western Europe | Western Europe | Continental Western Europe | Emerging Markets | Emerging Markets | Latin America | Latin America | Asia Pacific | Asia Pacific | Emerging Market Joint Ventures | Emerging Market Joint Ventures | North American Records and Information Management business | North American Records and Information Management business | North American Data Management Business | North American Data Management Business | International Business | International Business | North American Business | North American Business | |||||
item | |||||||||||||||||||||||||
Goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill impairment charge | $0 | $0 | ' | ' | ' | ' | ' | ' | $46,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of reporting units | ' | ' | 6 | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit on goodwill impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | 5,449 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reporting unit, percentage that fair value exceeded carrying value | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross amount of goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | 2,655,499 | 2,574,285 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,619,177 | 1,608,193 | 404,794 | 402,048 | 631,528 | 564,044 | ' | ' |
Deductible goodwill acquired during the year | ' | ' | 64,040 | 40,214 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,046 | 6,084 | 10,011 | 1,521 | 13,983 | 32,609 | ' | ' |
Non-deductible goodwill acquired during the year | ' | ' | 77,712 | 18,079 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,066 | ' | 8,517 | ' | 35,129 | 18,079 | ' | ' |
Fair value and other adjustments | ' | ' | 8,522 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,144 | ' | 1,786 | ' | -408 | ' | ' | ' |
Currency effects | ' | ' | -22,088 | 22,921 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -12,153 | 4,900 | -3,038 | 1,225 | -6,897 | 16,796 | ' | ' |
Balance, end of period | ' | ' | 2,783,685 | 2,655,499 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,688,280 | 1,619,177 | 422,070 | 404,794 | 673,335 | 631,528 | ' | ' |
Accumulated amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | 320,740 | 320,017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 209,332 | 209,090 | 52,332 | 52,272 | 59,076 | 58,655 | ' | ' |
Currency effects | ' | ' | -407 | 723 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -603 | 242 | -151 | 60 | 347 | 421 | ' | ' |
Balance, end of period | ' | ' | 320,333 | 320,740 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 208,729 | 209,332 | 52,181 | 52,332 | 59,423 | 59,076 | ' | ' |
Net balance | ' | ' | 2,463,352 | 2,334,759 | ' | ' | 375,954 | 365,303 | ' | 88,599 | 87,492 | 93,149 | 56,893 | 56,210 | 62,764 | 0 | 0 | 1,479,551 | 1,409,845 | 369,889 | 352,462 | 613,912 | 572,452 | 1,849,440 | 1,762,307 |
Accumulated Goodwill Impairment Balance | ' | ' | 132,409 | 132,409 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85,909 | 85,909 | ' | ' | 46,500 | 46,500 | ' | ' |
Total fair value and other adjustments, related to property, plant and equipment, net, customer relationships and deferred income taxes | ' | ' | 8,446 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid related to acquisitions made in previous years | ' | ' | 76 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indefinite Lived Intangible Assets Excluding Goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indefinite lived intangible assets excluding goodwill | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disposition and impairment of long-lived assets by segment | ' | ' | ' |
Gain (loss) on disposal/write-down of property, plant and equipment | $1,417 | ($4,400) | $2,286 |
Loss associated with discontinued use of certain third-party software licenses | ' | ' | 3,500 |
United Kingdom | ' | ' | ' |
Disposition and impairment of long-lived assets by segment | ' | ' | ' |
Gain (loss) on disposal/write-down of property, plant and equipment | 1,800 | ' | ' |
Number of buildings sold | 2 | ' | ' |
Canada | ' | ' | ' |
Disposition and impairment of long-lived assets by segment | ' | ' | ' |
Gain (loss) on disposal/write-down of property, plant and equipment | ' | ' | 3,200 |
Europe | ' | ' | ' |
Disposition and impairment of long-lived assets by segment | ' | ' | ' |
Write-down of certain facilities | 900 | 5,500 | ' |
North American Records and Information Management | ' | ' | ' |
Disposition and impairment of long-lived assets by segment | ' | ' | ' |
Write-down of certain facilities | 1,700 | 800 | ' |
Emerging Businesses | ' | ' | ' |
Disposition and impairment of long-lived assets by segment | ' | ' | ' |
Write-down of certain facilities | ' | 1,100 | ' |
Latin America | ' | ' | ' |
Disposition and impairment of long-lived assets by segment | ' | ' | ' |
Write-down of certain facilities | ' | 500 | ' |
North American Records and Information Management business | ' | ' | ' |
Disposition and impairment of long-lived assets by segment | ' | ' | ' |
Gain (loss) on disposal/write-down of property, plant and equipment | 2,500 | 3,500 | 3,000 |
Loss associated with discontinued use of certain third-party software licenses | ' | ' | 450 |
International Business | ' | ' | ' |
Disposition and impairment of long-lived assets by segment | ' | ' | ' |
Loss associated with discontinued use of certain third-party software licenses | ' | ' | 3,050 |
Corporate and Other | ' | ' | ' |
Disposition and impairment of long-lived assets by segment | ' | ' | ' |
Write-down of certain facilities | $300 | ' | ' |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies (Details 5) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Amortizable intangible assets | ' | ' | ' |
Amortization expense | $39,181 | $35,746 | $28,861 |
Deferred financing costs | ' | ' | ' |
Gross carrying amount | 62,418 | 63,649 | ' |
Accumulated amortization | 16,811 | 19,799 | ' |
Prepaid Expenses and Accrued Expenses | ' | ' | ' |
Minimum percentage of current assets and liabilities required to be disclosed separately | 5.00% | ' | ' |
Income tax receivable | 31,915 | 68,312 | ' |
Other | 112,886 | 96,401 | ' |
Prepaid expenses | 144,801 | 164,713 | ' |
Interest | 71,971 | 64,227 | ' |
Payroll and vacation | 91,519 | 80,931 | ' |
Incentive compensation | 58,562 | 63,828 | ' |
Dividend | 55,142 | 53,042 | ' |
Self-insured liabilities | 32,850 | 34,806 | ' |
Other | 151,294 | 129,979 | ' |
Accrued expenses | 461,338 | 426,813 | ' |
Amortization expense included in depreciation and amortization | ' | ' | ' |
Estimated amortization expense for existing intangible assets for the next five succeeding fiscal years | ' | ' | ' |
2014 | 46,606 | ' | ' |
2015 | 46,295 | ' | ' |
2016 | 46,068 | ' | ' |
2017 | 44,373 | ' | ' |
2018 | 43,703 | ' | ' |
Amortization expense offsetting revenues | ' | ' | ' |
Estimated amortization expense for existing intangible assets for the next five succeeding fiscal years | ' | ' | ' |
2014 | 7,466 | ' | ' |
2015 | 6,403 | ' | ' |
2016 | 4,854 | ' | ' |
2017 | 2,917 | ' | ' |
2018 | 2,228 | ' | ' |
Initial costs for transport of boxes | Minimum | ' | ' | ' |
Amortizable intangible assets | ' | ' | ' |
Useful life of finite-lived intangible assets | '1 year | ' | ' |
Initial costs for transport of boxes | Maximum | ' | ' | ' |
Amortizable intangible assets | ' | ' | ' |
Useful life of finite-lived intangible assets | '30 years | ' | ' |
Initial costs for transport of boxes | Weighted average | ' | ' | ' |
Amortizable intangible assets | ' | ' | ' |
Useful life of finite-lived intangible assets | '26 years | ' | ' |
Customer's current record management vendor | Minimum | ' | ' | ' |
Amortizable intangible assets | ' | ' | ' |
Useful life of finite-lived intangible assets | '1 year | ' | ' |
Customer's current record management vendor | Maximum | ' | ' | ' |
Amortizable intangible assets | ' | ' | ' |
Useful life of finite-lived intangible assets | '10 years | ' | ' |
Customer's current record management vendor | Weighted average | ' | ' | ' |
Amortizable intangible assets | ' | ' | ' |
Useful life of finite-lived intangible assets | '5 years | ' | ' |
Customer relationship intangible assets acquired Through business combinations | Minimum | ' | ' | ' |
Amortizable intangible assets | ' | ' | ' |
Useful life of finite-lived intangible assets | '10 years | ' | ' |
Customer relationship intangible assets acquired Through business combinations | Maximum | ' | ' | ' |
Amortizable intangible assets | ' | ' | ' |
Useful life of finite-lived intangible assets | '30 years | ' | ' |
Customer relationship intangible assets acquired Through business combinations | Weighted average | ' | ' | ' |
Amortizable intangible assets | ' | ' | ' |
Useful life of finite-lived intangible assets | '21 years | ' | ' |
Other intangible assets | ' | ' | ' |
Amortizable intangible assets | ' | ' | ' |
Gross carrying amount | 9,475 | 9,778 | ' |
Accumulated amortization | 7,305 | 5,875 | ' |
Other intangible assets | Minimum | ' | ' | ' |
Amortizable intangible assets | ' | ' | ' |
Useful life of finite-lived intangible assets | '5 years | ' | ' |
Other intangible assets | Maximum | ' | ' | ' |
Amortizable intangible assets | ' | ' | ' |
Useful life of finite-lived intangible assets | '10 years | ' | ' |
Other intangible assets | Weighted average | ' | ' | ' |
Amortizable intangible assets | ' | ' | ' |
Useful life of finite-lived intangible assets | '7 years | ' | ' |
Other intangible assets | Amortization expense included in depreciation and amortization | ' | ' | ' |
Amortizable intangible assets | ' | ' | ' |
Amortization expense | 1,456 | 940 | 961 |
Customer Relationships and Acquisition Costs | ' | ' | ' |
Amortizable intangible assets | ' | ' | ' |
Gross carrying amount | 879,378 | 685,898 | ' |
Accumulated amortization | 273,894 | 229,778 | ' |
Customer Relationships and Acquisition Costs | Amortization expense included in depreciation and amortization | ' | ' | ' |
Amortizable intangible assets | ' | ' | ' |
Amortization expense | 37,725 | 34,806 | 27,900 |
Customer Relationships and Acquisition Costs | Amortization expense offsetting revenues | ' | ' | ' |
Amortizable intangible assets | ' | ' | ' |
Amortization expense | 11,788 | 10,784 | 10,100 |
Deferred Financing Costs | Amortization expense charged to interest expense | ' | ' | ' |
Estimated amortization expense for existing intangible assets for the next five succeeding fiscal years | ' | ' | ' |
2014 | 6,821 | ' | ' |
2015 | 6,666 | ' | ' |
2016 | 5,925 | ' | ' |
2017 | 4,886 | ' | ' |
2018 | $4,853 | ' | ' |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies (Details 6) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock-based compensation expense | ' | ' | ' |
Stock-based compensation | $30,354 | $30,360 | $17,510 |
Stock-based compensation expense (income), net of tax | 22,085 | 23,437 | 8,834 |
Stock-based compensation expense per basic and diluted share (in dollars per share) | ' | ' | $0.05 |
Stock-based compensation expense per basic share (in dollars per share) | $0.12 | $0.14 | ' |
Stock-based compensation expense per diluted share (in dollars per share) | $0.11 | $0.13 | ' |
Excess tax benefits from stock-based compensation | 2,389 | 1,045 | 919 |
Continuing Operations | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' |
Stock-based compensation | 30,354 | 30,360 | 17,250 |
Continuing Operations | Cost of sales (excluding depreciation and amortization) | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' |
Stock-based compensation | 293 | 1,392 | 914 |
Continuing Operations | Selling, general and administrative expenses | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' |
Stock-based compensation | 30,061 | 28,968 | 16,336 |
Discontinued Operations | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' |
Stock-based compensation | ' | ' | $260 |
Summary_of_Significant_Account9
Summary of Significant Accounting Policies (Details 7) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee stock-based awards | ' | ' | ' |
Total shares authorized for grant | 38,917,411 | ' | ' |
Remaining number of shares available for grant | 5,814,061 | ' | ' |
Share-Based Compensation, aggregate disclosures | ' | ' | ' |
Employee stock-based awards, unrecognized compensation costs on nonvested awards | $41,877 | ' | ' |
Employee stock-based awards, unrecognized compensation costs on nonvested awards, weighted average period of recognition | '2 years | ' | ' |
Stock Options | ' | ' | ' |
Employee stock-based awards | ' | ' | ' |
Weighted average fair value of options granted (in dollars per share) | $7.69 | $7 | $7.42 |
Weighted average assumptions used for grants | ' | ' | ' |
Expected volatility (as a percent) | 33.80% | 33.80% | 33.40% |
Risk-free interest rate (as a percent) | 1.13% | 1.24% | 2.40% |
Expected dividend yield (as a percent) | 3.00% | 3.00% | 3.00% |
Expected life of the option | '6 years 3 months 18 days | '6 years 3 months 18 days | '6 years 3 months 18 days |
Summary of option activity | ' | ' | ' |
Options outstanding balance, beginning of period (in shares) | 5,908,102 | ' | ' |
Options granted (in shares) | 261,698 | ' | ' |
Options exercised (in shares) | -895,372 | ' | ' |
Options forfeited (in shares) | -121,006 | ' | ' |
Options expired (in shares) | -7,683 | ' | ' |
Options outstanding balance, end of period (in shares) | 5,145,739 | 5,908,102 | ' |
Options exercisable balance (in shares) | 3,779,348 | ' | ' |
Options expected to vest (in shares) | 1,193,816 | ' | ' |
Weighted Average Exercise Price | ' | ' | ' |
Weighted average exercise price, options outstanding balance beginning of period (in dollars per share) | $23.39 | ' | ' |
Weighted average exercise price, options granted (in dollars per share) | $33.03 | ' | ' |
Weighted average exercise price, options exercised (in dollars per share) | $22.30 | ' | ' |
Weighted average exercise price, options forfeited (in dollars per share) | $21.81 | ' | ' |
Weighted average exercise price, options expired (in dollars per share) | $28.71 | ' | ' |
Weighted average exercise price, options outstanding balance end of period (in dollars per share) | $24.09 | $23.39 | ' |
Weighted average exercise price, options exercisable (in dollars per share) | $23.66 | ' | ' |
Weighted average exercise price, options expected to vest (in dollars per share) | $25.37 | ' | ' |
Weighted average remaining contractual term | ' | ' | ' |
Weighted average remaining contractual term, options outstanding | '4 years 8 months 8 days | ' | ' |
Weighted average remaining contractual term, options exercisable | '4 years 1 month 6 days | ' | ' |
Weighted average remaining contractual term, options expected to vest | '6 years 10 months 28 days | ' | ' |
Aggregate intrinsic value | ' | ' | ' |
Aggregate intrinsic value, options outstanding | 33,618 | ' | ' |
Aggregate intrinsic value, options exercisable | 25,990 | ' | ' |
