Document_and_Entity_Informatio
Document and Entity Information | 12 Months Ended |
Dec. 31, 2014 | |
Document and Entity Information | |
Entity Registrant Name | IRON MOUNTAIN INC |
Entity Central Index Key | 1020569 |
Document Type | 8-K |
Document Period End Date | 31-Dec-14 |
Amendment Flag | FALSE |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ||
Cash and cash equivalents | $125,933 | $120,526 |
Restricted cash | 33,860 | 33,860 |
Accounts receivable (less allowances of $34,645 and $32,141 as of December 31, 2013 and 2014, respectively) | 604,265 | 616,797 |
Deferred income taxes | 14,192 | 17,623 |
Prepaid expenses and other | 139,469 | 144,801 |
Total Current Assets | 917,719 | 933,607 |
Property, Plant and Equipment: | ||
Property, plant and equipment | 4,668,705 | 4,631,067 |
Less-Accumulated depreciation | -2,117,978 | -2,052,807 |
Property, Plant and Equipment, net | 2,550,727 | 2,578,260 |
Other Assets, net: | ||
Goodwill | 2,423,783 | 2,463,352 |
Customer relationships and acquisition costs | 607,837 | 605,484 |
Deferred financing costs | 47,077 | 45,607 |
Other | 23,199 | 26,695 |
Total Other Assets, net | 3,101,896 | 3,141,138 |
Total Assets | 6,570,342 | 6,653,005 |
Current Liabilities: | ||
Current portion of long-term debt | 52,095 | 52,583 |
Accounts payable | 203,014 | 216,456 |
Accrued expenses | 404,485 | 461,338 |
Deferred revenue | 197,142 | 238,724 |
Total Current Liabilities | 856,736 | 969,101 |
Long-term Debt, net of current portion | 4,611,436 | 4,119,139 |
Other Long-term Liabilities | 73,506 | 68,219 |
Deferred Rent | 104,051 | 104,244 |
Deferred Income Taxes | 54,658 | 340,568 |
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 191,426,920 shares and 209,818,812 shares as of December 31, 2013 and 2014, respectively) | 2,098 | 1,914 |
Additional paid-in capital | 1,588,841 | 980,164 |
Earnings in excess of distributions (Distributions in excess of earnings) | -659,553 | 67,820 |
Accumulated other comprehensive items, net | -75,031 | -8,660 |
Total Iron Mountain Incorporated Stockholders' Equity | 856,355 | 1,041,238 |
Noncontrolling Interests | 13,600 | 10,496 |
Total Equity | 869,955 | 1,051,734 |
Total Liabilities and Equity | $6,570,342 | $6,653,005 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
CONSOLIDATED BALANCE SHEETS | ||
Accounts receivable, allowances (in dollars) | $32,141 | $34,645 |
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 | 209,818,812 | 191,426,920 |
Common stock, outstanding shares | 209,818,812 | 191,426,920 |
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 | Nov. 17, 2014 | Sep. 15, 2014 | 28-May-14 | Mar. 14, 2014 | Dec. 16, 2013 | Sep. 11, 2013 | Jun. 06, 2013 | Mar. 14, 2013 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||||||||||||||||||
Storage rental | $1,860,243 | $1,784,721 | $1,733,138 | ||||||||||||||||
Service | 1,257,450 | 1,239,902 | 1,270,817 | ||||||||||||||||
Total Revenues | 777,978 | 782,697 | 786,892 | 770,126 | 768,207 | 755,314 | 754,396 | 746,706 | 3,117,693 | 3,024,623 | 3,003,955 | ||||||||
Operating Expenses: | |||||||||||||||||||
Cost of sales (excluding depreciation and amortization) | 1,344,636 | 1,288,878 | 1,277,113 | ||||||||||||||||
Selling, general and administrative | 869,572 | 924,031 | 850,371 | ||||||||||||||||
Depreciation and amortization | 353,143 | 322,037 | 316,344 | ||||||||||||||||
Loss (Gain) on disposal/write-down of property, plant and equipment (excluding real estate), net | 1,065 | 430 | 4,661 | ||||||||||||||||
Total Operating Expenses | 2,568,416 | 2,535,376 | 2,448,489 | ||||||||||||||||
Operating Income (Loss) | 127,895 | 141,476 | 147,290 | 132,616 | 97,075 | 139,958 | 129,697 | 122,517 | 549,277 | 489,247 | 555,466 | ||||||||
Interest Expense, Net (includes Interest Income of $2,418, $4,208 and $2,443 in 2012, 2013, and 2014, respectively) | 260,717 | 254,174 | 242,599 | ||||||||||||||||
Other Expense (Income), Net | 65,187 | 75,202 | 16,062 | ||||||||||||||||
Income (Loss) from Continuing Operations Before Provision (Benefit) for Income Taxes and (Gain) Loss on Sale of Real Estate | 223,373 | 159,871 | 296,805 | ||||||||||||||||
Provision (Benefit) for Income Taxes | -97,275 | 62,127 | 114,304 | ||||||||||||||||
(Gain) Loss on sale of real estate, net of tax | -8,307 | -1,417 | -206 | ||||||||||||||||
Income (Loss) from Continuing Operations | 12,674 | 858 | 272,702 | 42,721 | 48,339 | 5,330 | 27,340 | 18,152 | 328,955 | 99,161 | 182,707 | ||||||||
(Loss) Income from Discontinued Operations, Net of Tax | 729 | -326 | -612 | -684 | -571 | -98 | 2,184 | -209 | 831 | -6,774 | |||||||||
(Loss) Gain on Sale of Discontinued Operations, Net of Tax | -1,885 | ||||||||||||||||||
Net Income (Loss) | 13,403 | 858 | 272,376 | 42,109 | 47,655 | 4,759 | 27,242 | 20,336 | 328,746 | 99,992 | 174,048 | ||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests | 2,627 | 3,530 | 3,126 | ||||||||||||||||
Net Income (Loss) Attributable to Iron Mountain Incorporated | $12,749 | $66 | $271,637 | $41,667 | $47,059 | $3,849 | $26,366 | $19,188 | $326,119 | $96,462 | $170,922 | ||||||||
Earnings (Losses) per Share-Basic: | |||||||||||||||||||
(Loss) Income from Continuing Operations (in dollars per share) | $0.06 | $1.42 | $0.22 | $0.25 | $0.03 | $0.14 | $0.10 | $1.68 | $0.52 | $1.05 | |||||||||
Total (Loss) Income from Discontinued Operations (in dollars per share) | $0.01 | ($0.05) | |||||||||||||||||
Net Income (Loss) Attributable to Iron Mountain Incorporated (in dollars per share) | $0.06 | $1.41 | $0.22 | $0.25 | $0.02 | $0.14 | $0.10 | $1.67 | $0.51 | $0.98 | |||||||||
Earnings (Losses) per Share-Diluted: | |||||||||||||||||||
(Loss) Income from Continuing Operations (in dollars per share) | $0.06 | $1.41 | $0.22 | $0.25 | $0.03 | $0.14 | $0.09 | $1.67 | $0.52 | $1.04 | |||||||||
Total (Loss) Income from Discontinued Operations (in dollars per share) | $0.01 | ($0.05) | |||||||||||||||||
Net Income (Loss) Attributable to Iron Mountain Incorporated (in dollars per share) | $0.06 | $1.40 | $0.22 | $0.24 | $0.02 | $0.14 | $0.10 | $1.66 | $0.50 | $0.98 | |||||||||
Weighted Average Common Shares Outstanding-Basic (in shares) | 195,278 | 190,994 | 173,604 | ||||||||||||||||
Weighted Average Common Shares Outstanding-Diluted (in shares) | 196,749 | 192,412 | 174,867 | ||||||||||||||||
Dividends Declared per Common Share (in dollars per share) | $0.48 | $0.48 | $0.27 | $0.27 | $0.27 | $0.27 | $0.27 | $0.27 | $5.37 | $1.08 | $5.12 |
CONSOLIDATED_STATEMENTS_OF_OPE1
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CONSOLIDATED STATEMENTS OF OPERATIONS | |||
Interest Expense, Net | $2,443 | $4,208 | $2,418 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||
Net Income (Loss) | $13,403 | $858 | $272,376 | $42,109 | $47,655 | $4,759 | $27,242 | $20,336 | $328,746 | $99,992 | $174,048 |
Other Comprehensive Income (Loss): | |||||||||||
Foreign Currency Translation Adjustments | -66,867 | -31,532 | 23,186 | ||||||||
Market Value Adjustments for Securities | 53 | 926 | |||||||||
Total Other Comprehensive Income (Loss) | -66,814 | -30,606 | 23,186 | ||||||||
Comprehensive Income (Loss) | 261,932 | 69,386 | 197,234 | ||||||||
Comprehensive Income (Loss) Attributable to Noncontrolling Interests | 2,184 | 1,898 | 3,795 | ||||||||
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | $259,748 | $67,488 | $193,439 |
CONSOLIDATED_STATEMENTS_OF_EQU
CONSOLIDATED STATEMENTS OF EQUITY (USD $) | Common Stock | Additional Paid-in Capital | Earnings in Excess of Distributions (Distributions in Excess of Earnings) | Accumulated Other Comprehensive Items, Net | Noncontrolling Interests | Total |
In Thousands, except Share data, unless otherwise specified | ||||||
Balance at Dec. 31, 2011 | $1,721 | $343,603 | $898,053 | ($2,203) | $8,568 | $1,249,742 |
Balance (in shares) at Dec. 31, 2011 | 172,140,966 | |||||
Increase (Decrease) in Stockholders' Equity | ||||||
Issuance of shares under employee stock purchase plan and option plans and stock-based compensation, including tax benefit (deficiency) of $1,045, $2,389 and ($60) for the years ended December 31, 2012, 2013 and 2014 respectively | 20 | 73,433 | 73,453 | |||
Issuance of shares under employee stock purchase plan and option plans and stock-based compensation (in shares) | 1,958,690 | |||||
Parent cash dividends declared | -328,707 | -328,707 | ||||
Special distribution in connection with conversion to REIT (see Note 13) | 170 | 559,840 | -560,010 | |||
Special distribution in connection with conversion to REIT (see Note 13) (in shares) | 17,009,281 | |||||
Currency translation adjustment | 22,517 | 669 | 23,186 | |||
Stock repurchases | -11 | -34,677 | -34,688 | |||
Stock repurchases (in shares) | -1,103,149 | |||||
Net Income (Loss) | 170,922 | 3,126 | 174,048 | |||
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 | 1,900 | 942,199 | 180,258 | 20,314 | 12,477 | 1,157,148 |
Balance (in shares) at Dec. 31, 2012 | 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 (deficiency) of $1,045, $2,389 and ($60) for the years ended December 31, 2012, 2013 and 2014 respectively | 14 | 50,465 | 50,479 | |||
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 | -29,900 | -1,632 | -31,532 | |||
Market Value Adjustments for Securities | 926 | 926 | ||||
Net Income (Loss) | 96,462 | 3,530 | 99,992 | |||
Noncontrolling interests equity contributions | 743 | 743 | ||||
Noncontrolling interests dividends | -2,270 | -2,270 | ||||
Purchase of noncontrolling interests | -12,500 | -2,352 | -14,852 | |||
Balance at Dec. 31, 2013 | 1,914 | 980,164 | 67,820 | -8,660 | 10,496 | 1,051,734 |
Balance (in shares) at Dec. 31, 2013 | 191,426,920 | 191,426,920 | ||||
Increase (Decrease) in Stockholders' Equity | ||||||
Issuance of shares under employee stock purchase plan and option plans and stock-based compensation, including tax benefit (deficiency) of $1,045, $2,389 and ($60) for the years ended December 31, 2012, 2013 and 2014 respectively | 26 | 64,447 | 64,473 | |||
Issuance of shares under employee stock purchase plan and option plans and stock-based compensation (in shares) | 2,638,554 | |||||
Parent cash dividends declared | -493,513 | -493,513 | ||||
Special distribution in connection with conversion to REIT (see Note 13) | 158 | 559,821 | -559,979 | |||
Special distribution in connection with conversion to REIT (see Note 13) (in shares) | 15,753,338 | |||||
Currency translation adjustment | -66,424 | -443 | -66,867 | |||
Market Value Adjustments for Securities | 53 | 53 | ||||
Net Income (Loss) | 326,119 | 2,627 | 328,746 | |||
Noncontrolling interests equity contributions | 1,800 | 1,800 | ||||
Noncontrolling interests dividends | -1,613 | -1,613 | ||||
Purchase of noncontrolling interests | -17,693 | -2,723 | -20,416 | |||
Divestiture of noncontrolling interests | 2,102 | 3,456 | 5,558 | |||
Balance at Dec. 31, 2014 | $2,098 | $1,588,841 | ($659,553) | ($75,031) | $13,600 | $869,955 |
Balance (in shares) at Dec. 31, 2014 | 209,818,812 | 209,818,812 |
CONSOLIDATED_STATEMENTS_OF_EQU1
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CONSOLIDATED STATEMENTS OF EQUITY | |||
Tax benefit (deficiency) on issuance of shares under employee stock purchase plan and option plans and stock-based compensation | ($60) | $2,389 | $1,045 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flows from Operating Activities: | |||
Net Income (Loss) | $328,746 | $99,992 | $174,048 |
Loss (Income) from discontinued operations | 209 | -831 | 6,774 |
Loss (Gain) on sale of discontinued operations | 1,885 | ||
Adjustments to reconcile net income (loss) to cash flows from operating activities: | |||
Depreciation | 304,557 | 282,856 | 280,598 |
Amortization (includes deferred financing costs and bond discount of $6,948, $7,258 and $8,009 in 2012, 2013 and 2014, respectively | 56,595 | 46,439 | 42,694 |
Stock-based compensation expense | 29,624 | 30,354 | 30,360 |
(Benefit) provision for deferred income taxes | -270,790 | -99,432 | -77,201 |
Loss on early extinguishment of debt, net | 16,495 | 43,318 | 10,628 |
Loss (Gain) on disposal/write-down of property, plant and equipment, (including real estate) | -9,447 | -1,417 | 4,400 |
Foreign currency transactions and other, net | 50,011 | 63,648 | 11,764 |
Changes in Assets and Liabilities (exclusive of acquisitions): | |||
Accounts receivable | 113 | -33,181 | -17,964 |
Prepaid expenses and other | 48,941 | 48,302 | -58,400 |
Accounts payable | 16,870 | 24,168 | -706 |
Accrued expenses and deferred revenue | -101,427 | -5,120 | 36,295 |
Other assets and long-term liabilities | 2,451 | 7,497 | -1,523 |
Cash Flows from Operating Activities-Continuing Operations | 472,948 | 506,593 | 443,652 |
Cash Flows from Operating Activities-Discontinued Operations | 953 | -10,916 | |
Cash Flows from Operating Activities | 472,948 | 507,546 | 432,736 |
Cash Flows from Investing Activities: | |||
Capital expenditures | -361,924 | -287,295 | -240,683 |
Cash paid for acquisitions, net of cash acquired | -128,093 | -317,100 | -125,134 |
Investment in restricted cash | -248 | 1,498 | |
Additions to customer relationship and acquisition costs | -34,447 | -30,191 | -28,872 |
Investment in joint ventures | -2,330 | ||
Proceeds from sales of property and equipment and other, net (including real estate) | 44,486 | 2,084 | 1,457 |
Cash Flows from Investing Activities-Continuing Operations | -479,978 | -632,750 | -394,064 |
Cash Flows from Investing Activities-Discontinued Operations | -4,937 | -6,136 | |
Cash Flows from Investing Activities | -479,978 | -637,687 | -400,200 |
Cash Flows from Financing Activities: | |||
Repayment of revolving credit and term loan facilities and other debt | -8,824,711 | -5,526,672 | -2,844,693 |
Proceeds from revolving credit and term loan facilities and other debt | 9,285,187 | 5,661,750 | 2,731,185 |
Early retirement of senior subordinated notes | -566,352 | -685,134 | -525,834 |
Net proceeds from sales of senior subordinated notes | 985,000 | ||
Net proceeds from sales of senior notes | 642,417 | 782,307 | |
Debt financing (repayment to) and equity contribution from (distribution to) noncontrolling interests, net | -14,770 | -18,236 | 480 |
Stock repurchases | -38,052 | ||
Parent cash dividends | -542,298 | -206,798 | -318,845 |
Proceeds from exercise of stock options and employee stock purchase plan | 44,290 | 17,664 | 40,244 |
Excess tax benefits (deficiency) from stock-based compensation | -60 | 2,389 | 1,045 |
Payment of debt financing and stock issuance costs | -3,846 | -8,706 | -2,261 |
Cash Flows from Financing Activities-Continuing Operations | 19,857 | 18,564 | 28,269 |
Cash Flows from Financing Activities-Discontinued Operations | -39 | ||
Cash Flows from Financing Activities | 19,857 | 18,564 | 28,230 |
Effect of Exchange Rates on Cash and Cash Equivalents | -7,420 | -11,312 | 2,804 |
Increase (Decrease) in Cash and Cash Equivalents | 5,407 | -122,889 | 63,570 |
Cash and Cash Equivalents, Beginning of Year | 120,526 | 243,415 | 179,845 |
Cash and Cash Equivalents, End of Year | 125,933 | 120,526 | 243,415 |
Supplemental Information: | |||
Cash Paid for Interest | 257,599 | 243,380 | 231,936 |
Cash Paid for Income Taxes | 167,448 | 125,624 | 228,607 |
Non-Cash Investing and Financing Activities: | |||
Capital Leases | 24,106 | 48,488 | 54,518 |
Accrued Capital Expenditures | 47,529 | 79,153 | 51,114 |
Dividends Payable | $6,182 | $55,142 | $53,042 |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
Deferred financing costs and bond discount included in Amortization | $8,009 | $7,258 | $6,948 |
Nature_of_Business
Nature of Business | 12 Months Ended |
Dec. 31, 2014 | |
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, healthcare, accounting, insurance, entertainment and government organizations. | |
We previously disclosed that, as part of our plan to convert to a real estate investment trust (“REIT”) for federal income tax purposes and elect REIT status effective January 1, 2014 (the “Conversion Plan”), we sought private letter rulings (“PLRs”) from the United States Internal Revenue Service (the “IRS”) relating to numerous technical tax issues, including classification of our steel racking structures as qualified real estate assets. We submitted the PLR requests in the third quarter of 2012, and on June 25, 2014, we announced that we received the favorable PLRs from the IRS necessary for our conversion to a REIT. After receipt of the PLRs, our board of directors unanimously approved our conversion to a REIT for our taxable year beginning January 1, 2014. | |
In connection with the Conversion Plan, and, in particular, to impose ownership limitations customary for REITs, on January 20, 2015, we completed the merger with our predecessor and all outstanding shares of our predecessor’s common stock were converted into a right to receive an equal number of shares of our common stock. Accordingly, references herein to our “common stock” refer to our common stock and the common stock of our predecessor, as applicable. | |
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, 2014 | ||||||||||||||
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 transactions and 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 $33,860 as of both December 31, 2013 and 2014, and is included in current assets on our Consolidated Balance Sheets. Restricted cash consists primarily of United States Treasuries. | ||||||||||||||
d.Foreign Currency | ||||||||||||||
Local currencies are the functional currencies for our operations outside the United States, with the exception of certain foreign holding companies and our financing centers in Switzerland, whose functional currency is the United States 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 previously outstanding 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 loss on foreign currency transactions amounted to $10,223, $36,201 and $58,316 for the years ended December 31, 2012, 2013 and 2014, 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 United States 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, 2013 and 2014, 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 (in years): | ||||||||||||||
Range | ||||||||||||||
Buildings and building improvements | 5 to 40 | |||||||||||||
Leasehold improvements | 5 to 10 or life of the lease (whichever is shorter) | |||||||||||||
Racking | 1 to 20 or life of the lease (whichever is shorter) | |||||||||||||
Warehouse equipment/vehicles | 1 to 10 | |||||||||||||
Furniture and fixtures | 3 to 10 | |||||||||||||
Computer hardware and software | 2 to 5 | |||||||||||||
Property, plant and equipment (including capital leases in the respective category), at cost, consist of the following: | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2014 | |||||||||||||
Land | $ | $ | ||||||||||||
203,423 | 205,463 | |||||||||||||
Buildings and building improvements | 1,283,458 | 1,409,330 | ||||||||||||
Leasehold improvements | 499,906 | 467,176 | ||||||||||||
Racking | 1,536,212 | 1,559,383 | ||||||||||||
Warehouse equipment/vehicles | 365,171 | 341,393 | ||||||||||||
Furniture and fixtures | 53,590 | 53,189 | ||||||||||||
Computer hardware and software | 511,927 | 501,882 | ||||||||||||
Construction in progress | 177,380 | 130,889 | ||||||||||||
$ | $ | |||||||||||||
4,631,067 | 4,668,705 | |||||||||||||
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, 2013 and 2014, we capitalized $26,755, $39,487 and $19,419 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. | ||||||||||||||
We wrote off 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 (excluding real estate), net in the accompanying Consolidated Statements of Operations, by segment as follows: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2012 | 2013 | 2014 | ||||||||||||
North American Records and Information Management Business | $— | $ | $ | |||||||||||
800 | 1,000 | |||||||||||||
North American Data Management Business | — | — | — | |||||||||||
Western European Business | — | — | 300 | |||||||||||
Other International Business | — | — | — | |||||||||||
Corporate and Other Business | 1,110 | 300 | — | |||||||||||
$ | $ | $ | ||||||||||||
1,110 | 1,100 | 1,300 | ||||||||||||
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, | ||||||||||||||
2013 | 2014 | |||||||||||||
Asset Retirement Obligations, beginning of the year | $ | $ | ||||||||||||
10,982 | 11,809 | |||||||||||||
Liabilities Incurred | 480 | 1,366 | ||||||||||||
Liabilities Settled | -687 | -1,199 | ||||||||||||
Accretion Expense | 1,123 | 1,121 | ||||||||||||
Foreign Currency Exchange Movement | -89 | -200 | ||||||||||||
Asset Retirement Obligations, end of the year | $ | $ | ||||||||||||
11,809 | 12,897 | |||||||||||||
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, or more frequently if events or circumstances warrant, assess whether a change in the lives over which our intangible assets are amortized is necessary. | ||||||||||||||
We have selected October 1 as our annual goodwill impairment review date. We performed our annual goodwill impairment review as of October 1, 2012, 2013 and 2014 and concluded that goodwill was not impaired as of those dates. As of December 31, 2014, no factors were identified that would alter our October 1, 2014 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. | ||||||||||||||
Our reporting units at which level we performed our goodwill impairment analysis as of October 1, 2013 were as follows: (1) North America; (2) United Kingdom, Ireland, Norway, Belgium, France, Germany, Netherlands and Spain (“Western Europe”); (3) the remaining countries in Europe in which we operate, excluding Russia and Ukraine (“Emerging Markets”); (4) Latin America; (5) Australia, China, Hong Kong and Singapore (“Asia Pacific”); and (6) India, Russia and Ukraine (“Emerging Market Joint Ventures”). The carrying value of goodwill, net for each of these reporting units as of December 31, 2013 is as follows: | ||||||||||||||
Carrying Value as of | ||||||||||||||
December 31, 2013 | ||||||||||||||
North America | $ | |||||||||||||
1,849,440 | ||||||||||||||
Western Europe | 375,954 | |||||||||||||
Emerging Markets(1) | 88,599 | |||||||||||||
Latin America | 93,149 | |||||||||||||
Asia Pacific | 56,210 | |||||||||||||