Aggregate intrinsic value, options expected to vest | 6,605 | ' | ' |
Aggregate intrinsic value of stock options exercised | ' | ' | ' |
Aggregate intrinsic value of stock options exercised | 11,024 | 15,859 | 37,901 |
Stock Options | Non-Employee Directors | ' | ' | ' |
Employee stock-based awards | ' | ' | ' |
Award vesting period | '1 year | ' | ' |
Majority of stock options | ' | ' | ' |
Employee stock-based awards | ' | ' | ' |
Award vesting period | '5 years | ' | ' |
Contractual term of awards | '10 years | ' | ' |
Certain options | ' | ' | ' |
Employee stock-based awards | ' | ' | ' |
Award vesting period | '10 years | ' | ' |
Contractual term of awards | '12 years | ' | ' |
Certain options as a percentage of total outstanding options | 7.50% | ' | ' |
Certain options beginning in 2011 | ' | ' | ' |
Employee stock-based awards | ' | ' | ' |
Award vesting period | '3 years | ' | ' |
Contractual term of awards | '10 years | ' | ' |
Certain options as a percentage of total outstanding options | 20.50% | ' | ' |
Employee Stock Purchase Plan | ' | ' | ' |
Employee Stock Purchase Plan | ' | ' | ' |
Employee stock purchase plan, number of offering periods | 2 | ' | ' |
Employee stock purchase plan, duration of offering periods | '6 months | ' | ' |
Employee stock purchase plan, maximum employee subscription rate percent | 15.00% | ' | ' |
Percentage of market price for the purchase of shares | 95.00% | ' | ' |
Employee stock purchase plan, shares issued in period | 144,432 | 151,285 | 154,559 |
Employee Stock Purchase Plan | November 29, 2013 | ' | ' | ' |
Employee stock-based awards | ' | ' | ' |
Remaining number of shares available for grant | 1,000,000 | ' | ' |
Restricted Stock and Restricted Stock Units | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options | ' | ' | ' |
Non-vested at the beginning of the period (in shares) | 1,303,664 | ' | ' |
Granted (in shares) | 758,799 | ' | ' |
Vested (in shares) | -555,776 | ' | ' |
Forfeited (in shares) | -71,457 | ' | ' |
Non-vested at the end of the period (in shares) | 1,435,230 | ' | ' |
Weighted average grant date fair value | ' | ' | ' |
Weighted average grant date fair value, non-vested, beginning of period (in dollars per share) | $29.89 | ' | ' |
Weighted average grant date fair value, granted (in dollars per share) | $29.75 | ' | ' |
Weighted average grant date fair value, vested (in dollars per share) | $29.94 | ' | ' |
Weighted average grant date fair value, forfeited (in dollars per share) | $30.62 | ' | ' |
Weighted average grant date fair value, non-vested, end of period (in dollars per share) | $29.76 | ' | ' |
Restricted Stock and Restricted Stock Units | Minimum | ' | ' | ' |
Employee stock-based awards | ' | ' | ' |
Award vesting period | '3 years | ' | ' |
Restricted Stock and Restricted Stock Units | Maximum | ' | ' | ' |
Employee stock-based awards | ' | ' | ' |
Award vesting period | '5 years | ' | ' |
Performance units | ' | ' | ' |
Dividends accrued | ' | ' | ' |
Accrued cash dividends | 681 | 369 | ' |
Cash dividends paid | 0 | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options | ' | ' | ' |
Non-vested at the beginning of the period (in shares) | 231,646 | ' | ' |
Granted (in shares) | 173,333 | ' | ' |
Vested (in shares) | -87,768 | ' | 0 |
Forfeited (in shares) | -6,395 | ' | ' |
Non-vested at the end of the period (in shares) | 310,816 | 231,646 | ' |
Weighted average grant date fair value | ' | ' | ' |
Weighted average grant date fair value, non-vested, beginning of period (in dollars per share) | $29.12 | ' | ' |
Weighted average grant date fair value, granted (in dollars per share) | $38.81 | ' | ' |
Weighted average grant date fair value, vested (in dollars per share) | $33.74 | ' | ' |
Weighted average grant date fair value, forfeited (in dollars per share) | $30.77 | ' | ' |
Weighted average grant date fair value, non-vested, end of period (in dollars per share) | $33.18 | $29.12 | ' |
Total fair value of shares or units vested | 2,962 | 4,285 | ' |
Performance units disclosure | ' | ' | ' |
Period of anniversary from the date of grant | '1 year | ' | ' |
Qualifying age for grant of performance units | '55 years | ' | ' |
Qualifying service period | '10 years | ' | ' |
Percentage of achievement of the predefined revenue and ROIC targets | 70.00% | ' | ' |
Performance units | Revenue growth and return on invested capital | ' | ' | ' |
Performance units disclosure | ' | ' | ' |
Performance period | '1 year | ' | ' |
Performance units | Market condition associated with shareholder return of common stock | ' | ' | ' |
Employee stock-based awards | ' | ' | ' |
Award vesting period | '3 years | ' | ' |
Performance units disclosure | ' | ' | ' |
Performance period | '3 years | ' | ' |
Performance units | Minimum | Revenue growth and return on invested capital | ' | ' | ' |
Performance units disclosure | ' | ' | ' |
Percentage payout rate | 0.00% | ' | ' |
Performance units | Minimum | Market condition associated with shareholder return of common stock | ' | ' | ' |
Performance units disclosure | ' | ' | ' |
Percentage payout rate | 0.00% | ' | ' |
Performance units | Maximum | Revenue growth and return on invested capital | ' | ' | ' |
Employee stock-based awards | ' | ' | ' |
Award vesting period | '3 years | ' | ' |
Performance units disclosure | ' | ' | ' |
Percentage payout rate | 150.00% | ' | ' |
Performance units | Maximum | Market condition associated with shareholder return of common stock | ' | ' | ' |
Performance units disclosure | ' | ' | ' |
Percentage payout rate | 200.00% | ' | ' |
Original PU Awards | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options | ' | ' | ' |
Non-vested at the beginning of the period (in shares) | 236,093 | ' | ' |
Granted (in shares) | 198,869 | 221,781 | 154,239 |
Vested (in shares) | -94,019 | ' | ' |
Forfeited (in shares) | -6,395 | ' | ' |
Non-vested at the end of the period (in shares) | 334,548 | 236,093 | ' |
PUs Adjustment | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options | ' | ' | ' |
Non-vested at the beginning of the period (in shares) | -4,447 | ' | ' |
Granted (in shares) | -25,536 | ' | ' |
Vested (in shares) | 6,251 | ' | ' |
Non-vested at the end of the period (in shares) | -23,732 | ' | ' |
Restricted Stock Units | ' | ' | ' |
Dividends accrued | ' | ' | ' |
Accrued cash dividends | 1,854 | 1,378 | ' |
Cash dividends paid | 820 | 58 | ' |
Weighted average grant date fair value | ' | ' | ' |
Total fair value of shares or units vested | 16,638 | 8,296 | 931 |
Restricted Stock Plan | ' | ' | ' |
Weighted average grant date fair value | ' | ' | ' |
Total fair value of shares or units vested | $1 | $1 | $13 |
Recovered_Sheet1
Summary of Significant Accounting Policies (Details 8) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
item | item | item | item | ||||||||
Income (Loss) Per Share-Basic and Diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (Loss) from Continuing Operations | $48,545 | $5,528 | $27,538 | $18,350 | $27,260 | $53,719 | $41,441 | $61,073 | $99,961 | $183,493 | $246,412 |
Total income (loss) from discontinued operations (see Note 14) | -684 | -571 | -98 | 2,184 | -1,074 | 32 | -2,524 | -5,093 | 831 | -8,659 | 153,180 |
Net income (loss) attributable to Iron Mountain Incorporated | 47,265 | 4,047 | 26,564 | 19,386 | 25,494 | 52,809 | 38,055 | 55,350 | 97,262 | 171,708 | 395,538 |
Weighted-average shares-basic | ' | ' | ' | ' | ' | ' | ' | ' | 190,994,000 | 173,604,000 | 194,777,000 |
Effect of dilutive potential stock options (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 995,836 | 914,308 | 1,060,477 |
Effect of dilutive potential restricted stock, RSUs and PUs (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 422,045 | 349,128 | 100,136 |
Weighted-average shares-diluted | ' | ' | ' | ' | ' | ' | ' | ' | 192,412,000 | 174,867,000 | 195,938,000 |
Earnings (Losses) per share-basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (Loss) from continuing operations (in dollars per share) | $0.25 | $0.03 | $0.14 | $0.10 | $0.15 | $0.31 | $0.24 | $0.36 | $0.52 | $1.06 | $1.27 |
Total income (loss) income discontinued operations (see Note 14) (in dollars per share) | ' | ' | ' | $0.01 | ($0.01) | ' | ($0.01) | ($0.03) | $0 | ($0.05) | $0.79 |
Net Income (Loss) Attributable to Iron Mountain Incorporated (in dollars per share) | $0.25 | $0.02 | $0.14 | $0.10 | $0.14 | $0.31 | $0.22 | $0.32 | $0.51 | $0.99 | $2.03 |
Earnings (Losses) per share-diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (Loss) from continuing operations (in dollars per share) | $0.25 | $0.03 | $0.14 | $0.10 | $0.15 | $0.31 | $0.24 | $0.35 | $0.52 | $1.05 | $1.26 |
Total income (loss) from discontinued operations (see Note 14) (in dollars per share) | ' | ' | ' | $0.01 | ($0.01) | ' | ($0.01) | ($0.03) | $0 | ($0.05) | $0.78 |
Net Income (Loss) Attributable to Iron Mountain Incorporated (in dollars per share) | $0.25 | $0.02 | $0.14 | $0.10 | $0.14 | $0.31 | $0.22 | $0.32 | $0.51 | $0.98 | $2.02 |
Antidilutive stock options, RSUs and PUs, excluded from the calculation (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 903,416 | 1,286,150 | 3,973,760 |
Allowance for Doubtful Accounts and Credit Memo Reserves | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
The general period to charge-off uncollectible balances of receivable, as circumstances warrant, is no later than this period of time past due | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' |
Concentrations of Credit Risk | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of global banks with cash, cash equivalent and restricted cash held on deposit | 1 | ' | ' | ' | 5 | ' | ' | ' | 1 | 5 | ' |
Number of "Triple A" rated money market funds with cash, cash equivalent and restricted cash held on deposit | 1 | ' | ' | ' | 2 | ' | ' | ' | 1 | 2 | ' |
Maximum investment limit in any one mutual fund | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' |
Maximum investment limit in any one financial institution | ' | ' | ' | ' | ' | ' | ' | ' | 75,000 | ' | ' |
Cash, cash equivalent and restricted cash | 154,386 | ' | ' | ' | 277,027 | ' | ' | ' | 154,386 | 277,027 | ' |
Money market funds and time deposits | 36,613 | ' | ' | ' | 218,629 | ' | ' | ' | 36,613 | 218,629 | ' |
Allowance for doubtful accounts and credit memo reserves | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Roll forward of allowance for doubtful accounts and credit memo reserves | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Beginning of the Year | ' | ' | ' | 25,209 | ' | ' | ' | 23,277 | 25,209 | 23,277 | 20,747 |
Credit Memos Charged to Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 49,483 | 39,723 | 39,343 |
Allowance for Bad Debts Charged to Expense | ' | ' | ' | ' | ' | ' | ' | ' | 11,321 | 8,323 | 9,506 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 3,612 | 977 | -205 |
Deductions | ' | ' | ' | ' | ' | ' | ' | ' | -54,980 | -47,091 | -46,114 |
Balance at End of the Year | $34,645 | ' | ' | ' | $25,209 | ' | ' | ' | $34,645 | $25,209 | $23,277 |
Recovered_Sheet2
Summary of Significant Accounting Policies (Details 9) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
item | |||
Assets and liabilities carried at fair value measured on a recurring basis | ' | ' | ' |
Trading securities | $13,386 | $11,071 | ' |
Available-for-sale and Trading Securities | ' | ' | ' |
Number of trust that holds marketable securities | 1 | ' | ' |
Net realized and unrealized gain (loss) on trading securities | 2,283 | 1,292 | -321 |
Foreign Currency Cash Flow Hedges | ' | ' | ' |
Maximum Length of Time Hedged in Foreign Currency Cash Flow Hedge | '6 months | ' | ' |
Fair value measured on recurring basis | Total Carrying Value | ' | ' | ' |
Assets and liabilities carried at fair value measured on a recurring basis | ' | ' | ' |
Money market funds | 33,860 | 68,800 | ' |
Time deposits | 2,753 | 149,829 | ' |
Trading securities | 13,386 | 11,071 | ' |
Derivative assets | 72 | ' | ' |
Derivative liabilities | 5,592 | 1,522 | ' |
Fair value measured on recurring basis | Quoted prices in active markets (Level 1) | ' | ' | ' |
Assets and liabilities carried at fair value measured on a recurring basis | ' | ' | ' |
Trading securities | 12,785 | 10,525 | ' |
Fair value measured on recurring basis | Significant other observable inputs (Level 2) | ' | ' | ' |
Assets and liabilities carried at fair value measured on a recurring basis | ' | ' | ' |
Money market funds | 33,860 | 68,800 | ' |
Time deposits | 2,753 | 149,829 | ' |
Trading securities | 601 | 546 | ' |
Derivative assets | 72 | ' | ' |
Derivative liabilities | $5,592 | $1,522 | ' |
Recovered_Sheet3
Summary of Significant Accounting Policies (Details 10) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investments | ' | ' |
Equity method investment, carrying value | $455 | $398 |
Iron Mountain A/S (Denmark) | ' | ' |
Investments | ' | ' |
Equity method investment (as a percent) | 32.00% | ' |
Katalyst Data Management LLC and Katalyst Data Management GP, Inc | ' | ' |
Investments | ' | ' |
Equity method investment (as a percent) | 25.00% | ' |
Crossroads Systems, Inc. | ' | ' |
Investments | ' | ' |
Cost method investment (as a percent) | 4.00% | ' |
Cost method investment, carrying value | $1,404 | ' |
Recovered_Sheet4
Summary of Significant Accounting Policies (Details 11) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated other comprehensive items, net | ' | ' | ' |
Accumulated other comprehensive items, net | ($8,660) | $20,314 | ' |
Other Expense (Income), Net: | ' | ' | ' |
Foreign currency transaction (gains) losses, net | 36,201 | 10,223 | 17,352 |
Debt extinguishment expense, net | 43,724 | 10,628 | 993 |
Other, net | -4,723 | -4,789 | -5,302 |
Total other expense (income), net | 75,202 | 16,062 | 13,043 |
Foreign currency translation adjustments | ' | ' | ' |
Accumulated other comprehensive items, net | ' | ' | ' |
Accumulated other comprehensive items, net | -9,586 | 20,314 | ' |
Market value adjustments for securities, net of tax | ' | ' | ' |
Accumulated other comprehensive items, net | ' | ' | ' |
Accumulated other comprehensive items, net | $926 | $0 | ' |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Details) | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Forward contracts | Forward contracts | Forward contracts | Forward contracts | Forward contracts | Forward contracts | |
USD ($) | USD ($) | USD ($) | Purchases | Purchases | Purchases | Sales | Sales | Sales | |
U.S. dollars: British pounds sterling | U.S. dollars: Australian dollars | Euros : U.S. dollars | U.S. dollars: British pounds sterling | U.S. dollars: Australian dollars | Euros : U.S. dollars | ||||
USD ($) | USD ($) | EUR (€) | GBP (£) | AUD | USD ($) | ||||
Derivative instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount of derivatives | ' | ' | ' | $206,069 | $62,300 | € 93,000 | £ 127,500 | 70,000 | $127,219 |
Net cash receipts from foreign currency forward contracts | 6,954 | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash disbursements from foreign currency forward contracts | ' | $9,116 | $1,092 | ' | ' | ' | ' | ' | ' |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities (Details 2) (Derivatives Not Designated as Hedging Instruments, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair value of derivative instruments | ' | ' |
Asset Derivatives | $72 | ' |
Liability Derivatives | 5,592 | 1,522 |
Foreign exchange contracts | Prepaid expenses and other | ' | ' |
Fair value of derivative instruments | ' | ' |
Asset Derivatives | 72 | ' |
Foreign exchange contracts | Accrued expenses | ' | ' |
Fair value of derivative instruments | ' | ' |
Liability Derivatives | $5,592 | $1,522 |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities (Details 3) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | 6 3/4% Notes | 6 3/4% Notes | 6 3/4% Notes | Designated Hedging Instruments | Designated Hedging Instruments | Designated Hedging Instruments | Designated Hedging Instruments | Designated Hedging Instruments | Designated Hedging Instruments | Derivatives Not Designated as Hedging Instruments | Derivatives Not Designated as Hedging Instruments | Derivatives Not Designated as Hedging Instruments | Derivatives Not Designated as Hedging Instruments | Derivatives Not Designated as Hedging Instruments | Derivatives Not Designated as Hedging Instruments |
6 3/4% Notes | 6 3/4% Notes | 6 3/4% Notes | 6 3/4% Notes | 6 3/4% Notes | 6 3/4% Notes | USD ($) | USD ($) | USD ($) | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | ||||
Net investment | Net investment | Net investment | Net investment | Net investment | Net investment | Other (income) expense, net | Other (income) expense, net | Other (income) expense, net | |||||||
USD ($) | USD ($) | USD ($) | EUR (€) | EUR (€) | EUR (€) | USD ($) | USD ($) | USD ($) | |||||||
Gains and losses on derivative instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total (gain) loss recognized in income on derivatives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($2,955) | $13,007 | ($1,209) | ($2,955) | $13,007 | ($1,209) |
Net investment hedge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate (as a percent) | 6.75% | 6.75% | 6.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average notional amount of derivatives | ' | ' | ' | ' | ' | ' | 106,525 | 101,167 | 86,750 | ' | ' | ' | ' | ' | ' |
Foreign exchange gains (losses) | ' | ' | ' | -5,311 | -4,408 | 8,634 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign exchange gains (losses), net of tax | ' | ' | ' | -3,238 | -2,668 | 5,411 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative net investment hedge gains (losses) recorded in accumulated other comprehensive items, net | ' | ' | ' | $7,484 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Details
Debt (Details) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 07, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 07, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2011 | Aug. 31, 2013 | Jan. 31, 2011 | Mar. 31, 2011 | Aug. 31, 2012 | Aug. 31, 2012 | Sep. 30, 2012 |
USD ($) | USD ($) | USD ($) | Parent | Canada Company | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Term Loan Facility | The 7 1/4% Notes | The 7 1/4% Notes | The 7 1/4% Notes | The 7 1/4% Notes | The 7 1/4% Notes | The 7 1/4% Notes | Senior Subordinated Subsidiary Notes | Senior Subordinated Subsidiary Notes | Senior Subordinated Subsidiary Notes | The 8% Notes | The 8% Notes | The 8% Notes | 6 3/4% Notes | 6 3/4% Notes | 6 3/4% Notes | 6 3/4% Notes | 6 3/4% Notes | 6 3/4% Notes | 6 3/4% Notes | 6 3/4% Notes | 6 3/4% Notes | 6 3/4% Notes | The 7 3/4% Notes | The 7 3/4% Notes | The 7 3/4% Notes | The 7 3/4% Notes | The 7 3/4% Notes | The 7 3/4% Notes | The 7 3/4% Notes | The 8% Notes due 2020 | The 8% Notes due 2020 | The 8% Notes due 2020 | The 8 3/8% Notes | The 8 3/8% Notes | The 8 3/8% Notes | The 8 3/8% Notes | The 8 3/8% Notes | The 8 3/8% Notes | The 8 3/8% Notes | The 8 3/8% Notes | The 8 3/8% Notes | The 8 3/8% Notes | The 8 3/8% Notes | Senior Subsidiary Notes | Senior Subsidiary Notes | Senior Subsidiary Notes | Senior Subsidiary Notes | Senior Subsidiary Notes | Senior Subsidiary Notes | Senior Subsidiary Notes | Senior Subsidiary Notes | Senior Subsidiary Notes | 6% Notes | 6% Notes | 6% Notes | 6% Notes | 6% Notes | 6% Notes | 6% Notes | 6% Notes | 6% Notes | The 5 3/4% Notes | The 5 3/4% Notes | The 5 3/4% Notes | The 5 3/4% Notes | The 5 3/4% Notes | The 5 3/4% Notes | The 5 3/4% Notes | The 5 3/4% Notes | The 5 3/4% Notes | The 5 3/4% Notes | Real Estate Mortgages, Capital Leases and Other | Real Estate Mortgages, Capital Leases and Other | Real estate mortgages | Real estate mortgages | Real estate mortgages | Real estate mortgages | Capital lease obligations | Capital lease obligations | Other notes and obligations | Other notes and obligations | The CAD Senior Subordinated Subsidiary Notes, 8% Notes, 8% Notes due 2020 and 8.375% Notes | Revolving Credit Facility and Term Loan | Revolving Credit Facility and Term Loan | 6% Notes and Senior Subsidiary Notes | The 7 3/4% notes due 2015 | The 7 3/4% notes due 2015 | The 6 5/8% Notes | The 8 3/4% Notes | The 6 5/8% Notes and 8 3/4% Notes | |
item | item | item | USD ($) | CAD | Minimum | Maximum | Maximum | USD ($) | USD ($) | USD ($) | USD ($) | USD | EUR | CAD | Minimum | Maximum | USD ($) | USD ($) | GBP (£) | USD ($) | Redemption date 2013 | Redemption date 2014 | CAD | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | Redemption date 2013 | Redemption date 2014 | Redemption date 2015 | Redemption date 2016 | Redemption date 2017 | Redemption date 2018 | USD ($) | USD ($) | Redemption date 2015 | Redemption date 2016 | Redemption date 2017 | Redemption date 2018 | Redemption date 2019 | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Redemption date 2014 | Redemption date 2015 | Redemption date 2016 | Redemption date 2017 | Redemption date 2018 | Redemption date 2019 | Redemption date 2020 | Redemption date 2021 | USD ($) | CAD | CAD | Redemption date 2017 | Redemption date 2018 | Redemption date 2019 | Redemption date 2020 | Redemption date 2021 | USD ($) | USD ($) | Redemption date 2018 | Redemption date 2019 | Redemption date 2020 | Redemption date 2021 | Redemption date 2022 | Redemption date 2023 | USD ($) | USD ($) | Redemption date 2017 | Redemption date 2018 | Redemption date 2019 | Redemption date 2020 | Redemption date 2021 | Redemption date 2022 | Redemption date 2023 | Redemption date 2024 | USD ($) | USD ($) | USD ($) | USD ($) | Minimum | Maximum | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||
Canada Company | USD ($) | EUR (€) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Long-term Debt | $4,171,722 | $3,825,003 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $675,717 | $55,500 | ' | ' | $525,538 | € 40,715 | 100,000 | ' | ' | $462,500 | $247,808 | ' | $242,813 | ' | ' | ' | ' | ' | $175,875 | ' | ' | $49,834 | $350,272 | ' | $335,152 | ' | ' | ' | ' | ' | ' | ' | $400,000 | $400,000 | ' | ' | ' | ' | ' | ' | ' | $300,000 | ' | $411,518 | $548,518 | ' | ' | ' | ' | ' | ' | ' | ' | $187,960 | ' | ' | ' | ' | ' | ' | ' | ' | $600,000 | ' | ' | ' | ' | ' | ' | ' | ' | $1,000,000 | $1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | $298,447 | $254,811 | $3,704 | $4,305 | ' | ' | $255,124 | $235,826 | $39,619 | $14,680 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less Current Portion | -52,583 | -92,887 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Net of Current Portion | 4,119,139 | 3,732,116 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 675,717 | 55,500 | ' | ' | ' | ' | ' | ' | ' | 462,500 | 248,117 | ' | 242,813 | ' | ' | ' | ' | ' | 181,591 | ' | ' | 56,052 | 355,071 | ' | 341,753 | ' | ' | ' | ' | ' | ' | ' | 446,000 | 451,000 | ' | ' | ' | ' | ' | ' | ' | 317,250 | ' | 444,470 | 610,500 | ' | ' | ' | ' | ' | ' | ' | ' | 187,960 | ' | ' | ' | ' | ' | ' | ' | ' | 614,820 | ' | ' | ' | ' | ' | ' | ' | ' | 930,000 | 1,012,500 | ' | ' | ' | ' | ' | ' | ' | ' | 298,447 | 254,811 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.25% | 7.25% | 7.25% | 7.25% | ' | ' | ' | 7.50% | 7.50% | ' | 8.00% | 8.00% | 6.75% | 6.75% | 6.75% | 6.75% | ' | ' | ' | ' | ' | ' | 7.75% | 7.75% | ' | ' | ' | ' | ' | ' | 8.00% | 8.00% | ' | 8.38% | 8.38% | ' | ' | ' | ' | ' | ' | ' | ' | 6.13% | 6.13% | ' | 6.13% | ' | ' | ' | ' | ' | 6.00% | ' | 6.00% | ' | ' | ' | ' | ' | ' | 5.75% | 5.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.60% | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.80% | ' | 14.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital stock of subsidiaries pledged to secure debt (as a percent) | ' | ' | ' | ' | ' | 66.00% | ' | ' | 66.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership in U.S. subsidiaries that are considered guarantor (as a percent) | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Optional expanded maximum borrowing capacity | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 255,000 | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 412,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.30% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,460 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of earnings before interest, taxes, depreciation, amortization and rent expense (EBITDAR) for calculation of remaining borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining amount available for borrowing under credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 820,823 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.70% | ' | ' | ' | ' | ' | ' | 2.40% | 4.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fees and letters of credit fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,167 | 2,306 | 2,123 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write-off of deferred financings costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,544 | 1,843 | ' | ' | ' | ' | ' | ' |
Debt covenants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net total lease adjusted leverage ratio | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | 6.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net secured debt lease adjusted leverage ratio | ' | ' | ' | ' | ' | 2.2 | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bond leverage ratio, per indentures | ' | ' | ' | ' | ' | 5.1 | ' | 5.3 | ' | ' | 6.5 | 6.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed charge coverage ratio | ' | ' | ' | ' | ' | 2.5 | ' | ' | ' | 1.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of series of senior subordinated or senior notes | 7 | ' | ' | 6 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount of public offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes issued as a percent of par | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' |
Net proceeds from sales of senior notes | 782,307 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 782,307 | ' | ' | ' | ' | ' |
Aggregate principal amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 175,000 | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | 137,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 231,255 | ' | 320,000 | 200,000 | ' |
Redemption price (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | 102.50% | ' | ' | 102.70% | ' | ' | ' | ' | ' | ' | 101.13% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | ' | ' | 103.88% | 101.94% | 100.00% | 100.00% | 100.00% | 104.00% | ' | ' | 109.80% | ' | ' | 104.19% | 102.79% | 101.40% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | ' | ' | ' | ' | 103.06% | 101.53% | 100.00% | 100.00% | 100.00% | ' | ' | ' | 103.00% | 102.00% | 101.00% | 100.00% | 100.00% | 100.00% | ' | ' | 102.88% | 101.92% | 100.96% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | 100.00% | 102.90% | ' |
Early extinguishment of debt | ($43,724) | ($10,628) | ($993) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($38,118) | ' | ' | ' | ' | $850 | ' | ' | ($10,628) |
Debt_Details_2
Debt (Details 2) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Maturities of long-term debt | ' |
2014 | $300,391 |
2015 | 47,969 |
2016 | 713,347 |
2017 | 31,140 |
2018 | 377,966 |
Thereafter | 2,703,176 |
Long-Term Gross | 4,173,989 |
Net Premiums (Discounts) | -2,267 |
Total Long-term Debt (including current portion) | $4,171,722 |
Selected_Consolidated_Financia2
Selected Consolidated Financial Statements of Parent, Guarantors, Canada Company and Non-Guarantors (Details) (USD $) | Dec. 31, 2013 | Jul. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | item | ||||
Consolidating financial statements | ' | ' | ' | ' | ' |
Percentage of subsidiaries owned | 100.00% | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' | ' |
Cash and Cash Equivalents | $120,526 | ' | $243,415 | $179,845 | $258,693 |
Restricted Cash | 33,860 | ' | 33,612 | ' | ' |
Accounts Receivable | 616,797 | ' | 572,200 | ' | ' |
Other Current Assets | 162,424 | ' | 174,865 | ' | ' |
Total Current Assets | 933,607 | ' | 1,024,092 | ' | ' |
Property, Plant and Equipment, Net | 2,578,260 | ' | 2,477,727 | ' | ' |
Other Assets, Net: | ' | ' | ' | ' | ' |
Goodwill | 2,463,352 | ' | 2,334,759 | ' | ' |
Other | 677,786 | ' | 521,761 | ' | ' |
Total Other Assets, Net | 3,141,138 | ' | 2,856,520 | ' | ' |
Total Assets | 6,653,005 | ' | 6,358,339 | 6,041,258 | ' |
Liabilities and Equity | ' | ' | ' | ' | ' |
Current Portion of Long-term Debt | 52,583 | ' | 92,887 | ' | ' |
Total Other Current Liabilities | 906,518 | ' | 812,066 | ' | ' |
Long-term Debt, Net of Current Portion | 4,119,139 | ' | 3,732,116 | ' | ' |
Other Long-term Liabilities | 516,931 | ' | 558,822 | ' | ' |
Commitments and Contingencies (see Note 10) | ' | ' | ' | ' | ' |
Total Iron Mountain Incorporated Stockholders' Equity | 1,047,338 | ' | 1,149,971 | ' | ' |
Noncontrolling Interests | 10,496 | ' | 12,477 | ' | ' |
Total Equity | 1,057,834 | ' | 1,162,448 | 1,254,256 | 1,952,865 |
Total Liabilities and Equity | 6,653,005 | ' | 6,358,339 | ' | ' |
Eliminations | ' | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' | ' |
Intercompany Receivable | -763,108 | ' | -1,055,593 | ' | ' |
Other Current Assets | -30 | ' | -65 | ' | ' |
Total Current Assets | -763,138 | ' | -1,055,658 | ' | ' |
Other Assets, Net: | ' | ' | ' | ' | ' |
Long-term Notes Receivable from Affiliates and Intercompany Receivable | -1,779,242 | ' | -1,074,785 | ' | ' |
Investment in Subsidiaries | -2,986,258 | ' | -3,962,535 | ' | ' |
Other | -114 | ' | -114 | ' | ' |
Total Other Assets, Net | -4,765,614 | ' | -5,037,434 | ' | ' |
Total Assets | -5,528,752 | ' | -6,093,092 | ' | ' |
Liabilities and Equity | ' | ' | ' | ' | ' |
Intercompany Payable | -763,108 | ' | -1,055,593 | ' | ' |
Current Portion of Long-term Debt | -30 | ' | -65 | ' | ' |
Long-term Notes Payable to Affiliates and Intercompany Payable | -1,779,242 | ' | -1,074,785 | ' | ' |