Emerging Market Joint Ventures | — | |||||||||||||
Total | $ | |||||||||||||
2,463,352 | ||||||||||||||
-1 | As of December 31, 2013, the goodwill associated with our operations in Austria and Switzerland was included in the Emerging Markets reporting unit. Beginning January 1, 2014, the goodwill associated with our operations in Austria and Switzerland is included in the New Western Europe reporting unit (defined below). | |||||||||||||
Beginning January 1, 2014, as a result of the changes in our reportable operating segments associated with our 2014 reorganization, we had four reportable operating segments: (1) North American Records and Information Management Business segment, (2) North American Data Management Business segment, (3) the former International Business segment and (4) Corporate and Other Business segment. The North American Records and Information Management Business segment includes the following three reporting units: (1) North American Records and Information Management; (2) Intellectual Property Management; and (3) Fulfillment Services. The North American Data Management Business segment is a separate reporting unit. The Emerging Businesses reporting unit, which primarily relates to our data center business in the United States, is a component of the Corporate and Other Business segment. Additionally, the former International Business segment consists of the following seven reporting units: (1) United Kingdom, Ireland, Norway, Austria, Belgium, France, Germany, Netherlands, Spain and Switzerland (“New Western Europe”); (2) the remaining countries in Europe in which we operate, excluding Russia, Ukraine and Denmark (“New Emerging Markets”); (3) Latin America; (4) Australia and Singapore; (5) China and Hong Kong (“Greater China”); (6) India; and (7) Russia, Ukraine and Denmark. We have reassigned goodwill associated with the reporting units impacted by the 2014 reorganization among the new reporting units on a relative fair value basis. The fair value of each of our new reporting units was determined based on the application of a combined weighted average approach of fair value multiples of revenue and earnings and discounted cash flow techniques. | ||||||||||||||
As a result of the change in the composition of our reporting units noted above, we concluded that we had an interim triggering event, and, therefore, we performed an interim goodwill impairment test as of January 1, 2014 on the basis of these new reporting units during the first quarter of 2014. We concluded that the goodwill for each of our new reporting units was not impaired as of such date. The carrying value of goodwill, net for each of these reporting units as of December 31, 2014 is as follows: | ||||||||||||||
Carrying Value as of | ||||||||||||||
December 31, 2014 | ||||||||||||||
North American Records and Information Management | $ | |||||||||||||
1,397,484 | ||||||||||||||
Intellectual Property Management | 38,491 | |||||||||||||
Fulfillment Services | 3,247 | |||||||||||||
North American Data Management | 375,957 | |||||||||||||
Emerging Businesses | — | |||||||||||||
New Western Europe | 354,049 | |||||||||||||
New Emerging Markets | 87,408 | |||||||||||||
Latin America | 107,240 | |||||||||||||
Australia and Singapore | 55,779 | |||||||||||||
Greater China | 3,500 | |||||||||||||
India | — | |||||||||||||
Russia, Ukraine and Denmark | 628 | |||||||||||||
Total | $ | |||||||||||||
2,423,783 | ||||||||||||||
As a result of a realignment in senior management reporting structure during the first quarter of 2015, we modified our internal financial reporting to better align internal reporting with how we manage our business. These modifications resulted in the separation of our former International Business segment into two unique reportable operating segments, which we refer to as (1) Western European Business segment and (2) Other International Business segment. See Note 9 for a description of our reportable operating segments. | ||||||||||||||
Reporting unit valuations have been determined using a combined approach based on the present value of future cash flows and market 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, 2013 and 2014 is as follows: | ||||||||||||||
North American | North American | Western | Other | Total | ||||||||||
Records and | Data Management | European | International | Consolidated | ||||||||||
Information | Business | Business | Business | |||||||||||
Management | ||||||||||||||
Business | ||||||||||||||
Gross Balance as of December 31, 2012 | $ | $ | 435,834 | $ | $ | |||||||||
1,602,824 | 421,147 | 195,694 | 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 | 1,172 | 33,957 | 77,712 | |||||||||
Fair value and other adjustments(1) | 7,144 | 1,786 | 188 | -596 | 8,522 | |||||||||
Currency effects | -12,153 | -3,038 | 10,012 | -16,909 | -22,088 | |||||||||
Gross Balance as of December 31, 2013 | 1,671,927 | 438,423 | 447,206 | 226,129 | 2,783,685 | |||||||||
Deductible goodwill acquired during the year | 7,745 | 1,936 | - | 30,117 | 39,798 | |||||||||
Non-deductible goodwill acquired during the year | 7,045 | — | 3,405 | 33,869 | 44,319 | |||||||||
Allocated to divestiture (see Note 16) | — | — | -4,032 | -3,718 | -7,750 | |||||||||
Fair value and other adjustments(2) | -26,898 | -6,724 | - | -386 | -34,008 | |||||||||
Currency effects | -14,610 | -3,653 | -34,257 | -31,305 | -83,825 | |||||||||
Gross Balance as of December 31, 2014 | $ | $ | $ | $ | $ | |||||||||
1,645,209 | 429,982 | 412,322 | 254,706 | 2,742,219 | ||||||||||
Accumulated Amortization Balance as of December 31, 2012 | $ | $ | $ | $ | $ | |||||||||
207,309 | 54,355 | 58,905 | 171 | 320,740 | ||||||||||
Currency effects | -603 | -151 | 348 | -1 | -407 | |||||||||
Accumulated Amortization Balance as of December 31, 2013 | 206,706 | 54,204 | 59,253 | 170 | 320,333 | |||||||||
Currency effects | -719 | -179 | -980 | -19 | -1,897 | |||||||||
Accumulated Amortization Balance as of December 31, 2014 | $ | $ | 58,273 | $ | $ | |||||||||
205,987 | 54,025 | 151 | 318,436 | |||||||||||
Net Balance as of December 31, 2013 | $ | $ | $ | $ | $ | |||||||||
1,465,221 | 384,219 | 387,953 | 225,959 | 2,463,352 | ||||||||||
Net Balance as of December 31, 2014 | $ | $ | $ | $ | $ | |||||||||
1,439,222 | 375,957 | 354,049 | 254,555 | 2,423,783 | ||||||||||
Accumulated Goodwill Impairment Balance as of December 31, 2013 | $ | $— | $ | $— | $ | |||||||||
85,909 | 46,500 | 132,409 | ||||||||||||
Accumulated Goodwill Impairment Balance as of December 31, 2014 | $ | $— | $ | $— | $ | |||||||||
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. | |||||||||||||
-2 | Total fair value and other adjustments primarily include $(32,265) in net adjustments to deferred income taxes and $(443) related to property, plant and equipment and other assumed liabilities, as well as $(1,300) of cash received related to certain 2013 acquisitions. | |||||||||||||
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, the long-lived assets are written down, on a pro rata basis, to fair value. Fair value is determined based on discounted cash flows or appraised values, depending upon the nature of the assets. | ||||||||||||||
As a result of our conversion to a REIT and in accordance with Securities and Exchange Commission (“SEC”) rules applicable to REITs, we no longer report (gain) loss on sale of real estate as a component of operating income, but we will continue to report it as a component of income (loss) from continuing operations. We will continue to report the (gain) loss on sale of property, plant and equipment (excluding real estate), along with any impairment, write- downs or involuntary conversions related to real estate, as a component of operating income. Previously reported amounts have been reclassified to conform to this presentation. | ||||||||||||||
Consolidated loss on disposal/write-down of property, plant and equipment (excluding real estate), net was $4,661 for the year ended December 31, 2012 and consisted primarily of approximately $3,800, $2,500, $700 and $1,100 of asset write-offs in our Other International Business, Western European Business, North American Records and Information Management Business and Emerging Businesses segments, respectively, partially offset by approximately $3,500 of gains associated with the retirement of leased vehicles accounted for as capital lease assets associated with our North American Records and Information Management Business segment. Consolidated loss on disposal/write-down of property, plant and equipment (excluding real estate), net was $430 for the year ended December 31, 2013 and consisted of $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 Business segment, approximately $600 of asset write-offs associated with our Western European Business segment and approximately $300 of asset write-offs associated with our Other International Business segment, offset by gains of approximately $2,500 on the retirement of leased vehicles accounted for as capital lease assets primarily associated with our North American Records and Information Management Business segment. Consolidated loss on disposal/write-down of property, plant and equipment (excluding real estate), net was $1,065 for the year ended December 31, 2014 and consisted primarily of losses associated with the write-off of certain software associated with our North American Records and Information Management Business segment. | ||||||||||||||
Gain on sale of real estate, net of tax, which consists primarily of the sale of buildings in the United Kingdom, for the years ended December 31, 2012, 2013 and 2014 is as follows: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2012 | 2013 | 2014 | ||||||||||||
Gain on sale of real estate | $ | $ | $ | |||||||||||
261 | 1,847 | 10,512 | ||||||||||||
Tax effect on gain on sale of real estate | -55 | -430 | -2,205 | |||||||||||
Gain on sale of real estate, net of tax | $ | $ | $ | |||||||||||
206 | 1,417 | 8,307 | ||||||||||||
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 boxes to one of our facilities, which include labor and transportation charges, are amortized over periods ranging from one to 30 years (weighted average of 25 years at December 31, 2014), 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 15 years (weighted average of six years at December 31, 2014) 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 20 years at December 31, 2014). 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 six years at December 31, 2014). | ||||||||||||||
The gross carrying amount and accumulated amortization are as follows: | ||||||||||||||
December 31, | ||||||||||||||
Gross Carrying Amount | 2013 | 2014 | ||||||||||||
Customer relationship and acquisition costs | $ | $ | ||||||||||||
879,378 | 904,866 | |||||||||||||
Other intangible assets (included in other assets, net) | 9,475 | 10,630 | ||||||||||||
Accumulated Amortization | ||||||||||||||
Customer relationship and acquisition costs | $ | $ | ||||||||||||
273,894 | 297,029 | |||||||||||||
Other intangible assets (included in other assets, net) | 7,305 | 8,608 | ||||||||||||