Other Long-term Liabilities | -114 | ' | -114 | ' | ' |
Total Iron Mountain Incorporated Stockholders' Equity | -2,986,258 | ' | -3,962,535 | ' | ' |
Total Equity | -2,986,258 | ' | -3,962,535 | ' | ' |
Total Liabilities and Equity | -5,528,752 | ' | -6,093,092 | ' | ' |
Parent | Reportable legal entities | ' | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' | ' |
Cash and Cash Equivalents | 1,243 | ' | ' | 3,428 | 13,909 |
Restricted Cash | 33,860 | ' | 33,612 | ' | ' |
Intercompany Receivable | 761,501 | ' | 1,055,593 | ' | ' |
Other Current Assets | 1,120 | ' | 48 | ' | ' |
Total Current Assets | 797,724 | ' | 1,089,253 | ' | ' |
Property, Plant and Equipment, Net | 1,019 | ' | 1,305 | ' | ' |
Other Assets, Net: | ' | ' | ' | ' | ' |
Long-term Notes Receivable from Affiliates and Intercompany Receivable | 1,775,570 | ' | 1,070,930 | ' | ' |
Investment in Subsidiaries | 1,570,505 | ' | 1,941,540 | ' | ' |
Other | 38,862 | ' | 37,909 | ' | ' |
Total Other Assets, Net | 3,384,937 | ' | 3,050,379 | ' | ' |
Total Assets | 4,183,680 | ' | 4,140,937 | ' | ' |
Liabilities and Equity | ' | ' | ' | ' | ' |
Total Other Current Liabilities | 125,705 | ' | 111,536 | ' | ' |
Long-term Debt, Net of Current Portion | 3,009,597 | ' | 2,876,317 | ' | ' |
Long-term Notes Payable to Affiliates and Intercompany Payable | 1,000 | ' | 1,000 | ' | ' |
Other Long-term Liabilities | 40 | ' | 2,113 | ' | ' |
Total Iron Mountain Incorporated Stockholders' Equity | 1,047,338 | ' | 1,149,971 | ' | ' |
Total Equity | 1,047,338 | ' | 1,149,971 | ' | ' |
Total Liabilities and Equity | 4,183,680 | ' | 4,140,937 | ' | ' |
Guarantors | Reportable legal entities | ' | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' | ' |
Cash and Cash Equivalents | 10,366 | ' | 13,472 | 10,750 | 121,584 |
Accounts Receivable | 358,118 | ' | 338,455 | ' | ' |
Other Current Assets | 98,717 | ' | 121,933 | ' | ' |
Total Current Assets | 467,201 | ' | 473,860 | ' | ' |
Property, Plant and Equipment, Net | 1,569,248 | ' | 1,500,309 | ' | ' |
Other Assets, Net: | ' | ' | ' | ' | ' |
Long-term Notes Receivable from Affiliates and Intercompany Receivable | 1,000 | ' | 1,000 | ' | ' |
Investment in Subsidiaries | 1,313,835 | ' | 1,688,000 | ' | ' |
Goodwill | 1,638,534 | ' | 1,536,964 | ' | ' |
Other | 376,939 | ' | 261,950 | ' | ' |
Total Other Assets, Net | 3,330,308 | ' | 3,487,914 | ' | ' |
Total Assets | 5,366,757 | ' | 5,462,083 | ' | ' |
Liabilities and Equity | ' | ' | ' | ' | ' |
Intercompany Payable | 581,029 | ' | 942,547 | ' | ' |
Current Portion of Long-term Debt | 30,236 | ' | 70,870 | ' | ' |
Total Other Current Liabilities | 530,169 | ' | 469,249 | ' | ' |
Long-term Debt, Net of Current Portion | 508,382 | ' | 568,205 | ' | ' |
Long-term Notes Payable to Affiliates and Intercompany Payable | 1,772,144 | ' | 1,066,823 | ' | ' |
Other Long-term Liabilities | 392,545 | ' | 417,972 | ' | ' |
Total Iron Mountain Incorporated Stockholders' Equity | 1,552,252 | ' | 1,926,417 | ' | ' |
Total Equity | 1,552,252 | ' | 1,926,417 | ' | ' |
Total Liabilities and Equity | 5,366,757 | ' | 5,462,083 | ' | ' |
Canada Company | Reportable legal entities | ' | ' | ' | ' | ' |
Consolidating financial statements | ' | ' | ' | ' | ' |
Number of wholly owned entities into which assets and liabilities were contributed | ' | 2 | ' | ' | ' |
Current Assets: | ' | ' | ' | ' | ' |
Cash and Cash Equivalents | 1,094 | ' | 103,346 | 69,945 | 37,718 |
Accounts Receivable | 38,928 | ' | 45,623 | ' | ' |
Intercompany Receivable | 1,607 | ' | ' | ' | ' |
Other Current Assets | 5,995 | ' | 6,871 | ' | ' |
Total Current Assets | 47,624 | ' | 155,840 | ' | ' |
Property, Plant and Equipment, Net | 172,246 | ' | 187,286 | ' | ' |
Other Assets, Net: | ' | ' | ' | ' | ' |
Long-term Notes Receivable from Affiliates and Intercompany Receivable | 2,672 | ' | 2,855 | ' | ' |
Investment in Subsidiaries | 31,130 | ' | 29,831 | ' | ' |
Goodwill | 187,259 | ' | 200,250 | ' | ' |
Other | 11,257 | ' | 10,686 | ' | ' |
Total Other Assets, Net | 232,318 | ' | 243,622 | ' | ' |
Total Assets | 452,188 | ' | 586,748 | ' | ' |
Liabilities and Equity | ' | ' | ' | ' | ' |
Intercompany Payable | ' | ' | 3,310 | ' | ' |
Total Other Current Liabilities | 29,513 | ' | 26,836 | ' | ' |
Long-term Debt, Net of Current Portion | 289,105 | ' | 183,505 | ' | ' |
Other Long-term Liabilities | 31,652 | ' | 40,102 | ' | ' |
Total Iron Mountain Incorporated Stockholders' Equity | 101,918 | ' | 332,995 | ' | ' |
Total Equity | 101,918 | ' | 332,995 | ' | ' |
Total Liabilities and Equity | 452,188 | ' | 586,748 | ' | ' |
Non-Guarantors | Reportable legal entities | ' | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' | ' |
Cash and Cash Equivalents | 107,823 | ' | 126,597 | 95,722 | 85,482 |
Accounts Receivable | 219,751 | ' | 188,122 | ' | ' |
Other Current Assets | 56,622 | ' | 46,078 | ' | ' |
Total Current Assets | 384,196 | ' | 360,797 | ' | ' |
Property, Plant and Equipment, Net | 835,747 | ' | 788,827 | ' | ' |
Other Assets, Net: | ' | ' | ' | ' | ' |
Investment in Subsidiaries | 70,788 | ' | 303,164 | ' | ' |
Goodwill | 637,559 | ' | 597,545 | ' | ' |
Other | 250,842 | ' | 211,330 | ' | ' |
Total Other Assets, Net | 959,189 | ' | 1,112,039 | ' | ' |
Total Assets | 2,179,132 | ' | 2,261,663 | ' | ' |
Liabilities and Equity | ' | ' | ' | ' | ' |
Intercompany Payable | 182,079 | ' | 109,736 | ' | ' |
Current Portion of Long-term Debt | 22,377 | ' | 22,082 | ' | ' |
Total Other Current Liabilities | 221,131 | ' | 204,445 | ' | ' |
Long-term Debt, Net of Current Portion | 312,055 | ' | 104,089 | ' | ' |
Long-term Notes Payable to Affiliates and Intercompany Payable | 6,098 | ' | 6,962 | ' | ' |
Other Long-term Liabilities | 92,808 | ' | 98,749 | ' | ' |
Total Iron Mountain Incorporated Stockholders' Equity | 1,332,088 | ' | 1,703,123 | ' | ' |
Noncontrolling Interests | 10,496 | ' | 12,477 | ' | ' |
Total Equity | 1,342,584 | ' | 1,715,600 | ' | ' |
Total Liabilities and Equity | $2,179,132 | ' | $2,261,663 | ' | ' |
Selected_Consolidated_Financia3
Selected Consolidated Financial Statements of Parent, Guarantors, Canada Company and Non-Guarantors (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Storage Rental | ' | ' | ' | ' | ' | ' | ' | ' | $1,784,721 | $1,733,138 | $1,682,990 |
Service | ' | ' | ' | ' | ' | ' | ' | ' | 1,241,202 | 1,272,117 | 1,331,713 |
Total Revenues | 768,532 | 755,639 | 754,721 | 747,031 | 758,467 | 748,125 | 752,165 | 746,498 | 3,025,923 | 3,005,255 | 3,014,703 |
Operating Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of Sales (Excluding Depreciation and Amortization) | ' | ' | ' | ' | ' | ' | ' | ' | 1,288,878 | 1,277,113 | 1,245,200 |
Selling, General and Administrative | ' | ' | ' | ' | ' | ' | ' | ' | 924,031 | 850,371 | 834,591 |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 322,037 | 316,344 | 319,499 |
Intangible Impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,500 |
Loss (Gain) on Disposal/Write-down of Property, Plant and Equipment, Net | ' | ' | ' | ' | ' | ' | ' | ' | -1,417 | 4,400 | -2,286 |
Total Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 2,533,529 | 2,448,228 | 2,443,504 |
Operating Income (Loss) | 97,400 | 140,283 | 131,869 | 122,842 | 102,561 | 153,966 | 158,687 | 141,813 | 492,394 | 557,027 | 571,199 |
Interest Expense (Income), Net | ' | ' | ' | ' | ' | ' | ' | ' | 254,174 | 242,599 | 205,256 |
Other Expense (Income), Net | ' | ' | ' | ' | ' | ' | ' | ' | 75,202 | 16,062 | 13,043 |
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 163,018 | 298,366 | 352,900 |
(Benefit) Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 63,057 | 114,873 | 106,488 |
Income (Loss) from Continuing Operations | 48,545 | 5,528 | 27,538 | 18,350 | 27,260 | 53,719 | 41,441 | 61,073 | 99,961 | 183,493 | 246,412 |
(Loss) Income from Discontinued Operations, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | 831 | -6,774 | -47,439 |
Gain (Loss) on Sale of Discontinued Operations, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,885 | 200,619 |
Net Income (Loss) | 47,861 | 4,957 | 27,440 | 20,534 | 26,186 | 53,751 | 38,917 | 55,980 | 100,792 | 174,834 | 399,592 |
Less: Net Income (Loss) Attributable to Noncontrolling Interests | ' | ' | ' | ' | ' | ' | ' | ' | 3,530 | 3,126 | 4,054 |
Net Income (Loss) Attributable to Iron Mountain Incorporated | 47,265 | 4,047 | 26,564 | 19,386 | 25,494 | 52,809 | 38,055 | 55,350 | 97,262 | 171,708 | 395,538 |
Other Comprehensive Income (Loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) | 47,861 | 4,957 | 27,440 | 20,534 | 26,186 | 53,751 | 38,917 | 55,980 | 100,792 | 174,834 | 399,592 |
Foreign Currency Translation Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | -31,532 | 23,186 | -32,616 |
Market Value Adjustments for Securities, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | 926 | ' | ' |
Total Other Comprehensive (Loss) Income | ' | ' | ' | ' | ' | ' | ' | ' | -30,606 | 23,186 | -32,616 |
Comprehensive Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 70,186 | 198,020 | 366,976 |
Comprehensive Income (Loss) Attributable to Noncontrolling Interests | ' | ' | ' | ' | ' | ' | ' | ' | 1,898 | 3,795 | 3,123 |
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | ' | ' | ' | ' | ' | ' | ' | ' | 68,288 | 194,225 | 363,853 |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intercompany Service | ' | ' | ' | ' | ' | ' | ' | ' | -32,810 | ' | ' |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | -32,810 | ' | ' |
Operating Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intercompany Service Cost of Sales | ' | ' | ' | ' | ' | ' | ' | ' | -32,810 | ' | ' |
Total Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | -32,810 | ' | ' |
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | 446,517 | 503,207 | 574,295 |
Income (Loss) from Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | -446,517 | -503,207 | -574,295 |
Net Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | -446,517 | -503,207 | -574,295 |
Net Income (Loss) Attributable to Iron Mountain Incorporated | ' | ' | ' | ' | ' | ' | ' | ' | -446,517 | -503,207 | -574,295 |
Other Comprehensive Income (Loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | -446,517 | -503,207 | -574,295 |
Equity in Other Comprehensive Income (Loss) of Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 67,732 | -58,618 | 79,392 |
Total Other Comprehensive (Loss) Income | ' | ' | ' | ' | ' | ' | ' | ' | 67,732 | -58,618 | 79,392 |
Comprehensive Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | -378,785 | -561,825 | -494,903 |
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | ' | ' | ' | ' | ' | ' | ' | ' | -378,785 | -561,825 | -494,903 |
Parent | Reportable legal entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of Sales (Excluding Depreciation and Amortization) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000 |
Selling, General and Administrative | ' | ' | ' | ' | ' | ' | ' | ' | 227 | 220 | -1,885 |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 319 | 320 | 457 |
Loss (Gain) on Disposal/Write-down of Property, Plant and Equipment, Net | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' |
Total Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 551 | 540 | 572 |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | -551 | -540 | -572 |
Interest Expense (Income), Net | ' | ' | ' | ' | ' | ' | ' | ' | 206,682 | 196,423 | 173,738 |
Other Expense (Income), Net | ' | ' | ' | ' | ' | ' | ' | ' | 54,144 | 32,161 | -3,944 |
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | -261,377 | -229,124 | -170,366 |
(Benefit) Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | -16 | ' | ' |
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | -358,623 | -400,832 | -565,904 |
Income (Loss) from Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | 97,262 | 171,708 | 395,538 |
Net Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 97,262 | 171,708 | 395,538 |
Net Income (Loss) Attributable to Iron Mountain Incorporated | ' | ' | ' | ' | ' | ' | ' | ' | 97,262 | 171,708 | 395,538 |
Other Comprehensive Income (Loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 97,262 | 171,708 | 395,538 |
Foreign Currency Translation Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | -3,237 | -2,668 | 5,412 |
Equity in Other Comprehensive Income (Loss) of Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -25,737 | 25,185 | -37,097 |
Total Other Comprehensive (Loss) Income | ' | ' | ' | ' | ' | ' | ' | ' | -28,974 | 22,517 | -31,685 |
Comprehensive Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 68,288 | 194,225 | 363,853 |
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | ' | ' | ' | ' | ' | ' | ' | ' | 68,288 | 194,225 | 363,853 |
Guarantors | Reportable legal entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Storage Rental | ' | ' | ' | ' | ' | ' | ' | ' | 1,174,978 | 1,156,681 | 1,132,743 |
Service | ' | ' | ' | ' | ' | ' | ' | ' | 755,390 | 784,068 | 833,652 |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,930,368 | 1,940,749 | 1,966,395 |
Operating Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of Sales (Excluding Depreciation and Amortization) | ' | ' | ' | ' | ' | ' | ' | ' | 771,271 | 761,092 | 760,300 |
Selling, General and Administrative | ' | ' | ' | ' | ' | ' | ' | ' | 655,052 | 591,092 | 548,848 |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 195,794 | 192,304 | 192,551 |
Loss (Gain) on Disposal/Write-down of Property, Plant and Equipment, Net | ' | ' | ' | ' | ' | ' | ' | ' | -100 | -966 | -1,120 |
Total Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,622,017 | 1,543,522 | 1,500,579 |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 308,351 | 397,227 | 465,816 |
Interest Expense (Income), Net | ' | ' | ' | ' | ' | ' | ' | ' | -19,731 | -17,117 | -24,055 |
Other Expense (Income), Net | ' | ' | ' | ' | ' | ' | ' | ' | 1,283 | -3,842 | 7,561 |
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 326,799 | 418,186 | 482,310 |
(Benefit) Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 34,267 | 86,549 | 86,139 |
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | -63,775 | -73,625 | 18,569 |
Income (Loss) from Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | 356,307 | 405,262 | 377,602 |
(Loss) Income from Discontinued Operations, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | -529 | 430 | -17,350 |
Gain (Loss) on Sale of Discontinued Operations, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 198,735 |
Net Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 355,778 | 405,692 | 558,987 |
Net Income (Loss) Attributable to Iron Mountain Incorporated | ' | ' | ' | ' | ' | ' | ' | ' | 355,778 | 405,692 | 558,987 |
Other Comprehensive Income (Loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 355,778 | 405,692 | 558,987 |
Foreign Currency Translation Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 1,177 | -212 | -97 |