The amortization expense for the years ended December 31, 2012, 2013 and 2014 is as follows: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2012 | 2013 | 2014 | ||||||||||||
Customer relationship and acquisition costs: | ||||||||||||||
Amortization expense included in depreciation and amortization | $ | $ | $ | |||||||||||
34,806 | 37,725 | 46,733 | ||||||||||||
Amortization expense offsetting revenues | 10,784 | 11,788 | 11,715 | |||||||||||
Other intangible assets: | ||||||||||||||
Amortization expense included in depreciation and amortization | 940 | 1,456 | 1,853 | |||||||||||
Estimated amortization expense for existing intangible assets (excluding deferred financing costs, as disclosed in Note 2.j.) is as follows: | ||||||||||||||
Estimated Amortization | ||||||||||||||
Included in Depreciation | Charged to Revenues | |||||||||||||
and Amortization | ||||||||||||||
2015 | $ | $ | ||||||||||||
48,230 | 7,748 | |||||||||||||
2016 | 48,040 | 6,073 | ||||||||||||
2017 | 47,192 | 4,280 | ||||||||||||
2018 | 46,389 | 2,838 | ||||||||||||
2019 | 45,189 | 1,554 | ||||||||||||
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, 2013 and 2014, gross carrying amount of deferred financing costs was $62,418 and $63,033, respectively, and accumulated amortization of those costs was $16,811 and $15,956, respectively, and was recorded in other assets, net in the accompanying Consolidated Balance Sheets. | ||||||||||||||
Estimated amortization expense for deferred financing costs, which are amortized as a component of interest expense, is as follows: | ||||||||||||||
Estimated Amortization of | ||||||||||||||
Deferred Financing Costs | ||||||||||||||
2015 | $ | |||||||||||||
7,702 | ||||||||||||||
2016 | 6,874 | |||||||||||||
2017 | 5,714 | |||||||||||||
2018 | 5,683 | |||||||||||||
2019 | 4,966 | |||||||||||||
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, | ||||||||||||||
2013 | 2014 | |||||||||||||
Income tax receivable | $ | $ | ||||||||||||
31,915 | 41,559 | |||||||||||||
Other | 112,886 | 97,910 | ||||||||||||
Prepaid expenses | $ | $ | ||||||||||||
144,801 | 139,469 | |||||||||||||
December 31, | ||||||||||||||
2013 | 2014 | |||||||||||||
Interest | $ | $ | ||||||||||||
71,971 | 69,525 | |||||||||||||
Payroll and vacation | 91,519 | 75,050 | ||||||||||||
Incentive compensation | 58,562 | 66,552 | ||||||||||||
Dividend | 55,142 | 6,182 | ||||||||||||
Self-insured liabilities (Note 10.b.) | 32,850 | 33,381 | ||||||||||||
Other | 151,294 | 153,795 | ||||||||||||
Accrued expenses | $ | $ | ||||||||||||
461,338 | 404,485 | |||||||||||||
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 service activities, which include: (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 the related sale of recycled paper, the price of which can fluctuate from period to period; (4) other 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 project revenues; (5) customer termination and permanent withdrawal fees; (6) data restoration projects; (7) special project work; (8) 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”); (9) consulting services; and (10) technology escrow services that protect and manage source code (“Intellectual Property Management”) and other technology services and product sales (including specially designed storage containers and related supplies). | ||||||||||||||
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 are included as a component of service revenues, are 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 to rent expense 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 (“RSUs”), performance units (“PUs”) and shares of stock issued under our employee stock purchase plan (“ESPP”) (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, 2012, 2013 and 2014 was $30,360 ($23,437 after tax or $0.14 per basic and $0.13 per diluted share), $30,354 ($22,085 after tax or $0.12 per basic and $0.11 per diluted share) and $29,624 ($21,886 after tax or $0.11 per basic and 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, | ||||||||||||||
2012 | 2013 | 2014 | ||||||||||||
Cost of sales (excluding depreciation and amortization) | $ | $ | $ | |||||||||||
1,392 | 293 | 680 | ||||||||||||
Selling, general and administrative expenses | 28,968 | 30,061 | 28,944 | |||||||||||
Total stock-based compensation | $ | $ | $ | |||||||||||
30,360 | 30,354 | 29,624 | ||||||||||||
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 $1,045, $2,389 and $(60) for the years ended December 31, 2012, 2013 and 2014, respectively, from the benefits (deficiency) of tax deductions compared to 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 are generally granted with exercise prices equal to the market price of the stock on the date of grant; however, in certain limited instances, options are granted at prices greater than 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, 2014, ten-year vesting options represented 8.0% of total outstanding options. 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, 2014, three-year vesting options represented 34.3% 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. | ||||||||||||||
Our equity compensation plans generally provide that any unvested options and other awards granted thereunder shall vest immediately if an employee is terminated by the Company, or terminates 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). On January 20, 2015, our stockholders approved the adoption of the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan (the “2014 Plan”). Under the 2014 Plan, the total amount of shares of common stock reserved and available for issuance pursuant to awards granted under the 2014 Plan is 7,750,000. The 2014 Plan permits the Company to continue to grant awards through January 20, 2025. | ||||||||||||||
A total of 43,253,839 shares of common stock have been reserved for grants of options and other rights under our various stock incentive plans, including the 2014 Plan. The number of shares available for grant under our various stock incentive plans, not including the 2014 Plan, at December 31, 2014 was 4,581,754. | ||||||||||||||
The weighted average fair value of options granted in 2012, 2013 and 2014 was $7.00, $7.69 and $5.70 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 | 2012 | 2013 | 2014 | |||||||||||
Expected volatility | 33.8% | 33.8% | 34.0% | |||||||||||
Risk-free interest rate | 1.24% | 1.13% | 2.04% | |||||||||||
Expected dividend yield | 3% | 3% | 4% | |||||||||||
Expected life | 6.3 years | 6.3 years | 6.7 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 United States 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, 2014 is as follows: | ||||||||||||||
Options | Weighted | Weighted | Aggregate | |||||||||||
Average | Average | Intrinsic | ||||||||||||
Exercise | Remaining | Value | ||||||||||||
Price | Contractual | |||||||||||||
Term (Years) | ||||||||||||||
Outstanding at December 31, 2013 | 5,145,739 | $ | ||||||||||||
24.09 | ||||||||||||||
Granted | 576,174 | 31.00 | ||||||||||||
Adjustment associated with special dividend | 360,814 | N/A | ||||||||||||
Exercised | -2,223,012 | 23.15 | ||||||||||||
Forfeited | -180,335 | 24.13 | ||||||||||||
Expired | -1,134 | 30.13 | ||||||||||||
Outstanding at December 31, 2014 | 3,678,246 | $ | 5.17 | $ | ||||||||||
23.37 | 56,248 | |||||||||||||
Options exercisable at December 31, 2014 | 2,643,384 | $ | 4.08 | $ | ||||||||||
21.97 | 44,116 | |||||||||||||
Options expected to vest | 986,850 | $ | 7.94 | $ | ||||||||||
26.90 | 11,603 | |||||||||||||
The following table provides the aggregate intrinsic value of stock options exercised for the years ended December 31, 2012, 2013 and 2014: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2012 | 2013 | 2014 | ||||||||||||
Aggregate intrinsic value of stock options exercised | $ | $ | $ | |||||||||||
15,859 | 11,024 | 23,178 | ||||||||||||
Restricted Stock and Restricted Stock Units | ||||||||||||||
Under our various equity compensation plans, we may also grant restricted stock or RSUs. Our restricted stock and RSUs generally have a vesting period of between three and five years 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, $1,854 and $3,698 of cash dividends on RSUs for the years ended December 31, 2012, 2013 and 2014, respectively. We paid approximately $58, $820 and $1,377 of cash dividends on RSUs for the years ended December 31, 2012, 2013 and 2014, 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, 2014 is as follows: | ||||||||||||||
Restricted | Weighted- | |||||||||||||
Stock and | Average | |||||||||||||
RSUs | Grant-Date | |||||||||||||
Fair Value | ||||||||||||||
Non-vested at December 31, 2013 | 1,435,230 | $ | ||||||||||||
29.76 | ||||||||||||||
Granted | 902,702 | 29.73 | ||||||||||||
Vested | -721,533 | 31.24 | ||||||||||||
Forfeited | -210,830 | 31.14 | ||||||||||||
Non-vested at December 31, 2014 | 1,405,569 | $ | ||||||||||||
28.78 | ||||||||||||||
The total fair value of restricted stock vested for each of the years ended December 31, 2012, 2013 and 2014 was $1. The total fair value of RSUs vested for the years ended December 31, 2012, 2013 and 2014 was $8,296, $16,638 and $22,535, respectively. | ||||||||||||||
Performance Units | ||||||||||||||
Under our various equity compensation plans, we may also make awards of PUs. For the majority of PUs, the number of PUs earned is determined based on our performance against predefined targets of revenue or revenue growth and return on invested capital (“ROIC”). The number of PUs earned may range from 0% to 150% (for PUs granted prior to 2014) and 0% to 200% (for PUs granted in 2014) 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 either the one-year performance period (for PUs granted prior to 2014) or the three-year performance period (for PUs granted in 2014). Certain PUs granted in 2013 and 2014 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. For those PUs subject to a one-year performance period, 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 subject to a one-year performance period 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, $681 and $1,341 of cash dividends on PUs for the years ended December 31, 2012, 2013 and 2014, respectively. There were no cash dividends paid on PUs for the years ended December 31, 2012 and 2013. We paid approximately $312 of cash dividends on PUs for the year ended December 31, 2014. | ||||||||||||||
In 2012, 2013 and 2014, we issued 221,781, 198,869 and 225,429 PUs, respectively. Our PUs are earned based on our performance against revenue or revenue growth and ROIC targets during their applicable performance period; therefore, we forecast the likelihood of achieving the predefined revenue, 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 applicable performance period) or the actual PUs earned (at the one-year anniversary date for PUs granted prior to 2014, and at the three-year anniversary date for PUs granted in 2014) over the vesting period for each of the awards. For the 2013 and 2014 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. The total fair value of earned PUs that vested during the years ended December 31, 2012, 2013 and 2014 was $4,285, $2,962 and $1,216, respectively. As of December 31, 2014, we expected 60% achievement of the predefined revenue, revenue growth and ROIC targets associated with the awards of PUs made in 2014. | ||||||||||||||