Market Value Adjustments for Securities, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | 926 | ' | ' |
Equity in Other Comprehensive Income (Loss) of Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -26,862 | 25,421 | -36,443 |
Total Other Comprehensive (Loss) Income | ' | ' | ' | ' | ' | ' | ' | ' | -24,759 | 25,209 | -36,540 |
Comprehensive Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 331,019 | 430,901 | 522,447 |
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | ' | ' | ' | ' | ' | ' | ' | ' | 331,019 | 430,901 | 522,447 |
Canada Company | Reportable legal entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Storage Rental | ' | ' | ' | ' | ' | ' | ' | ' | 129,987 | 130,825 | 126,088 |
Service | ' | ' | ' | ' | ' | ' | ' | ' | 35,119 | ' | ' |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 165,106 | 130,825 | 126,088 |
Operating Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of Sales (Excluding Depreciation and Amortization) | ' | ' | ' | ' | ' | ' | ' | ' | 27,354 | 27,881 | 27,220 |
Intercompany Service Cost of Sales | ' | ' | ' | ' | ' | ' | ' | ' | 32,810 | ' | ' |
Selling, General and Administrative | ' | ' | ' | ' | ' | ' | ' | ' | 15,792 | 17,741 | 19,505 |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 12,383 | 12,797 | 12,751 |
Loss (Gain) on Disposal/Write-down of Property, Plant and Equipment, Net | ' | ' | ' | ' | ' | ' | ' | ' | 21 | 84 | -3,512 |
Total Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 88,360 | 58,503 | 55,964 |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 76,746 | 72,322 | 70,124 |
Interest Expense (Income), Net | ' | ' | ' | ' | ' | ' | ' | ' | 40,537 | 36,114 | 37,578 |
Other Expense (Income), Net | ' | ' | ' | ' | ' | ' | ' | ' | 5,410 | -37 | 314 |
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 30,799 | 36,245 | 32,232 |
(Benefit) Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 12,361 | 12,768 | 14,266 |
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | -5,681 | -5,273 | -8,994 |
Income (Loss) from Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | 24,119 | 28,750 | 26,960 |
Net Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 24,119 | 28,750 | 26,960 |
Net Income (Loss) Attributable to Iron Mountain Incorporated | ' | ' | ' | ' | ' | ' | ' | ' | 24,119 | 28,750 | 26,960 |
Other Comprehensive Income (Loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 24,119 | 28,750 | 26,960 |
Foreign Currency Translation Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | -11,096 | 8,012 | -5,852 |
Equity in Other Comprehensive Income (Loss) of Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -4,037 | ' | ' |
Total Other Comprehensive (Loss) Income | ' | ' | ' | ' | ' | ' | ' | ' | -15,133 | 8,012 | -5,852 |
Comprehensive Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 8,986 | 36,762 | 21,108 |
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | ' | ' | ' | ' | ' | ' | ' | ' | 8,986 | 36,762 | 21,108 |
Non-Guarantors | Reportable legal entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Storage Rental | ' | ' | ' | ' | ' | ' | ' | ' | 479,756 | 445,632 | 424,159 |
Service | ' | ' | ' | ' | ' | ' | ' | ' | 450,693 | 488,049 | 498,061 |
Intercompany Service | ' | ' | ' | ' | ' | ' | ' | ' | 32,810 | ' | ' |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 963,259 | 933,681 | 922,220 |
Operating Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of Sales (Excluding Depreciation and Amortization) | ' | ' | ' | ' | ' | ' | ' | ' | 490,253 | 488,140 | 455,680 |
Selling, General and Administrative | ' | ' | ' | ' | ' | ' | ' | ' | 252,960 | 241,318 | 268,123 |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 113,541 | 110,923 | 113,740 |
Intangible Impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,500 |
Loss (Gain) on Disposal/Write-down of Property, Plant and Equipment, Net | ' | ' | ' | ' | ' | ' | ' | ' | -1,343 | 5,282 | 2,346 |
Total Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 855,411 | 845,663 | 886,389 |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 107,848 | 88,018 | 35,831 |
Interest Expense (Income), Net | ' | ' | ' | ' | ' | ' | ' | ' | 26,686 | 27,179 | 17,995 |
Other Expense (Income), Net | ' | ' | ' | ' | ' | ' | ' | ' | 14,365 | -12,220 | 9,112 |
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 66,797 | 73,059 | 8,724 |
(Benefit) Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 16,445 | 15,556 | 6,083 |
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | -18,438 | -23,477 | -17,966 |
Income (Loss) from Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | 68,790 | 80,980 | 20,607 |
(Loss) Income from Discontinued Operations, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | 1,360 | -7,204 | -30,089 |
Gain (Loss) on Sale of Discontinued Operations, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,885 | 1,884 |
Net Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 70,150 | 71,891 | -7,598 |
Less: Net Income (Loss) Attributable to Noncontrolling Interests | ' | ' | ' | ' | ' | ' | ' | ' | 3,530 | 3,126 | 4,054 |
Net Income (Loss) Attributable to Iron Mountain Incorporated | ' | ' | ' | ' | ' | ' | ' | ' | 66,620 | 68,765 | -11,652 |
Other Comprehensive Income (Loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 70,150 | 71,891 | -7,598 |
Foreign Currency Translation Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | -18,376 | 18,054 | -32,079 |
Equity in Other Comprehensive Income (Loss) of Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -11,096 | 8,012 | -5,852 |
Total Other Comprehensive (Loss) Income | ' | ' | ' | ' | ' | ' | ' | ' | -29,472 | 26,066 | -37,931 |
Comprehensive Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 40,678 | 97,957 | -45,529 |
Comprehensive Income (Loss) Attributable to Noncontrolling Interests | ' | ' | ' | ' | ' | ' | ' | ' | 1,898 | 3,795 | 3,123 |
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | ' | ' | ' | ' | ' | ' | ' | ' | $38,780 | $94,162 | ($48,652) |
Selected_Consolidated_Financia4
Selected Consolidated Financial Statements of Parent, Guarantors, Canada Company and Non-Guarantors (Details 3) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Oct. 15, 2013 | Jul. 15, 2013 | Apr. 15, 2013 | Jan. 17, 2013 | Nov. 21, 2012 | Oct. 15, 2012 | Jul. 13, 2012 | Apr. 13, 2012 | Nov. 21, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows from Operating Activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Flows from Operating Activities-Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | $506,593 | $443,652 | $663,514 |
Cash Flows from Operating Activities-Discontinued Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 953 | -10,916 | -48,076 |
Cash Flows from Operating Activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 507,546 | 432,736 | 615,438 |
Cash Flows from Investing Activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | -287,295 | -240,683 | -209,155 |
Cash paid for acquisitions, net of cash acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | -317,100 | -125,134 | -75,246 |
Investment in restricted cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | -248 | 1,498 | -5 |
Additions to customer relationship and acquisition costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | -30,191 | -28,872 | -21,703 |
Investment in joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,330 | -335 |
Proceeds from sales of property and equipment and other, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,084 | 1,457 | 4,231 |
Cash Flows from Investing Activities-Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | -632,750 | -394,064 | -302,213 |
Cash Flows from Investing Activities-Discontinued Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,937 | -6,136 | 380,721 |
Cash Flows from Investing Activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | -637,687 | -400,200 | 78,508 |
Cash Flows from Financing Activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of revolving credit and term loan facilities and other debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,526,672 | -2,844,693 | -2,017,174 |
Proceeds from revolving credit and term loan facilities and other debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,661,750 | 2,731,185 | 2,170,979 |
Early retirement of senior subordinated notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | -685,134 | -525,834 | -231,255 |
Net proceeds from sales of senior subordinated notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 985,000 | 394,000 |
Net proceeds from sales of senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 782,307 | ' | ' |
Debt financing (repayment to) and equity contribution from (distribution to) noncontrolling interests, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | -18,236 | 480 | 698 |
Stock repurchases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -38,052 | -984,953 |
Parent cash dividends | -51,625 | -51,597 | -51,460 | -51,296 | -700,000 | -46,473 | -46,336 | -42,791 | -140,000 | -206,798 | -318,845 | -172,616 |
Proceeds from exercise of stock options and employee stock purchase plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,664 | 40,244 | 85,742 |
Excess tax benefits from stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,389 | 1,045 | 919 |
Payment of debt financing costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,706 | -2,261 | -9,010 |
Cash Flows from Financing Activities-Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,564 | 28,269 | -762,670 |
Cash Flows from Financing Activities-Discontinued Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -39 | -1,138 |
Cash Flows from Financing Activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,564 | 28,230 | -763,808 |
Effect of exchange rates on cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11,312 | 2,804 | -8,986 |
(Decrease) Increase in Cash and Cash Equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | -122,889 | 63,570 | -78,848 |
Cash and Cash Equivalents, Beginning of Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | 243,415 | 179,845 | 258,693 |
Cash and Cash Equivalents, End of Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | 120,526 | 243,415 | 179,845 |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Flows from Investing Activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intercompany loans to subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | -785,598 | 21,766 | -1,389,980 |
Investment in subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | 126,298 | 75,144 | 25,190 |
Cash Flows from Investing Activities-Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | -659,300 | 96,910 | -1,364,790 |
Cash Flows from Investing Activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | -659,300 | 96,910 | -1,364,790 |
Cash Flows from Financing Activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intercompany loans from parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | 785,598 | -21,766 | 1,389,980 |
Equity contribution from parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | -126,298 | -75,144 | -25,190 |
Cash Flows from Financing Activities-Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 659,300 | -96,910 | 1,364,790 |
Cash Flows from Financing Activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 659,300 | -96,910 | 1,364,790 |
Parent | Reportable legal entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Flows from Operating Activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Flows from Operating Activities-Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | -195,786 | -195,478 | -162,478 |
Cash Flows from Operating Activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | -195,786 | -195,478 | -162,478 |
Cash Flows from Investing Activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intercompany loans to subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | 387,299 | 88,376 | 1,469,788 |
Investment in subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | -63,149 | -37,572 | -12,595 |
Investment in restricted cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | -248 | 1,498 | -5 |
Investment in joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,330 | ' |
Cash Flows from Investing Activities-Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 323,902 | 49,972 | 1,457,188 |
Cash Flows from Investing Activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 323,902 | 49,972 | 1,457,188 |
Cash Flows from Financing Activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of revolving credit and term loan facilities and other debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -396,200 |
Early retirement of senior subordinated notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | -514,239 | -525,834 | -231,255 |
Net proceeds from sales of senior subordinated notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 591,000 | 985,000 | 394,000 |
Debt financing (repayment to) and equity contribution from (distribution to) noncontrolling interests, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | -14,852 | ' | ' |
Stock repurchases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -38,052 | -984,953 |
Parent cash dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | -206,798 | -318,845 | -172,616 |
Proceeds from exercise of stock options and employee stock purchase plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,664 | 40,244 | 85,742 |
Excess tax benefits from stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,389 | 1,045 | 919 |
Payment of debt financing costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,037 | -1,480 | -828 |
Cash Flows from Financing Activities-Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | -126,873 | 142,078 | -1,305,191 |
Cash Flows from Financing Activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | -126,873 | 142,078 | -1,305,191 |
(Decrease) Increase in Cash and Cash Equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,243 | -3,428 | -10,481 |
Cash and Cash Equivalents, Beginning of Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,428 | 13,909 |
Cash and Cash Equivalents, End of Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,243 | ' | 3,428 |
Guarantors | Reportable legal entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Flows from Operating Activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Flows from Operating Activities-Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 528,011 | 496,542 | 698,033 |
Cash Flows from Operating Activities-Discontinued Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | -129 | -8,814 | -47,166 |
Cash Flows from Operating Activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 527,882 | 487,728 | 650,867 |
Cash Flows from Investing Activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | -180,047 | -134,852 | -114,768 |
Cash paid for acquisitions, net of cash acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | -212,042 | -28,126 | -5,378 |