A summary of PU activity for the year ended December 31, 2014 is as follows: | ||||||||||||||
Original | PU Adjustment(1) | Total | Weighted- | |||||||||||
PU Awards | PU Awards | Average | ||||||||||||
Grant-Date | ||||||||||||||
Fair Value | ||||||||||||||
Non-vested at December 31, 2013 | 334,548 | -23,732 | 310,816 | $ | ||||||||||
33.18 | ||||||||||||||
Granted | 225,429 | -49,776 | 175,653 | 26.82 | ||||||||||
Vested | -68,389 | -9,101 | -77,490 | 31.85 | ||||||||||
Forfeited | -29,922 | — | -29,922 | 29.44 | ||||||||||
Non-vested at December 31, 2014 | 461,666 | -82,609 | 379,057 | $ | ||||||||||
30.80 | ||||||||||||||
-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 ESPP in which participation is available to substantially all United States 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, 2012, 2013 and 2014, there were 151,285 shares, 144,432 shares and 115,046 shares, respectively, purchased under the ESPP. As of December 31, 2014, we have 960,638 shares available under the ESPP. | ||||||||||||||
As of December 31, 2014, unrecognized compensation cost related to the unvested portion of our Employee Stock-Based Awards was $35,467 and is expected to be recognized over a weighted-average period of 1.9 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 bases 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, | ||||||||||||||
2012 | 2013 | 2014 | ||||||||||||
Income (loss) from continuing operations | $ | $ | $ | |||||||||||
182,707 | 99,161 | 328,955 | ||||||||||||
Total (loss) income from discontinued operations (see Note 14) | $ | $ | $ | |||||||||||
-8,659 | 831 | -209 | ||||||||||||
Net income (loss) attributable to Iron Mountain Incorporated | $ | $ | $ | |||||||||||
170,922 | 96,462 | 326,119 | ||||||||||||
Weighted-average shares—basic | 173,604,000 | 190,994,000 | 195,278,000 | |||||||||||
Effect of dilutive potential stock options | 914,308 | 995,836 | 913,926 | |||||||||||
Effect of dilutive potential restricted stock, RSUs and PUs | 349,128 | 422,045 | 557,269 | |||||||||||
Weighted-average shares—diluted | 174,867,436 | 192,411,881 | 196,749,195 | |||||||||||
Earnings (losses) per share—basic: | ||||||||||||||
Income (loss) from continuing operations | $ | $ | $ | |||||||||||
1.05 | 0.52 | 1.68 | ||||||||||||
Total (loss) income from discontinued operations (see Note 14) | $ | $— | $— | |||||||||||
-0.05 | ||||||||||||||
Net income (loss) attributable to Iron Mountain Incorporated—basic | $ | $ | $ | |||||||||||
0.98 | 0.51 | 1.67 | ||||||||||||
Earnings (losses) per share—diluted: | ||||||||||||||
Income (loss) from continuing operations | $ | $ | $ | |||||||||||
1.04 | 0.52 | 1.67 | ||||||||||||
Total (loss) income from discontinued operations (see Note 14) | $ | $— | $— | |||||||||||
-0.05 | ||||||||||||||
Net income (loss) attributable to Iron Mountain Incorporated—diluted | $ | $ | $ | |||||||||||
0.98 | 0.50 | 1.66 | ||||||||||||
Antidilutive stock options, RSUs and PUs, excluded from the calculation | 1,286,150 | 903,416 | 872,039 | |||||||||||
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 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 | ||||||||||||||
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 | ||||||||
2014 | 34,645 | 47,137 | 14,209 | -572 | -63,278 | 32,141 | ||||||||
-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 credit risk consist principally of cash and cash equivalents (including money market funds and time deposits), restricted cash (primarily United States Treasuries) and accounts receivable. The only significant concentrations of liquid investments as of both December 31, 2013 and 2014 relate to cash and cash equivalents and restricted cash held on deposit with one global bank and one “Triple A” rated money market fund, and three global banks and two “Triple A” rated money market funds, 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, 2013 and 2014, our cash and cash equivalents and restricted cash balance was $154,386 and $159,793, respectively, including money market funds and time deposits amounting to $36,613 and $53,032 respectively. The money market funds are invested substantially in United States 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. | ||||||||||||||
Our financial assets or liabilities that are carried at fair value are required to be 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, 2013 and 2014, respectively: | ||||||||||||||
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 | — | ||||||||||
Fair Value Measurements at | ||||||||||||||
December 31, 2014 Using | ||||||||||||||
Description | Total Carrying | Quoted prices | Significant other | Significant | ||||||||||
Value at | in active | observable | unobservable | |||||||||||
December 31, | markets | inputs | inputs | |||||||||||
2014 | (Level 1) | (Level 2) | (Level 3) | |||||||||||
Money Market Funds(1) | $ | $— | $ | $— | ||||||||||
36,828 | 36,828 | |||||||||||||
Time Deposits(1) | 16,204 | — | 16,204 | — | ||||||||||
Trading Securities | 13,172 | 12,428(2) | 744(1) | — | ||||||||||
Derivative Liabilities(3) | 2,411 | — | 2,411 | — | ||||||||||
-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 certain of our intercompany exposures, as more fully disclosed at Note 3. 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, 2012, 2013 and 2014, 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, 2013 and 2014, the fair value of the money market and mutual funds included in this trust amounted to $13,386 and $13,172 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 are realized and unrealized net gains (losses) of $1,292, $2,283 and $1,112 for the years ended December 31, 2012, 2013 and 2014, respectively, related to these marketable securities. | ||||||||||||||
u.Investments | ||||||||||||||
As of December 31, 2014, we had a 4% investment in Crossroads Systems, Inc. Its carrying value as of December 31, 2013 and 2014 was $1,404 and $1,457, respectively, and is included in other assets in the accompanying Consolidated Balance Sheets. This investment, which is publicly traded, is carried at fair value with corresponding changes to fair value recorded in accumulated other comprehensive items, net. | ||||||||||||||
v.Accumulated Other Comprehensive Items, Net | ||||||||||||||
The changes in accumulated other comprehensive items, net for the years ended December 31, 2013 and 2014 is as follows: | ||||||||||||||
Foreign Currency | Market Value | Total | ||||||||||||
Translation | Adjustments | |||||||||||||
Adjustments | for Securities | |||||||||||||
Balance as of December 31, 2012 | $ | $— | $ | |||||||||||
20,314 | 20,314 | |||||||||||||
Other comprehensive (loss) income: | ||||||||||||||
Foreign currency translation adjustments | -29,900 | — | -29,900 | |||||||||||
Market value adjustments for securities | — | 926 | 926 | |||||||||||
Total other comprehensive (loss) income | -29,900 | 926 | -28,974 | |||||||||||
Balance as of December 31, 2013 | $ | $ | $ | |||||||||||
-9,586 | 926 | -8,660 | ||||||||||||
Other comprehensive (loss) income: | ||||||||||||||
Foreign currency translation adjustments | -66,424 | — | -66,424 | |||||||||||
Market value adjustments for securities | — | 53 | 53 | |||||||||||
Total other comprehensive (loss) income | -66,424 | 53 | -66,371 | |||||||||||
Balance as of December 31, 2014 | $ | $ | $ | |||||||||||
-76,010 | 979 | -75,031 | ||||||||||||
w.Other Expense (Income), Net | ||||||||||||||
Other expense (income), net consists of the following: | ||||||||||||||
Year Ended | ||||||||||||||
December 31, | ||||||||||||||
2012 | 2013 | 2014 | ||||||||||||
Foreign currency transaction losses (gains), net | $ | $ | $ | |||||||||||
10,223 | 36,201 | 58,316 | ||||||||||||
Debt extinguishment expense, net | 10,628 | 43,724 | 16,495 | |||||||||||
Other, net | -4,789 | -4,723 | -9,624 | |||||||||||
$ | $ | $ | ||||||||||||
16,062 | 75,202 | 65,187 | ||||||||||||
x.New Accounting Pronouncements | ||||||||||||||
In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360) (“ASU 2014-08”). ASU 2014-08 changes the criteria for a disposal to qualify as a discontinued operation and requires additional disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. ASU 2014-08 is effective for annual periods beginning on or after December 15, 2014. Under this guidance, we expect fewer dispositions to qualify as discontinued operations. Early adoption is permitted, but only for disposals that have not been reported in the financial statements previously issued. We adopted ASU 2014-08 effective April 1, 2014. | ||||||||||||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). ASU 2014-09 provides additional guidance for management to reassess revenue recognition as it relates to: (1) transfer of control, (2) variable consideration, (3) allocation of transaction price based on relative standalone selling price, (3) licenses, (4) time value of money and (5) contract costs. Further disclosures will be required to provide a better understanding of revenue that has been recognized and revenue that is expected to be recognized in the future from existing contracts. ASU 2014-09 is effective for us on January 1, 2017, with no early adoption permitted. We are currently evaluating the impact ASU 2014-09 will have on our consolidated financial statements. | ||||||||||||||
In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements Going Concern (Subtopic 205-40) (“ASU 2014- 15”). ASU 2014-15 requires management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles of current United States auditing standards. Specifically, the amendments (1) provide a definition of the term “substantial doubt”, (2) require an evaluation every reporting period, including interim periods, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is still present, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). ASU 2014-15 is effective for us on January 1, 2017, with early adoption permitted. We do not believe that this pronouncement will have an impact on our consolidated financial statements. | ||||||||||||||
In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015- 02”). ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. ASU 2015-02 is effective for us on January 1, 2016, with early adoption permitted. We do not believe that this pronouncement will have an impact on our consolidated financial statements. | ||||||||||||||
y.Immaterial Restatement | ||||||||||||||
During the second quarter of 2014, we identified contract billing inaccuracies arising from a single location which occurred over numerous years that resulted in an overstatement of our prior years’ reported revenue by $10,000 in the aggregate. Of this amount, $1,300 relates to the year ended December 31, 2013, $1,300 relates to the year ended December 31, 2012 and the remaining $7,400 relates to the periods prior to December 31, 2011. We have determined that no prior period financial statement was materially misstated as a result of these billing inaccuracies. As a result, we have restated beginning retained earnings as of December 31, 2011 for the cumulative impact of these billing inaccuracies, net of tax, prior to December 31, 2011 in the amount of $4,514. | ||||||||||||||