Intercompany loans to subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | 398,299 | -110,142 | -79,808 |
Investment in subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | -63,149 | -37,572 | -12,595 |
Additions to customer relationship and acquisition costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | -18,083 | -23,543 | -15,700 |
Proceeds from sales of property and equipment and other, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54 | -1,739 | 363 |
Cash Flows from Investing Activities-Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | -74,968 | -335,974 | -227,886 |
Cash Flows from Investing Activities-Discontinued Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,937 | -1,982 | 371,365 |
Cash Flows from Investing Activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | -79,905 | -337,956 | 143,479 |
Cash Flows from Financing Activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of revolving credit and term loan facilities and other debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,077,356 | -2,774,070 | -1,458,628 |
Proceeds from revolving credit and term loan facilities and other debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,948,691 | 2,680,107 | 2,014,500 |
Intercompany loans from parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | -379,910 | -89,878 | -1,465,465 |
Equity contribution from parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63,149 | 37,572 | 12,595 |
Payment of debt financing costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,657 | -781 | -8,182 |
Cash Flows from Financing Activities-Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | -451,083 | -147,050 | -905,180 |
Cash Flows from Financing Activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | -451,083 | -147,050 | -905,180 |
(Decrease) Increase in Cash and Cash Equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,106 | 2,722 | -110,834 |
Cash and Cash Equivalents, Beginning of Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,472 | 10,750 | 121,584 |
Cash and Cash Equivalents, End of Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,366 | 13,472 | 10,750 |
Canada Company | Reportable legal entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Flows from Operating Activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Flows from Operating Activities-Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,580 | 37,299 | 30,871 |
Cash Flows from Operating Activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,580 | 37,299 | 30,871 |
Cash Flows from Investing Activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6,534 | -8,454 | -13,001 |
Cash paid for acquisitions, net of cash acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -58 |
Additions to customer relationship and acquisition costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | -498 | -2,132 | -462 |
Proceeds from sales of property and equipment and other, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,175 | 5 | 4,568 |
Cash Flows from Investing Activities-Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10,207 | -10,581 | -8,953 |
Cash Flows from Investing Activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10,207 | -10,581 | -8,953 |
Cash Flows from Financing Activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of revolving credit and term loan facilities and other debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | -341,336 | -58 | -87,888 |
Proceeds from revolving credit and term loan facilities and other debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | 438,188 | ' | 89,838 |
Early retirement of senior subordinated notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | -170,895 | ' | ' |
Net proceeds from sales of senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 191,307 | ' | ' |
Intercompany loans from parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | -232,436 | 4,861 | 12,439 |
Payment of debt financing costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | -750 | ' | ' |
Cash Flows from Financing Activities-Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | -115,922 | 4,803 | 14,389 |
Cash Flows from Financing Activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | -115,922 | 4,803 | 14,389 |
Effect of exchange rates on cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,703 | 1,880 | -4,080 |
(Decrease) Increase in Cash and Cash Equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | -102,252 | 33,401 | 32,227 |
Cash and Cash Equivalents, Beginning of Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | 103,346 | 69,945 | 37,718 |
Cash and Cash Equivalents, End of Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,094 | 103,346 | 69,945 |
Non-Guarantors | Reportable legal entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Flows from Operating Activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Flows from Operating Activities-Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 145,788 | 105,289 | 97,088 |
Cash Flows from Operating Activities-Discontinued Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,082 | -2,102 | -910 |
Cash Flows from Operating Activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 146,870 | 103,187 | 96,178 |
Cash Flows from Investing Activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | -100,714 | -97,377 | -81,386 |
Cash paid for acquisitions, net of cash acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | -105,058 | -97,008 | -69,810 |
Additions to customer relationship and acquisition costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11,610 | -3,197 | -5,541 |
Investment in joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -335 |
Proceeds from sales of property and equipment and other, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,205 | 3,191 | -700 |
Cash Flows from Investing Activities-Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | -212,177 | -194,391 | -157,772 |
Cash Flows from Investing Activities-Discontinued Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,154 | 9,356 |
Cash Flows from Investing Activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | -212,177 | -198,545 | -148,416 |
Cash Flows from Financing Activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of revolving credit and term loan facilities and other debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | -107,980 | -70,565 | -74,458 |
Proceeds from revolving credit and term loan facilities and other debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | 274,871 | 51,078 | 66,641 |
Debt financing (repayment to) and equity contribution from (distribution to) noncontrolling interests, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,384 | 480 | 698 |
Intercompany loans from parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | -173,252 | 106,783 | 63,046 |
Equity contribution from parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63,149 | 37,572 | 12,595 |
Payment of debt financing costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | -262 | ' | ' |
Cash Flows from Financing Activities-Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53,142 | 125,348 | 68,522 |
Cash Flows from Financing Activities-Discontinued Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -39 | -1,138 |
Cash Flows from Financing Activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53,142 | 125,309 | 67,384 |
Effect of exchange rates on cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6,609 | 924 | -4,906 |
(Decrease) Increase in Cash and Cash Equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | -18,774 | 30,875 | 10,240 |
Cash and Cash Equivalents, Beginning of Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | 126,597 | 95,722 | 85,482 |
Cash and Cash Equivalents, End of Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | $107,823 | $126,597 | $95,722 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 31-May-12 | Jun. 30, 2012 | Jan. 31, 2011 | Jun. 30, 2011 | Dec. 31, 2011 | Jul. 31, 2012 | Apr. 30, 2012 | Dec. 31, 2013 | 31-May-13 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 31, 2013 |
Switzerland acquisition | Switzerland acquisition | Iron Mountain Poland Holdings Limited | Iron Mountain Poland Holdings Limited | Iron Mountain Poland Holdings Limited | Iron Mountain Poland Holdings Limited | Grupo Store | Grupo Store | Storage rental and records management business in Texas | Storage rental and records management and data protection business in Brazil | Storage rental and records management and data protection business in Columbia | Storage rental and records management and data protection business in Peru | Cornerstone Records Management, LLC and its affiliates | ||||
item | ||||||||||||||||
Business Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Business Acquired | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price | ' | ' | ' | ' | ' | $80,000 | ' | ' | ' | $79,000 | ' | $25,000 | $29,000 | $54,000 | $16,000 | $191,000 |
Cash Paid for Business acquired | ' | ' | ' | 21,600 | ' | 35,000 | 42,259 | ' | ' | ' | 1,500 | ' | ' | ' | ' | ' |
Ownership percentage after acquisition | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent Consideration | ' | ' | ' | ' | ' | ' | ' | ' | 2,500 | ' | ' | ' | ' | ' | ' | ' |
Percentage of previously held ownership interest | ' | ' | ' | 15.00% | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method of investment | 455 | 398 | ' | 1,700 | ' | 5,774 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of such interest on the date of acquisition | ' | ' | ' | 2,700 | ' | 11,694 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on the transaction to other income (expense), net | ' | ' | ' | ' | 1,000 | ' | ' | 5,920 | ' | ' | ' | ' | ' | ' | ' | ' |
Control premium paid (as a percent) | ' | ' | ' | 30.00% | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price receivable by the member of entity's board of directors together with several of his family members in connection with the acquisition (as a percent) | ' | ' | ' | ' | ' | 24.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price, net of cash acquired | 317,100 | 125,134 | 75,246 | ' | ' | ' | ' | ' | ' | 75,000 | ' | ' | ' | ' | ' | ' |
Portion of purchase price for acquisition that was deposited in escrow | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8,000 | ' | $1,600 | $2,900 | ' | ' | $9,000 |
Number of annual installments in which any escrow amount not distributed to sellers or Company will be released to the sellers | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' |
Acquisitions_Details_2
Acquisitions (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value of Identifiable Assets Acquired: | ' | ' | ' |
Goodwill Initially Recorded | $2,463,352 | $2,334,759 | ' |
Business Acquisition | ' | ' | ' |
Consideration paid for acquisitions | ' | ' | ' |
Cash Paid (gross of cash acquired) | 321,121 | 131,972 | 80,439 |
Contingent Consideration | ' | ' | 2,900 |
Fair Value of Previously Held Equity Interests | ' | 4,265 | 11,694 |
Fair value of Noncontrolling Interest | ' | 1,000 | ' |
Total Consideration | 321,121 | 137,237 | 95,033 |
Fair Value of Identifiable Assets Acquired: | ' | ' | ' |
Cash, Accounts Receivable, Prepaid Expenses Deferred Income Taxes and Other | 28,532 | 18,998 | 7,918 |
Property, Plant and Equipment | 44,681 | 11,794 | 6,002 |
Customer Relationship Assets | 173,733 | 59,479 | 59,100 |
Other Assets | 68 | 4,620 | 653 |
Liabilities Assumed and Deferred Income Taxes | -67,645 | -15,947 | -15,245 |
Total Fair Value of Identifiable Net Assets Acquired | 179,369 | 78,944 | 58,428 |
Goodwill Initially Recorded | 141,752 | 58,293 | 36,605 |
Contingent and other payments related to acquisitions made in the current and previous years | $76 | ' | $132 |
Acquisitions_Details_3
Acquisitions (Details 3) (Customer relationship assets) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Customer relationship assets | ' | ' | ' |
Acquired Finite-Lived Intangible Assets | ' | ' | ' |
Weighted average life of customer relationship assets associated with acquisitions | '22 years | '17 years | '20 years |
Income_Taxes_Details
Income Taxes (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets: | ' | ' |
Accrued liabilities | $71,831 | $87,109 |
Deferred rent | 25,624 | 19,772 |
Net operating loss carryforwards | 81,124 | 64,796 |
Foreign tax credits | 10,229 | 44,315 |
Stock compensation | 16,745 | 15,703 |
Federal benefit of unrecognized tax benefits | 20,263 | 7,844 |
Other | 23,938 | 21,126 |
Valuation Allowance | -40,278 | -76,050 |
Deferred Tax Assets | 209,476 | 184,615 |
Deferred Tax Liabilities: | ' | ' |
Other assets, principally due to differences in amortization | -367,936 | -254,156 |
Plant and equipment principally due to differences in depreciation | -168,385 | -318,856 |
Deferred Tax Liabilities | -536,321 | -573,012 |
Net deferred tax liability | -326,845 | -388,397 |
Current deferred tax assets (liabilities) | ' | ' |
Deferred tax assets | 65,332 | 54,409 |
Deferred tax liabilities | -47,709 | -44,257 |
Current deferred tax assets, net | 17,623 | 10,152 |
Noncurrent deferred tax assets (liabilities) | ' | ' |
Deferred tax assets | 144,144 | 130,206 |
Deferred tax liabilities | -488,612 | -528,755 |
Noncurrent deferred tax liabilities, net | ($344,468) | ($398,549) |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes | ' | ' | ' |
Reclassification of long-term deferred income tax liabilities | $26,916 | $123,946 | ' |
Tax carryforwards | ' | ' | ' |
Net operating loss carryforwards, tax effected | 81,124 | 64,796 | ' |
Roll forward of valuation allowance: | ' | ' | ' |
Balance at the beginning of the period | 76,050 | ' | ' |
Balance at the end of the period | 40,278 | 76,050 | ' |
Tax benefits for awards issued and incremental tax benefits in excess of compensation expense | 2,389 | 1,045 | 919 |
Federal | ' | ' | ' |
Tax carryforwards | ' | ' | ' |
Net operating loss carryforwards, before tax effect | 70,329 | ' | ' |
Net operating loss carryforwards, tax effected | 24,615 | ' | ' |
State | ' | ' | ' |
Tax carryforwards | ' | ' | ' |
Net operating loss carryforwards, tax effected | 2,738 | ' | ' |
Net operating loss carryforwards subject to valuation allowance (as a percent) | 45.00% | ' | ' |
Foreign | ' | ' | ' |
Tax carryforwards | ' | ' | ' |
Net operating loss carryforwards, tax effected | 53,771 | ' | ' |
Net operating loss carryforwards subject to valuation allowance (as a percent) | 72.00% | ' | ' |
Foreign tax credits | 10,229 | ' | ' |
Valuation Allowance of Deferred Tax Assets | ' | ' | ' |
Roll forward of valuation allowance: | ' | ' | ' |
Balance at the beginning of the period | 76,050 | 72,239 | 72,229 |
Charged (Credited) to Expense | -27,186 | 2,274 | 9,844 |
Other Additions | ' | 1,537 | ' |
Other Deductions | -8,586 | ' | -9,834 |
Balance at the end of the period | $40,278 | $76,050 | $72,239 |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Components of income (loss) before provision (benefit) for income taxes: | ' | ' | ' | ' |
U.S. | ' | $65,230 | $191,175 | $313,530 |
Canada | ' | 39,038 | 44,358 | 48,327 |
Other Foreign | ' | 58,750 | 62,833 | -8,957 |
Income (Loss) from Continuing Operations Before Provision (Benefit) for Income Taxes | ' | 163,018 | 298,366 | 352,900 |
Provision (benefit) for income taxes: | ' | ' | ' | ' |
Federal-current | ' | 92,657 | 134,231 | 47,523 |
Federal-deferred | ' | -64,441 | -57,166 | 25,708 |
State-current | ' | 10,232 | 25,466 | 23,828 |
State-deferred | ' | -8,056 | -15,134 | -1,093 |
Foreign-current | ' | 59,600 | 32,377 | 31,748 |
Foreign-deferred | ' | -26,935 | -4,901 | -21,226 |
Provision (Benefit) for Income Taxes | ' | 63,057 | 114,873 | 106,488 |
Reconciliation of total income tax expense and applying the federal income tax rate to income before provision (benefit) for income taxes: | ' | ' | ' | ' |
Computed "expected" tax provision | ' | 57,057 | 104,428 | 123,515 |
Changes in income taxes resulting from: | ' | ' | ' | ' |
State taxes (net of federal tax benefit) | ' | 4,212 | 6,946 | 16,301 |
Increase in valuation allowance (net operating losses) | ' | 2,832 | 9,045 | 12,601 |
Decrease in valuation allowance (foreign tax credits) | ' | -30,018 | -6,771 | -2,757 |
Foreign repatriation | ' | 44,751 | ' | ' |
Foreign restructuring | ' | 17,691 | ' | ' |
Impairment of assets and other transaction costs | ' | 6,576 | 3,045 | 10,254 |
Reserve accrual (reversal) and audit settlements (net of federal tax benefit) | ' | -16,322 | 8,266 | -32,989 |
Foreign tax rate differential | ' | -33,852 | -30,798 | -34,867 |
Disallowed foreign interest and Subpart F income | ' | 9,708 | 15,242 | 5,663 |
Other, net | ' | 422 | 5,470 | 8,767 |
Provision (Benefit) for Income Taxes | ' | 63,057 | 114,873 | 106,488 |
Overall effective tax rate (as a percent) | ' | 38.70% | 38.50% | 30.20% |
Federal statutory tax rate (as a percent) | ' | 35.00% | ' | ' |
Increase (decrease) in effective income tax rate (as a percent) | ' | 13.10% | -2.20% | ' |
Foreign earnings repatriated to utilize both current and carryforward foreign tax credits | ' | 252,700 | ' | ' |
Foreign earnings repatriated to utilize both current and carryforward foreign tax credits which were previously subject to U.S. taxes | ' | 65,200 | ' | ' |
Increase in tax provision from continuing operations resulting from foreign tax credit carryforwards | ' | 63,504 | ' | ' |
Decrease in tax provision from current year foreign tax credits | ' | -18,753 | ' | ' |
Reversal of valuation allowances related to foreign tax credit carryforwards | ' | -23,301 | ' | ' |
Net increase in tax provision from continuing operations | ' | 21,450 | ' | ' |
Undistributed book earnings of foreign subsidiaries | ' | 52,103 | ' | ' |
Discrete tax benefit attributable to the exception of certain foreign earnings from U.S. federal taxation | 4,025 | ' | ' | ' |
Income tax period for amount after calculating cumulative effect of the changes on prior years, expected to be included in the determination of taxable income | ' | '4 years | ' | ' |
Increase (decrease) in gross interest and penalties recorded | ' | 1,459 | 1,257 | -8,477 |
Accrued interest and penalties recorded | ' | $4,874 | $3,554 | ' |
Income_Taxes_Details_4
Income Taxes (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes | ' | ' | ' |
Normal statute of limitation Period, federal tax purpose | '3 years | ' | ' |
Reconciliation of unrecognized tax benefits: | ' | ' | ' |
Gross tax contingencies - beginning of the period | $37,563 | $31,408 | $59,891 |
Gross additions based on tax positions related to the current year | 5,985 | 6,598 | 6,593 |
Gross additions for tax positions of prior years | 20,275 | 3,912 | 6,437 |
Gross reductions for tax positions of prior years | -1,370 | -427 | -30,316 |
Lapses of statutes | -1,312 | -2,829 | -6,268 |
Settlements | -9,995 | -1,099 | -4,929 |
Gross tax contingencies - end of the period | 51,146 | 37,563 | 31,408 |
Unrecognized tax benefits, net of federal tax benefit | 32,496 | ' | ' |
Unrecognized tax position, if recognized, that would affect the effective tax rate | $2,800 | ' | ' |
Minimum | ' | ' | ' |
Income Taxes | ' | ' | ' |
Normal Statute of Limitation Period for State Tax Purpose | '3 years | ' | ' |
Maximum | ' | ' | ' |
Income Taxes | ' | ' | ' |
Normal Statute of Limitation Period for State Tax Purpose | '5 years | ' | ' |
Quarterly_Results_of_Operation2
Quarterly Results of Operations (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Results of Operations (Unaudited) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Revenues | $768,532 | $755,639 | $754,721 | $747,031 | $758,467 | $748,125 | $752,165 | $746,498 | $3,025,923 | $3,005,255 | $3,014,703 |
Operating income (loss) | 97,400 | 140,283 | 131,869 | 122,842 | 102,561 | 153,966 | 158,687 | 141,813 | 492,394 | 557,027 | 571,199 |
Income (Loss) from Continuing Operations | 48,545 | 5,528 | 27,538 | 18,350 | 27,260 | 53,719 | 41,441 | 61,073 | 99,961 | 183,493 | 246,412 |
Total (Loss) income from discontinued operations | -684 | -571 | -98 | 2,184 | -1,074 | 32 | -2,524 | -5,093 | 831 | -8,659 | 153,180 |
Net Income (Loss) | 47,861 | 4,957 | 27,440 | 20,534 | 26,186 | 53,751 | 38,917 | 55,980 | 100,792 | 174,834 | 399,592 |
Net income (loss) attributable to Iron Mountain Incorporated | 47,265 | 4,047 | 26,564 | 19,386 | 25,494 | 52,809 | 38,055 | 55,350 | 97,262 | 171,708 | 395,538 |
Earnings (Losses) per Share-Basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (Loss) from Continuing Operations (in dollars per share) | $0.25 | $0.03 | $0.14 | $0.10 | $0.15 | $0.31 | $0.24 | $0.36 | $0.52 | $1.06 | $1.27 |
Total Income (Loss) from Discontinued Operations (in dollars per share) | ' | ' | ' | $0.01 | ($0.01) | ' | ($0.01) | ($0.03) | $0 | ($0.05) | $0.79 |
Net Income (Loss) Attributable to Iron Mountain Incorporated (in dollars per share) | $0.25 | $0.02 | $0.14 | $0.10 | $0.14 | $0.31 | $0.22 | $0.32 | $0.51 | $0.99 | $2.03 |
Earnings (Losses) per Share-Diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (Loss) from Continuing Operations (in dollars per share) | $0.25 | $0.03 | $0.14 | $0.10 | $0.15 | $0.31 | $0.24 | $0.35 | $0.52 | $1.05 | $1.26 |
Total Income (Loss) from Discontinued Operations (in dollars per share) | ' | ' | ' | $0.01 | ($0.01) | ' | ($0.01) | ($0.03) | $0 | ($0.05) | $0.78 |
Net Income (Loss) Attributable to Iron Mountain Incorporated (in dollars per share) | $0.25 | $0.02 | $0.14 | $0.10 | $0.14 | $0.31 | $0.22 | $0.32 | $0.51 | $0.98 | $2.02 |
Change in net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in net income (loss) attributable to Iron Mountain Incorporated due to decrease in operating income | 42,900 | ' | ' | ' | 51,400 | ' | ' | ' | ' | ' | ' |
Decrease in operating income attributable to increase in costs and certain asset write-downs associated with facility consolidations and other asset impairments | ' | ' | ' | ' | 16,700 | ' | ' | ' | ' | ' | ' |
Decrease in operating income attributable to increase in legal fees and reserves | ' | ' | ' | ' | 6,400 | ' | ' | ' | ' | ' | ' |
Decrease in operating income attributable to increase in professional fees associated with certain strategic and corporate initiatives | ' | ' | ' | ' | 4,000 | ' | ' | ' | ' | ' | ' |
Decrease in operating income attributable to increase (decrease) in REIT conversion | -7,100 | ' | ' | ' | 7,400 | ' | ' | ' | ' | ' | ' |
Decrease in operating income attributable to increase in worker's compensation and personal property taxes related to certain benefits | ' | ' | ' | ' | 4,300 | ' | ' | ' | ' | ' | ' |
Decrease in operating income attributable to increase in stock-based compensation expense | ' | ' | ' | ' | 2,800 | ' | ' | ' | ' | ' | ' |
Change in net income (loss) attributable to Iron Mountain Incorporated due to increase in interest expense | ' | ' | ' | ' | 2,800 | ' | ' | ' | ' | ' | ' |
Offsetting the decrease in operating income and the increase in interest expense by reduction in the provision for income taxes | ' | ' | ' | ' | 21,600 | ' | ' | ' | ' | ' | ' |
Offsetting the decrease in operating income and the increase in interest expense by reduction in other expenses, net | 34,700 | ' | ' | ' | 6,200 | ' | ' | ' | ' | ' | ' |
Change in net income (loss) attributable to reduction in the provision for income taxes | 50,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in other expenses attributable to reduction in debt extinguishment charges | 43,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in other expenses attributable to increase of foreign currency transaction losses | 11,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in operating income attributable to increase in restructuring costs | 18,700 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in operating income attributable to increase in facilities costs primarily associated with facility consolidation | 11,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in operating income attributable to increase in other cost | 8,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in operating income attributable to depreciation and amortization | 3,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in operating income attributable to increase in bad debt expense | 2,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in operating income attributable to charitable contributions | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly results of operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in operating income attributable to increase in sales, marketing and account management costs within the North American Records and Information Management Business and North American Data Management segments | 3,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
North American Records and Information Management business | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly Results of Operations (Unaudited) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,770,533 | 1,781,599 | 1,816,484 |
Quarterly results of operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in operating income attributable to increase in sales, marketing and account management costs within the North American Records and Information Management Business and North American Data Management segments | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' |
North American Data Management Business | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly Results of Operations (Unaudited) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 396,519 | 404,253 | 404,766 |
Quarterly results of operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in operating income attributable to increase in sales, marketing and account management costs within the North American Records and Information Management Business and North American Data Management segments | ' | ' | ' | ' | $1,100 | ' | ' | ' | ' | ' | ' |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 02, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
North American Business | North American Records and Information Management business | North American Records and Information Management business | North American Records and Information Management business | North American Data Management Business | North American Data Management Business | North American Data Management Business | International Business | International Business | International Business | Corporate and Other | Corporate and Other | Corporate and Other | ||||||||||||
Subsequent event | ||||||||||||||||||||||||
item | ||||||||||||||||||||||||
Segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Revenues | $768,532 | $755,639 | $754,721 | $747,031 | $758,467 | $748,125 | $752,165 | $746,498 | $3,025,923 | $3,005,255 | $3,014,703 | ' | $1,770,533 | $1,781,599 | $1,816,484 | $396,519 | $404,253 | $404,766 | $845,599 | $806,692 | $785,560 | $13,272 | $12,711 | $7,893 |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 322,037 | 316,344 | 319,499 | ' | 165,097 | 163,375 | 163,357 | 19,956 | 17,841 | 17,357 | 105,485 | 103,393 | 104,815 | 31,499 | 31,735 | 33,970 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 282,856 | 280,598 | 290,638 | ' | 150,557 | 151,471 | 151,505 | 19,652 | 17,034 | 16,995 | 81,279 | 80,493 | 88,432 | 31,368 | 31,600 | 33,706 |
Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 39,181 | 35,746 | 28,861 | ' | 14,540 | 11,904 | 11,852 | 304 | 807 | 362 | 24,206 | 22,900 | 16,383 | 131 | 135 | 264 |
Adjusted OIBDA | ' | ' | ' | ' | ' | ' | ' | ' | 895,881 | 912,217 | 950,439 | ' | 646,875 | 666,955 | 705,869 | 235,380 | 243,908 | 246,900 | 206,003 | 173,620 | 164,212 | -192,377 | -172,266 | -166,542 |
Total Assets | 6,653,005 | ' | ' | ' | 6,358,339 | ' | ' | ' | 6,653,005 | 6,358,339 | 6,041,258 | ' | 3,702,195 | 3,557,496 | 3,465,227 | 676,177 | 630,622 | 612,531 | 2,015,412 | 1,854,050 | 1,646,701 | 259,221 | 316,171 | 316,799 |
Expenditures for Segment Assets | ' | ' | ' | ' | ' | ' | ' | ' | 634,586 | 394,689 | 306,104 | ' | 319,419 | 138,837 | 124,210 | 20,678 | 26,243 | 14,869 | 218,903 | 191,360 | 152,064 | 75,586 | 38,249 | 14,961 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 287,295 | 240,683 | 209,155 | ' | 96,545 | 98,169 | 103,367 | 12,929 | 13,106 | 13,971 | 102,235 | 91,159 | 76,856 | 75,586 | 38,249 | 14,961 |
Cash Paid for Acquisitions, Net of Cash Acquired | ' | ' | ' | ' | ' | ' | ' | ' | 317,100 | 125,134 | 75,246 | ' | 205,251 | 21,770 | 4,538 | 6,791 | 6,356 | 898 | 105,058 | 97,008 | 69,810 | ' | ' | ' |
Additions to Customer Relationship and Acquisition Costs | ' | ' | ' | ' | ' | ' | ' | ' | $30,191 | $28,872 | $21,703 | ' | $17,623 | $18,898 | $16,305 | $958 | $6,781 | ' | $11,610 | $3,193 | $5,398 | ' | ' | ' |
Number of unique reportable segments the former reporting segment has been separated into | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment_Information_Details_2
Segment Information (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Adjusted OIBDA to income from continuing operations before provision (benefit) for income taxes on a consolidated basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjusted OIBDA | ' | ' | ' | ' | ' | ' | ' | ' | $895,881 | $912,217 | $950,439 |
Less: Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 322,037 | 316,344 | 319,499 |
Intangible Impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,500 |
(Gain) Loss on disposal/write-down of property, plant and equipment, net | ' | ' | ' | ' | ' | ' | ' | ' | -1,417 | 4,400 | -2,286 |
REIT Costs | ' | ' | ' | ' | ' | ' | ' | ' | 82,867 | 34,446 | 15,527 |
Interest Expense, Net | ' | ' | ' | ' | ' | ' | ' | ' | 254,174 | 242,599 | 205,256 |
Other Expense (Income), Net | ' | ' | ' | ' | ' | ' | ' | ' | 75,202 | 16,062 | 13,043 |