Additionally, we have restated the following: (1) our 2013 Consolidated Balance Sheet, (2) our 2012 and 2013 Consolidated Statements of Operations, (3) our 2012 and 2013 Consolidated Statements of Comprehensive Income (Loss), (4) our 2012 and 2013 Consolidated Statements of Equity and (5) our 2012 and 2013 Consolidated Statements of Cash Flows to reflect the impact of these billing inaccuracies in those particular periods. There was no change to the following lines of the Consolidated Statement of Cash Flows for the years ended December 31, 2012 and 2013: (1) cash flows from operating activities, (2) cash flows from investing activities and (3) cash flows from financing activities. Also, we restated the 2013 quarterly data presented in Note 8. | ||||||||||||||
The following table sets forth the effect of the immaterial restatement to certain line items of our Consolidated Statements of Operations for the years ended December 31, 2012 and 2013: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2012 | 2013 | |||||||||||||
Storage Rental | $— | $— | ||||||||||||
Service | -1,300 | -1,300 | ||||||||||||
Total Revenues | $ | $ | ||||||||||||
-1,300 | -1,300 | |||||||||||||
Operating (Loss) Income | $ | $ | ||||||||||||
-1,300 | -1,300 | |||||||||||||
(Loss) Income from Continuing Operations before Provision (Benefit) for Income Taxes and (Gain) Loss on Sale of Real Estate | $ | $ | ||||||||||||
-1,300 | -1,300 | |||||||||||||
(Benefit) Provision for Income Taxes | $ | $ | ||||||||||||
-514 | -500 | |||||||||||||
(Loss) Income from Continuing Operations | $ | $ | ||||||||||||
-786 | -800 | |||||||||||||
Net (Loss) Income | $ | $ | ||||||||||||
-786 | -800 | |||||||||||||
Net (Loss) Income Attributable to Iron Mountain Incorporated | $ | $ | ||||||||||||
-786 | -800 | |||||||||||||
Earnings (Losses) per Share-Basic: | ||||||||||||||
(Loss) Income from Continuing Operations | $ | $ | ||||||||||||
0 | 0 | |||||||||||||
Net (Loss) Income Attributable to Iron Mountain Incorporated | $ | $ | ||||||||||||
0 | 0 | |||||||||||||
Earnings (Losses) per Share-Diluted: | ||||||||||||||
(Loss) Income from Continuing Operations | $ | $ | ||||||||||||
0 | 0 | |||||||||||||
Net (Loss) Income Attributable to Iron Mountain Incorporated | $ | $ | ||||||||||||
0 | 0 | |||||||||||||
The following table sets forth the effect of the immaterial restatement to certain line items of our Consolidated Balance Sheet as of December 31, 2013: | ||||||||||||||
December 31, 2013 | ||||||||||||||
Deferred Revenue | $ | |||||||||||||
10,000 | ||||||||||||||
Total Current Liabilities | $ | |||||||||||||
10,000 | ||||||||||||||
Deferred Income Tax Liabilities | $ | |||||||||||||
-3,900 | ||||||||||||||
Earnings in excess of distributions (Distributions in excess of earnings) | $ | |||||||||||||
-6,100 | ||||||||||||||
Total Iron Mountain Incorporated Stockholders’ Equity | $ | |||||||||||||
-6,100 | ||||||||||||||
Total Equity | $ | |||||||||||||
-6,100 | ||||||||||||||
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
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 Euros, British pounds sterling and Australian dollars. As of December 31, 2014, we had outstanding forward contracts to purchase 206,000 Euros and sell $252,745 United States dollars to hedge our intercompany exposures with our European 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 expense (income), net in the 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 forward contracts as hedges. During the years ended December 31, 2012, 2013 and 2014, there was $9,116 in net cash payments, $6,954 in net cash receipts and $21,125 in net cash payments, respectively, included in cash from operating activities from continuing operations related to settlements associated with 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, 2013 and 2014 and their gains and losses for the years ended December 31, 2012, 2013 and 2014: | ||||||||||
Asset Derivatives | ||||||||||
December 31, | ||||||||||
2013 | 2014 | |||||||||
Derivatives Not Designated as | Balance Sheet | Fair | Balance Sheet | Fair | ||||||
Hedging Instruments | Location | Value | Location | Value | ||||||
Foreign exchange contracts | Prepaid expenses and other | $ | Prepaid expenses and other | $— | ||||||
72 | ||||||||||
Total | $ | $— | ||||||||
72 | ||||||||||
Liability Derivatives | ||||||||||
December 31, | ||||||||||
2013 | 2014 | |||||||||
Derivatives Not Designated as Hedging Instruments | Balance Sheet | Fair | Balance Sheet | Fair | ||||||
Location | Value | Location | Value | |||||||
Foreign exchange contracts | Accrued expenses | $ | Accrued expenses | $ | ||||||
5,592 | 2,411 | |||||||||
Total | $ | $ | ||||||||
5,592 | 2,411 | |||||||||
Amount of (Gain) Loss | ||||||||||
Recognized in Income | ||||||||||
on Derivatives | ||||||||||
December 31, | ||||||||||
Derivatives Not Designated as Hedging Instruments | Location of (Gain) Loss | 2012 | 2013 | 2014 | ||||||
Recognized in Income on | ||||||||||
Derivative | ||||||||||
Foreign exchange contracts | Other expense (income), net | $ | $ | $ | ||||||
13,007 | -2,955 | 18,016 | ||||||||
Total | $ | $ | $ | |||||||
13,007 | -2,955 | 18,016 | ||||||||
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, 2012, 2013 and 2014, we designated on average 101,167, 106,525 and 47,730 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 the following foreign exchange (losses) gains, net of tax, related to the change in fair value of such debt due to the currency translation adjustments, which is a component of accumulated other comprehensive items, net: | ||||||||||
Year Ended December 31, | ||||||||||
2012 | 2013 | 2014 | ||||||||
Foreign exchange (losses) gains | $ | $ | $ | |||||||
-4,408 | -5,311 | 6,385 | ||||||||
Tax benefit (expense) on foreign exchange (losses) gains | 1,740 | 2,073 | -57 | |||||||
Foreign exchange (losses) gains, net of tax | $ | $ | $ | |||||||
-2,668 | -3,238 | 6,328 | ||||||||
As of December 31, 2014, cumulative net gains of $13,812, net of tax are recorded in accumulated other comprehensive items, net associated with this net investment hedge. | ||||||||||
Debt
Debt | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Debt | ||||||||||||||||
Debt | ||||||||||||||||
4. Debt | ||||||||||||||||
Long-term debt comprised the following: | ||||||||||||||||
December 31, 2013 | December 31, 2014 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | |||||||||||||
Revolving Credit Facility(1) | $ | $ | $ | $ | ||||||||||||
675,717 | 675,717 | 883,428 | 883,428 | |||||||||||||
Term Loan(1) | — | — | 249,375 | 249,375 | ||||||||||||
71/4% GBP Senior Subordinated Notes due 2014 (the “71/4% Notes”)(2)(3) | 247,808 | 248,117 | — | — | ||||||||||||
63/4% Euro Senior Subordinated Notes due 2018 (the “63/4% Notes”)(2)(3) | 350,272 | 355,071 | 308,616 | 309,634 | ||||||||||||
73/4% Senior Subordinated Notes due 2019 (the “73/4% Notes”)(2)(3) | 400,000 | 446,000 | 400,000 | 429,000 | ||||||||||||
83/8% Senior Subordinated Notes due 2021 (the “83/8% Notes”)(2)(3) | 411,518 | 444,470 | 106,030 | 110,500 | ||||||||||||
61/8% CAD Senior Notes due 2021 (the “CAD Notes”)(2)(4) | 187,960 | 187,960 | 172,420 | 175,437 | ||||||||||||
61/8% GBP Senior Notes due 2022 (the “GBP Notes”)(2)(5) | — | — | 622,960 | 639,282 | ||||||||||||
6% Senior Notes due 2023 (the “6% Notes”)(2)(3) | 600,000 | 614,820 | 600,000 | 625,500 | ||||||||||||
53/4% Senior Subordinated Notes due 2024 (the “53/4% Notes”)(2)(3) | 1,000,000 | 930,000 | 1,000,000 | 1,005,000 | ||||||||||||
Real Estate Mortgages, Capital Leases and Other(6) | 298,447 | 298,447 | 320,702 | 320,702 | ||||||||||||
Total Long-term Debt | 4,171,722 | 4,663,531 | ||||||||||||||
Less Current Portion | -52,583 | -52,095 | ||||||||||||||
Long-term Debt, Net of Current Portion | $ | $ | ||||||||||||||
4,119,139 | 4,611,436 | |||||||||||||||
-1 | The capital stock or other equity interests of most of our United States 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 United States subsidiary guarantors. In addition, Iron Mountain Canada Operations ULC (“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 Revolving Credit Facility (defined below). The fair value (Level 3 of fair value hierarchy described at Note 2.s.) of these debt instruments 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, 2013 and 2014, 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, 2013 and 2014, 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 United States subsidiaries (the “Guarantors”). These guarantees are joint and several obligations of the Guarantors. Canada Company, Iron Mountain Europe PLC (“IME”) and the remainder of our subsidiaries do not guarantee the Parent Notes. | |||||||||||||||
-4 | Canada Company is the direct obligor on the CAD Notes, which are fully and unconditionally guaranteed, on a senior basis, 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 | IME is the direct obligor on the GBP Notes, which are fully and unconditionally guaranteed, on a senior basis, 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. | |||||||||||||||
-6 | Includes (a) real estate mortgages of $3,704 and $5,107 as of December 31, 2013 and 2014, respectively, which bear interest at approximately 4.5% and are payable in various installments through 2021, (b) capital lease obligations of $255,124 and $241,866 as of December 31, 2013 and 2014, respectively, which bear a weighted average interest rate of 5.8% at both December 31, 2013 and 2014, and (c) other various notes and other obligations, which were assumed by us as a result of certain acquisitions, of $39,619 and $73,729 as of December 31, 2013 and 2014, respectively, and bear a weighted average interest rate of 14.3% and 11.5% as of December 31, 2013 and 2014, respectively. 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 United States and foreign subsidiaries to borrow in United States 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. Additionally, the Credit Agreement included an option to allow us to request additional commitments of up to $500,000, in the form of term loans or through increased commitments under the Revolving Credit Facility. On September 24, 2014, we borrowed an additional $250,000 in the form of a term loan under the Credit Agreement (the “Term Loan”). Commencing on December 31, 2014, the Term Loan will begin amortizing in quarterly installments in an amount equal to $625 per quarter, with the remaining balance due on June 27, 2016. The Term Loan may be prepaid without penalty or premium, in whole or in part, at any time. The Credit Agreement continues to include an option to allow us to request additional commitments of up to $250,000, in the form of term loans or through increased commitments under the Revolving Credit Facility. | ||||||||||||||||