Income (Loss) from Continuing Operations Before Provision (Benefit) for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 163,018 | 298,366 | 352,900 |
Operations in different geographical areas | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Revenues | 768,532 | 755,639 | 754,721 | 747,031 | 758,467 | 748,125 | 752,165 | 746,498 | 3,025,923 | 3,005,255 | 3,014,703 |
Total Long-Lived Assets | 5,719,398 | ' | ' | ' | 5,334,247 | ' | ' | ' | 5,719,398 | 5,334,247 | 5,126,808 |
United States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operations in different geographical areas | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,939,607 | 1,949,979 | 1,984,805 |
Total Long-Lived Assets | 3,645,211 | ' | ' | ' | 3,359,560 | ' | ' | ' | 3,645,211 | 3,359,560 | 3,306,574 |
United Kingdom | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operations in different geographical areas | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 275,343 | 290,044 | 307,905 |
Total Long-Lived Assets | 520,255 | ' | ' | ' | 529,336 | ' | ' | ' | 520,255 | 529,336 | 529,239 |
Canada | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operations in different geographical areas | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 240,716 | 248,583 | 244,337 |
Total Long-Lived Assets | 413,821 | ' | ' | ' | 445,699 | ' | ' | ' | 413,821 | 445,699 | 434,517 |
Other International | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operations in different geographical areas | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 570,257 | 516,649 | 477,656 |
Total Long-Lived Assets | $1,140,111 | ' | ' | ' | $999,652 | ' | ' | ' | $1,140,111 | $999,652 | $856,478 |
Segment_Information_Details_3
Segment Information (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues by product and service lines | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Revenues | $768,532 | $755,639 | $754,721 | $747,031 | $758,467 | $748,125 | $752,165 | $746,498 | $3,025,923 | $3,005,255 | $3,014,703 |
Records Management | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues by product and service lines | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,245,794 | 2,212,401 | 2,201,748 |
Data Management | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues by product and service lines | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 527,091 | 524,627 | 504,038 |
Information Destruction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues by product and service lines | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | $253,038 | $268,227 | $308,917 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments and Contingencies | ' | ' | ' |
Operating lease, leased facilities, term low end of range | '5 years | ' | ' |
Operating lease, leased facilities, term high end of range | '10 years | ' | ' |
Operating lease, leased facilities, minimum number of renewal options | '1 year | ' | ' |
Operating lease, leased facilities, renewal option period | '5 years | ' | ' |
Operating lease (primarily computers), average lease life | '3 years | ' | ' |
Operating lease, vehicles and office equipment, minimum lease life | '1 year | ' | ' |
Operating lease, vehicles and office equipment, maximum lease life | '7 years | ' | ' |
Operating lease rent expense (including common area maintenance charges) | $244,390 | $250,986 | $242,954 |
Sublease income | 3,109 | 3,407 | 2,974 |
Operating Lease Payment | ' | ' | ' |
Operating Lease Payment, 2014 | 232,935 | ' | ' |
Operating Lease Payment, 2015 | 221,597 | ' | ' |
Operating Lease Payment, 2016 | 211,728 | ' | ' |
Operating Lease Payment, 2017 | 200,842 | ' | ' |
Operating Lease Payment, 2018 | 189,366 | ' | ' |
Operating Lease Payment, Thereafter | 1,397,792 | ' | ' |
Operating Lease Payment, Total minimum lease payments | 2,454,260 | ' | ' |
Sublease Income | ' | ' | ' |
Sublease Income, 2014 | 4,172 | ' | ' |
Sublease Income, 2015 | 5,062 | ' | ' |
Sublease Income, 2016 | 4,308 | ' | ' |
Sublease Income, 2017 | 3,058 | ' | ' |
Sublease Income, 2018 | 686 | ' | ' |
Sublease Income, Thereafter | 807 | ' | ' |
Sublease Income, Total minimum lease payments | 18,093 | ' | ' |
Capital Leases | ' | ' | ' |
Capital Leases, 2014 | 58,721 | ' | ' |
Capital Leases, 2015 | 52,850 | ' | ' |
Capital Leases, 2016 | 36,365 | ' | ' |
Capital Leases, 2017 | 31,978 | ' | ' |
Capital Leases, 2018 | 27,727 | ' | ' |
Capital Leases, Thereafter | 171,136 | ' | ' |
Capital Leases, Total minimum lease payments | 378,777 | ' | ' |
Less amounts representing interest | -123,653 | ' | ' |
Present value of capital lease obligations | 255,124 | ' | ' |
Contractual obligations related to purchase commitments, 2014 | 44,453 | ' | ' |
Contractual obligations related to purchase commitments, 2015 | 10,251 | ' | ' |
Contractual obligations related to purchase commitments, 2016 | 2,048 | ' | ' |
Contractual obligations related to purchase commitments, 2017 | 1,471 | ' | ' |
Contractual obligations related to purchase commitments, 2018 | 1,357 | ' | ' |
Contractual obligations related to purchase commitments, thereafter | $1,990 | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | Nov. 30, 2011 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Litigation | Government Contract Billing Matter | State of Massachusetts Assessment | State of Massachusetts Assessment | Italy Fire | Italy Fire | ||
item | item | |||||||
Self-Insurance Liabilities | ' | ' | ' | ' | ' | ' | ' | ' |
Self-insurance accruals | $32,850 | $34,806 | ' | ' | ' | ' | ' | ' |
Commitments and Contingencies | ' | ' | ' | ' | ' | ' | ' | ' |
Loss contingencies, reasonably possible loss exposure in excess of the amount currently accrued | ' | ' | 46,500 | ' | ' | ' | ' | ' |
Total revenue billed and recorded from October 1, 2001 through December 31, 2013 | ' | ' | ' | 73,100 | ' | ' | ' | ' |
Aggregate amount of assessed tax including tax, interest and penalties | ' | ' | ' | ' | $4,120 | $8,191 | ' | ' |
Number of customer lawsuits | ' | ' | ' | ' | ' | ' | 3 | ' |
Number of customer lawsuits settled | ' | ' | ' | ' | ' | ' | ' | 3 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | Jan. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Joint venture in Poland | Schooner Capital LLC | Schooner Capital LLC | Schooner Capital LLC | One of the members of board of directors and several of his family members | Evercore | Evercore |
Joint venture in Poland | Maximum | ||||||
Related party transactions | ' | ' | ' | ' | ' | ' | ' |
Rental income | ' | $194 | $196 | $188 | ' | ' | ' |
Percentage of purchase price receivable | 24.00% | ' | ' | ' | 24.00% | ' | ' |
Engagement Fees | ' | ' | ' | ' | ' | ' | 3,000 |
Engagement and other fees incurred | ' | ' | ' | ' | ' | $2,750 | ' |
401k_Plans_Details
401(k) Plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
401(k) Plans | ' | ' | ' |
Eligible employee, deferral percentage, low end of range | 1.00% | ' | ' |
Eligible employee, deferral percentage, high end of range | 25.00% | ' | ' |
Contributions by employer (in dollars) | $19,999 | $18,026 | $18,133 |
Stockholders_Equity_Matters_De
Stockholders' Equity Matters (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 16, 2013 | Oct. 15, 2013 | Sep. 11, 2013 | Jul. 15, 2013 | Jun. 06, 2013 | Apr. 15, 2013 | Mar. 14, 2013 | Jan. 17, 2013 | Dec. 14, 2012 | Nov. 21, 2012 | Oct. 15, 2012 | Oct. 11, 2012 | Sep. 06, 2012 | Jul. 13, 2012 | Jun. 05, 2012 | Apr. 13, 2012 | Mar. 08, 2012 | Dec. 31, 2013 | Nov. 21, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jan. 15, 2014 |
Series A Junior Participating Preferred Stock | Subsequent event | ||||||||||||||||||||||||
Stockholders' Equity Note | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share repurchases authorized amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,200,000 | ' | ' | ' | ' |
Remaining amount available under share repurchase program | 66,035 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of outstanding common stock authorized for repurchase | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared (in dollars per share) | ' | $0.27 | ' | $0.27 | ' | $0.27 | ' | $0.27 | ' | $0.27 | ' | ' | $4.06 | $0.27 | ' | $0.27 | ' | $0.25 | ' | ' | $1.08 | $5.12 | $0.94 | ' | ' |
Dividends declared | ' | 51,683 | ' | 51,625 | ' | 51,597 | ' | 51,460 | ' | 51,296 | ' | ' | 700,000 | 46,473 | ' | 46,336 | ' | 42,791 | ' | ' | 208,900 | 328,707 | 178,281 | ' | ' |
Dividends paid ( in dollars per share) | ' | ' | $0.27 | ' | $0.27 | ' | $0.27 | ' | $0.27 | ' | $4.06 | $0.27 | ' | ' | $0.27 | ' | $0.25 | ' | ' | ' | ' | ' | ' | ' | $0.27 |
Number of preferred stock purchase right entitled for each share of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' |
Fractional value of shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.001 | ' |
Purchase price of rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $114 | ' |
Dividends paid | ' | ' | 51,625 | ' | 51,597 | ' | 51,460 | ' | 51,296 | ' | 700,000 | 46,473 | ' | ' | 46,336 | ' | 42,791 | ' | ' | 140,000 | 206,798 | 318,845 | 172,616 | ' | 51,683 |
Number of trading days used for value of special dividend | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock value for special dividend (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $32.87 | ' | ' | ' | ' | ' | ' | ' | ' | $32.87 | ' | ' | ' | ' | ' |
Common stock issued in special dividend | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $560,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued in special dividend (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 02, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 03, 2011 | Sep. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Worldwide Digital Operations | Worldwide Digital Operations | Worldwide Digital Operations | Worldwide Digital Operations | New Zealand Operations | New Zealand Operations | New Zealand Operations | New Zealand Operations | New Zealand Operations | Italian Operations | Italian Operations | Italian Operations | Italian Operations | ||||||||||||
Discontinued operation disclosures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of business | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $395,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transaction costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,387 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inducements payable to Autonomy | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,075 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative translation adjustment reclassified from accumulated other comprehensive items, net and reduced the gain on sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,828 | ' | ' | ' | ' | ' | ' | ' | ' | 383 | ' | ' |
Purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | ' | ' | ' | ' |
Impairment charge included in income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,900 | ' | ' | ' | ' | 17,100 | ' | ' | ' |
Valuation allowance provided against benefit as such amount is recoverable against the capital gain | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Summarized results of operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 79,199 | ' | ' | ' | 6,489 | ' | ' | ' | 2,138 | 15,353 |
(Loss) Income Before Provision (Benefit) for Income Taxes of Discontinued Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -958 | -75 | -31,094 | ' | ' | -88 | -4,726 | ' | ' | 2,290 | -8,692 | -35,350 |
(Benefit) Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -429 | -505 | -13,744 | ' | ' | -34 | -7,883 | ' | ' | 930 | -1,542 | -2,104 |
(Loss) Income from Discontinued Operations, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | 831 | -6,774 | -47,439 | ' | -529 | 430 | -17,350 | ' | ' | -54 | 3,157 | ' | ' | 1,360 | -7,150 | -33,246 |
Gain (Loss) on Sale of Discontinued Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 243,861 | ' | ' | ' | 1,884 | ' | ' | ' | -1,885 | ' |
Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,126 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (Loss) on Sale of Discontinued Operations, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,885 | 200,619 | ' | ' | ' | 198,735 | ' | ' | ' | 1,884 | ' | ' | ' | -1,885 | ' |
Total Income (Loss) from Discontinued Operations and Sale, Net of Tax | -684 | -571 | -98 | 2,184 | -1,074 | 32 | -2,524 | -5,093 | 831 | -8,659 | 153,180 | ' | -529 | 430 | 181,385 | ' | ' | -54 | 5,041 | ' | ' | 1,360 | -9,035 | -33,246 |
Corporate general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest allocated to the Digital Business and included in loss from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,396 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring_Details
Restructuring (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Restructuring | ' |
Restructuring costs | $23,400 |
Expected additional employee severance and associated benefit costs in 2014 | 6,900 |
Selling, general and administrative expenses | ' |
Restructuring | ' |
Restructuring costs | 20,000 |
Cost of sales | ' |
Restructuring | ' |
Restructuring costs | 3,400 |
North American Records and Information Management business | ' |
Restructuring | ' |
Restructuring costs | 12,600 |
North American Data Management Business | ' |
Restructuring | ' |
Restructuring costs | 2,100 |
International Business | ' |
Restructuring | ' |
Restructuring costs | 3,700 |
Corporate and Other | ' |
Restructuring | ' |
Restructuring costs | $5,000 |
Subsequent_Events_Details
Subsequent Events (Details) | 12 Months Ended | 1 Months Ended | 0 Months Ended | 2 Months Ended | 1 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2014 | Feb. 05, 2014 | Feb. 28, 2014 | Jan. 31, 2014 | Jan. 31, 2014 |
USD ($) | USD ($) | USD ($) | United Kingdom | The 7 1/4% Notes | The 7 1/4% Notes | The 7 1/4% Notes | Subsequent event | Subsequent event | Subsequent event | Subsequent event | Subsequent event | |
USD ($) | United Kingdom | Buenos Aires, Argentina | Tape Management Services Pty Ltd and RM Arsiv Yonetim Hizmetleri Ticaret Anonim Sirketi | The 7 1/4% Notes | The 7 1/4% Notes | |||||||
item | USD ($) | USD ($) | USD ($) | GBP (£) | ||||||||
item | ||||||||||||
Subsequent events | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $248,000 | £ 150,000 |
Stated interest rate (as a percent) | ' | ' | ' | ' | 7.25% | 7.25% | 7.25% | ' | ' | ' | 7.25% | 7.25% |
Redemption price (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% |
Purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,600 | ' | ' |
Number of facilities disposed | ' | ' | ' | 2 | ' | ' | ' | 2 | ' | ' | ' | ' |
Net cash proceeds from disposal of facilities | ' | ' | ' | ' | ' | ' | ' | 16,500 | ' | ' | ' | ' |
Gain on disposal of facilities recorded within gain/(loss) on disposal/write-down of property, plant and equipment, net | $1,417 | ($4,400) | $2,286 | $1,800 | ' | ' | ' | $9,300 | ' | ' | ' | ' |
Maximum facility revenue as a percentage of consolidated revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' |