The Credit Agreement terminates on June 27, 2016, at which point all obligations become due. IMI and the Guarantors guarantee all obligations under the Credit Agreement, and have pledged the capital stock or other equity interests of most of their United States 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 Revolving Credit Facility. 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 and fees associated with outstanding letters of credit. As of December 31, 2014, we had $883,428 and $249,375 of outstanding borrowings under the Revolving Credit Facility and the Term Loan, respectively. Of the $883,428 of outstanding borrowings under the Revolving Credit Facility, $680,150 was denominated in United States dollars, 77,200 was denominated in Canadian dollars, 64,250 was denominated in Euros and 71,600 was denominated in Australian dollars. In addition, we also had various outstanding letters of credit totaling $10,403. The remaining amount available for borrowing under the Revolving Credit Facility as of December 31, 2014, based on IMI’s leverage ratio, the last 12 months’ earnings before interest, taxes, depreciation and amortization and rent expense (“EBITDAR”), other adjustments as defined in the Credit Agreement and current external debt, was $606,169 (which amount represents the maximum availability as of such date). The average interest rate in effect under the Credit Agreement was 2.7% as of December 31, 2014. The average interest rate in effect under the Revolving Credit Facility was 2.8% and ranged from 2.3% to 5.1% as of December 31, 2014 and the interest rate in effect under the Term Loan as of December 31, 2014 was 2.4%. For the years ended December 31, 2012, 2013 and 2014, we recorded commitment fees and letter of credit fees of $2,306, $3,167 and $3,322, 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 an 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 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 and 5.4 as of December 31, 2013 and 2014, respectively, compared to a maximum allowable ratio of 6.5, and its net secured debt lease adjusted leverage ratio was 2.2 and 2.6 as of December 31, 2013 and 2014, respectively, compared to a maximum allowable ratio of 4.0. IMI’s bond leverage ratio (which is not lease adjusted), per the indentures, was 5.1 and 5.7 as of December 31, 2013 and 2014, respectively, compared to a maximum allowable ratio of 6.5. IMI’s Credit Agreement fixed charge coverage ratio was 2.5 at both December 31, 2013 and 2014 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, 2014, we had seven series of senior subordinated or senior notes issued under various indentures, five of which are direct obligations of the parent company, IMI; one (the CAD Notes) is a direct obligation of Canada Company; one (the GBP Notes) is a direct obligation of IME; and all are subordinated to debt outstanding under the Credit Agreement, except the 6% Notes, the CAD Notes and the GBP Notes which are pari passu with the Credit Agreement: | ||||||||||||||||
" | 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; | |||||||||||||||
" | $106,250 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; | |||||||||||||||
" | 400,000 British pounds sterling principal amount of notes maturing on September 15, 2022 and bearing interest at a rate of 61/8% per annum, payable semi-annually in arrears on March 15 and September 15; | |||||||||||||||
" | $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, the CAD Notes and the GBP 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 Parent Notes, the CAD Notes or the GBP Notes. Additionally, IMI guarantees the CAD Notes and the GBP Notes. Canada Company and IME do not guarantee the Parent Notes. | ||||||||||||||||
In August 2012, we redeemed (1) the $320,000 aggregate principal amount outstanding of the 65/8% Senior Subordinated Notes due 2016 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 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. | ||||||||||||||||
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 the CAD 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 (1) all of the outstanding 71/2% CAD Senior Subordinated Notes due 2017, (2) all of the outstanding 8% Senior Subordinated Notes due 2018, (3) all of the outstanding 8% Senior Subordinated Notes due 2020, and (4) $137,500 in principal amount of the 83/8% Notes. The remaining net proceeds were used to repay indebtedness under our Revolving Credit Facility. We recorded a charge to other expense (income), net of $38,118 in the third quarter of 2013 related to the early extinguishment of this debt. This charge consists of call and tender premiums, original issue discounts and deferred financing costs related to this debt. | ||||||||||||||||
In January 2014, we redeemed the 150,000 British pounds sterling (approximately $248,000) in aggregate principal amount of the 71/4% Notes at 100% of par, plus accrued and unpaid interest, utilizing borrowings under our Revolving Credit Facility and cash on-hand. | ||||||||||||||||
In September 2014, IME completed a private offering of 400,000 British pounds sterling in aggregate principal amount of the GBP Notes, which were issued at 100% of par. The net proceeds to IME of 394,000 British pounds sterling (approximately $642,000 based on an exchange rate of 1.63), after paying the initial purchasers’ commissions and expenses, were used to repay amounts outstanding under our Revolving Credit Facility and for general corporate purposes. | ||||||||||||||||
In December 2014, we redeemed $306,000 aggregate principal outstanding of our 83/8% Notes at 104.188% of par, plus accrued and unpaid interest, utilizing borrowings under our Revolving Credit Facility. We recorded a charge to other expense (income), net of $16,495 related to the early extinguishment of this debt in the fourth quarter of 2014 representing the call premium associated with the early redemption, as well as a write-off of original issue discounts and 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 | 63/4% Notes | 73/4% Notes | 83/8% Notes | CAD Notes | GBP Notes | 6% Notes | 53/4% Notes | |||||||||
October 15, | October 1, | August 15, | August 15, | September 15, | August 15, | August 15, | ||||||||||
2014 | 100.000% | — | 104.188% | — | — | — | — | |||||||||
2015 | 100.000% | 103.875%(1) | 102.792% | — | — | — | — | |||||||||
2016 | 100.000% | 101.938% | 101.396% | — | — | — | — | |||||||||
2017 | 100.000% | 100.000% | 100.000% | 103.063%(1) | 104.594%(1) | — | 102.875%(1) | |||||||||
2018 | 100.000% | 100.000% | 100.000% | 101.531% | 103.063% | 103.000%(1) | 101.917% | |||||||||
2019 | — | 100.000% | 100.000% | 100.000% | 101.531% | 102.000% | 100.958% | |||||||||
2020 | — | — | 100.000% | 100.000% | 100.000% | 101.000% | 100.000% | |||||||||
2021 | — | — | 100.000% | 100.000% | 100.000% | 100.000% | 100.000% | |||||||||
2022 | — | — | — | — | 100.000% | 100.000% | 100.000% | |||||||||
2023 | — | — | — | — | — | 100.000% | 100.000% | |||||||||
2024 | — | — | — | — | — | — | 100.000% | |||||||||
-1 | Prior to this date, the relevant 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 | |||||||||||||||
2015 | $ | |||||||||||||||
52,095 | ||||||||||||||||
2016 | 1,178,272 | |||||||||||||||
2017 | 72,629 | |||||||||||||||
2018 | 340,823 | |||||||||||||||
2019 | 422,803 | |||||||||||||||
Thereafter | 2,598,147 | |||||||||||||||
4,664,769 | ||||||||||||||||
Net Premiums (Discounts) | -1,238 | |||||||||||||||
Total Long-term Debt (including current portion) | $ | |||||||||||||||
4,663,531 | ||||||||||||||||
Selected_Consolidated_Financia
Selected Consolidated Financial Statements of Parent, Guarantors, Canada Company and Non-Guarantors | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
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, 2013 and 2014 and for the years ended December 31, 2012, 2013 and 2014 and are prepared on the same basis as the consolidated financial statements. | ||||||||||||||
The Parent Notes, CAD Notes and GBP 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 CAD Notes, which were issued by Canada Company, and the GBP Notes, which were issued by IME. Canada Company and IME do not guarantee the Parent Notes. The subsidiaries that do not guarantee the Parent Notes, the CAD Notes and the GBP Notes, including IME but excluding Canada Company, 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. | ||||||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||||||||
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 | 1,564,405 | 1,313,835 | 31,130 | 70,788 | -2,980,158 | — | ||||||||
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 | 3,378,837 | 3,330,308 | 232,318 | 959,189 | -4,759,514 | 3,141,138 | ||||||||
Total Assets | $ | $ | $ | $ | $ | $ | ||||||||
4,177,580 | 5,366,757 | 452,188 | 2,179,132 | -5,522,652 | 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 | 540,169 | 29,513 | 221,131 | — | 916,518 | ||||||||
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 | 388,645 | 31,652 | 92,808 | -114 | 513,031 | ||||||||
Commitments and Contingencies (See Note 10) | ||||||||||||||
Total Iron Mountain Incorporated Stockholders’ Equity | 1,041,238 | 1,546,152 | 101,918 | 1,332,088 | -2,980,158 | 1,041,238 | ||||||||
Noncontrolling Interests | — | — | — | 10,496 | — | 10,496 | ||||||||
Total Equity | 1,041,238 | 1,546,152 | 101,918 | 1,342,584 | -2,980,158 | 1,051,734 | ||||||||
Total Liabilities and Equity | $ | $ | $ | $ | $ | $ | ||||||||
4,177,580 | 5,366,757 | 452,188 | 2,179,132 | -5,522,652 | 6,653,005 | |||||||||
CONSOLIDATED BALANCE SHEETS (Continued) | ||||||||||||||
December 31, 2014 | ||||||||||||||
Parent | Guarantors | Canada | Non- | Eliminations | Consolidated | |||||||||
Company | Guarantors | |||||||||||||
Assets | ||||||||||||||
Current Assets: | ||||||||||||||
Cash and Cash Equivalents | $ | $ | $ | $ | $— | $ | ||||||||
2,399 | 4,713 | 4,979 | 113,842 | 125,933 | ||||||||||
Restricted Cash | 33,860 | — | — | — | — | 33,860 | ||||||||
Accounts Receivable | — | 361,330 | 37,137 | 205,798 | — | 604,265 | ||||||||
Intercompany Receivable | — | 586,725 | — | — | -586,725 | — | ||||||||
Other Current Assets | 153 | 88,709 | 2,925 | 61,908 | -34 | 153,661 | ||||||||
Total Current Assets | 36,412 | 1,041,477 | 45,041 | 381,548 | -586,759 | 917,719 | ||||||||
Property, Plant and Equipment, Net | 840 | 1,580,337 | 160,977 | 808,573 | — | 2,550,727 | ||||||||
Other Assets, Net: | ||||||||||||||
Long-term Notes Receivable from Affiliates and Intercompany Receivable | 2,851,651 | 245 | 2,448 | — | -2,854,344 | — | ||||||||
Investment in Subsidiaries | 917,170 | 656,877 | 30,751 | 93,355 | -1,698,153 | — | ||||||||
Goodwill | — | 1,611,957 | 180,342 | 631,484 | — | 2,423,783 | ||||||||
Other | 31,108 | 375,082 | 26,672 | 245,251 | — | 678,113 | ||||||||
Total Other Assets, Net | 3,799,929 | 2,644,161 | 240,213 | 970,090 | -4,552,497 | 3,101,896 | ||||||||
Total Assets | $ | $ | $ | $ | $ | $ | ||||||||
3,837,181 | 5,265,975 | 446,231 | 2,160,211 | -5,139,256 | 6,570,342 | |||||||||
Liabilities and Equity | ||||||||||||||
Intercompany Payable | $ | $— | $ | $ | $ | $— | ||||||||
505,083 | 3,564 | 78,078 | -586,725 | |||||||||||
Current Portion of Long-term Debt | — | 24,955 | — | 27,174 | -34 | 52,095 | ||||||||
Total Other Current Liabilities | 60,097 | 470,122 | 35,142 | 239,280 | — | 804,641 | ||||||||
Long-term Debt, Net of Current Portion | 2,414,646 | 908,431 | 245,861 | 1,042,498 | — | 4,611,436 | ||||||||
Long-term Notes Payable to Affiliates and Intercompany Payable | 1,000 | 2,851,384 | — | 1,960 | -2,854,344 | — | ||||||||
Other Long-term Liabilities | — | 115,789 | 37,558 | 78,868 | — | 232,215 | ||||||||
Commitments and Contingencies (See Note 10) | ||||||||||||||
Total Iron Mountain Incorporated Stockholders’ Equity | 856,355 | 895,294 | 124,106 | 678,753 | -1,698,153 | 856,355 | ||||||||
Noncontrolling Interests | — | — | — | 13,600 | — | 13,600 | ||||||||
Total Equity | 856,355 | 895,294 | 124,106 | 692,353 | -1,698,153 | 869,955 | ||||||||
Total Liabilities and Equity | $ | $ | $ | $ | $ | $ | ||||||||
3,837,181 | 5,265,975 | 446,231 | 2,160,211 | -5,139,256 | 6,570,342 | |||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||
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 | — | 782,768 | — | 488,049 | — | 1,270,817 | ||||||||
Total Revenues | — | 1,939,449 | 130,825 | 933,681 | — | 3,003,955 | ||||||||
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 (excluding real estate), net | — | -1,030 | 84 | 5,607 | — | 4,661 | ||||||||
Total Operating Expenses | 540 | 1,543,458 | 58,503 | 845,988 | — | 2,448,489 | ||||||||
Operating (Loss) Income | -540 | 395,991 | 72,322 | 87,693 | — | 555,466 | ||||||||
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 and (Gain) Loss on Sale of Real Estate | -229,124 | 416,950 | 36,245 | 72,734 | — | 296,805 | ||||||||
Provision (Benefit) for Income Taxes | — | 86,060 | 12,768 | 15,476 | — | 114,304 | ||||||||
Loss (Gain) on Sale of Real Estate, Net of Tax | — | 39 | — | -245 | — | -206 | ||||||||
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax | -400,046 | -73,625 | -5,273 | -23,477 | 502,421 | — | ||||||||
Income (Loss) from Continuing Operations | 170,922 | 404,476 | 28,750 | 80,980 | -502,421 | 182,707 | ||||||||
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) | 170,922 | 404,906 | 28,750 | 71,891 | -502,421 | 174,048 | ||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests | — | — | — | 3,126 | — | 3,126 | ||||||||
Net Income (Loss) Attributable to Iron Mountain Incorporated | $ | $ | $ | $ | $ | $ | ||||||||
170,922 | 404,906 | 28,750 | 68,765 | -502,421 | 170,922 | |||||||||
Net Income (Loss) | $ | $ | $ | $ | $ | $ | ||||||||
170,922 | 404,906 | 28,750 | 71,891 | -502,421 | 174,048 | |||||||||
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) | 193,439 | 430,115 | 36,762 | 97,957 | -561,039 | 197,234 | ||||||||
Comprehensive Income (Loss) Attributable to Noncontrolling Interests | — | — | — | 3,795 | — | 3,795 | ||||||||
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | $ | $ | $ | $ | $ | $ | ||||||||
193,439 | 430,115 | 36,762 | 94,162 | -561,039 | 193,439 | |||||||||
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 | — | 754,090 | 35,119 | 450,693 | — | 1,239,902 | ||||||||
Intercompany service | — | — | — | 32,810 | -32,810 | — | ||||||||
Total Revenues | — | 1,929,068 | 165,106 | 963,259 | -32,810 | 3,024,623 | ||||||||
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 (excluding real estate), net | 5 | -100 | 21 | 504 | — | 430 | ||||||||
Total Operating Expenses | 551 | 1,622,017 | 88,360 | 857,258 | -32,810 | 2,535,376 | ||||||||
Operating (Loss) Income | -551 | 307,051 | 76,746 | 106,001 | — | 489,247 | ||||||||
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 and (Gain) Loss on Sale of Real Estate | (261,377 | ) | 325,499 | 30,799 | 64,950 | — | 159,871 | |||||||
(Benefit) Provision for Income Taxes | -16 | 33,767 | 12,361 | 16,015 | — | 62,127 | ||||||||
(Gain) Loss on Sale of Real Estate, Net of Tax | — | — | — | -1,417 | — | -1,417 | ||||||||
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax | -357,823 | -63,775 | -5,681 | -18,438 | 445,717 | — | ||||||||
Income (Loss) from Continuing Operations | 96,462 | 355,507 | 24,119 | 68,790 | -445,717 | 99,161 | ||||||||
(Loss) Income from Discontinued Operations, Net of Tax | — | -529 | — | 1,360 | — | 831 | ||||||||
Net Income (Loss) | 96,462 | 354,978 | 24,119 | 70,150 | -445,717 | 99,992 | ||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests | — | — | — | 3,530 | — | 3,530 | ||||||||
Net Income (Loss) Attributable to Iron Mountain Incorporated | $ | $ | $ | $ | $ | $ | ||||||||
96,462 | 354,978 | 24,119 | 66,620 | -445,717 | 96,462 | |||||||||
Net Income (Loss) | $ | $ | $ | $ | $ | $ | ||||||||
96,462 | 354,978 | 24,119 | 70,150 | -445,717 | 99,992 | |||||||||
Other Comprehensive Income (Loss): | ||||||||||||||
Foreign Currency Translation Adjustments | -3,237 | 1,177 | -11,096 | -18,376 | — | -31,532 | ||||||||
Market Value Adjustments for Securities | — | 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) | 67,488 | 330,219) | 8,986 | 40,678 | -377,985 | 69,386 | ||||||||
Comprehensive Income (Loss) Attributable to Noncontrolling Interests | — | — | — | 1,898 | — | 1,898 | ||||||||
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | $ | $ | $ | $ | $ | $ | ||||||||
67,488 | 330,219 | 8,986 | 38,780 | -377,985 | 67,488 | |||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS (Continued) | ||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||
Parent | Guarantors | Canada | Non- | Eliminations | Consolidated | |||||||||
Company | Guarantors | |||||||||||||
Revenues: | ||||||||||||||
Storage Rental | $— | $ | $ | $ | $— | $ | ||||||||
1,208,380 | 124,551 | 527,312 | 1,860,243 | |||||||||||
Service | — | 749,711 | 68,669 | 439,070 | — | 1,257,450 | ||||||||
Intercompany service | — | — | — | 64,794 | -64,794 | — | ||||||||
Total Revenues | — | 1,958,091 | 193,220 | 1,031,176 | -64,794 | 3,117,693 | ||||||||
Operating Expenses: | ||||||||||||||
Cost of sales (excluding depreciation and amortization) | — | 793,274 | 23,040 | 528,322 | — | 1,344,636 | ||||||||
Intercompany service cost of sales | — | — | 64,794 | — | -64,794 | — | ||||||||
Selling, general and administrative | 1,182 | 580,568 | 13,304 | 274,518 | — | 869,572 | ||||||||
Depreciation and amortization | 225 | 214,341 | 11,797 | 126,780 | — | 353,143 | ||||||||
Loss (Gain) on disposal/write-down of property, plant and equipment (excluding real estate), net | — | 829 | 173 | 63 | — | 1,065 | ||||||||
Total Operating Expenses | 1,407 | 1,589,012 | 113,108 | 929,683 | -64,794 | 2,568,416 | ||||||||
Operating (Loss) Income | -1,407 | 369,079 | 80,112 | 101,493 | — | 549,277 | ||||||||
Interest Expense (Income), Net | 187,650 | -23,295 | 36,946 | 59,416 | — | 260,717 | ||||||||
Other Expense (Income), Net | 78 | -203,380 | -91 | 268,580 | — | 65,187 | ||||||||
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes and (Gain) on Sale of Real Estate | -189,135 | 595,754 | 43,257 | -226,503 | — | 223,373 | ||||||||
(Benefit) Provision for Income Taxes | — | -114,947 | 12,876 | 4,796 | — | -97,275 | ||||||||
(Gain) on Sale of Real Estate | — | -196 | -832 | -7,279 | — | -8,307 | ||||||||
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax | -515,254 | 196,310 | -992 | -31,215 | 351,151 | — | ||||||||
Income (Loss) from Continuing Operations | 326,119 | 514,587 | 32,205 | -192,805 | -351,151 | 328,955 | ||||||||
(Loss) Income from Discontinued Operations, Net of Tax | — | -937 | — | 728 | — | -209 | ||||||||
Net Income (Loss) | 326,119 | 513,650 | 32,205 | -192,077 | -351,151 | 328,746 | ||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests | — | — | — | 2,627 | — | 2,627 | ||||||||
Net Income (Loss) Attributable to Iron Mountain Incorporated | $ | $ | $ | $ | $ | $ | ||||||||
326,119 | 513,650 | 32,205 | -194,704 | -351,151 | 326,119 | |||||||||
Net Income (Loss) | $ | $ | $ | $ | ) | $ | $ | |||||||
326,119 | 513,650 | 32,205 | (192,077 | -351,151 | 328,746 | |||||||||
Other Comprehensive Income (Loss): | ||||||||||||||
Foreign Currency Translation Adjustments | 6,328 | 47 | -10,306 | -62,936 | — | -66,867 | ||||||||
Market Value Adjustments for Securities | — | 53 | — | — | — | 53 | ||||||||
Equity in Other Comprehensive Income (Loss) of Subsidiaries | -72,662 | -73,696 | 288 | -10,306 | 156,376 | — | ||||||||
Total Other Comprehensive Income (Loss) | -66,334 | -73,596 | -10,018 | -73,242 | 156,376 | -66,814 | ||||||||
Comprehensive Income (Loss) | 259,785 | 440,054 | 22,187 | -265,319 | -194,775 | 261,932 | ||||||||
Comprehensive Income (Loss) Attributable to Noncontrolling Interests | — | — | — | 2,184 | — | 2,184 | ||||||||
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | $ | $ | $ | $ | $ | $ | ||||||||
259,785 | 440,054 | 22,187 | -267,503 | -194,775 | 259,748 | |||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||
Parent | Guarantors | Canada | Non- | Eliminations | Consolidated | |||||||||
Company | Guarantors | |||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||
Cash Flows from Operating Activities-Continuing Operations | $ | $ | $ | $ | $— | $ | ||||||||
-195,478 | 496,542 | 37,299 | 105,289 | 443,652 | ||||||||||
Cash Flows from Operating 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 (including real estate) | — | -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 (deficiency) from stock-based compensation | 1,045 | — | — | — | — | 1,045 | ||||||||
Payment of debt financing and stock issuance 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 year | 3,428 | 10,750 | 69,945 | 95,722 | — | 179,845 | ||||||||
Cash and cash equivalents, end of year | $— | $ | $ | $ | $— | $ | ||||||||
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 Operating Activities-Continuing Operations | $ | $ | $ | $ | $— | $ | ||||||||
-195,786 | 528,011 | 28,580 | 145,788 | 506,593 | ||||||||||
Cash Flows from Operating 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 (including real estate) | — | 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 (deficiency) from stock-based compensation | 2,389 | — | — | — | — | 2,389 | ||||||||
Payment of debt financing and stock issuance 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 year | — | 13,472 | 103,346 | 126,597 | — | 243,415 | ||||||||
Cash and cash equivalents, end of year | $ | $ | $ | $ | $— | $ | ||||||||
1,243 | 10,366 | 1,094 | 107,823 | 120,526 | ||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) | ||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||
Parent | Guarantors | Canada | Non- | Eliminations | Consolidated | |||||||||
Company | Guarantors | |||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||
Cash Flows from Operating Activities-Continuing Operations | $ | $ | $ | $ | $— | $ | ||||||||
-192,058 | 452,577 | 55,538 | 156,891 | 472,948 | ||||||||||
Cash Flows from Operating Activities-Discontinued Operations | — | — | — | — | — | — | ||||||||
Cash Flows from Operating Activities | -192,058 | 452,577 | 55,538 | 156,891 | — | 472,948 | ||||||||
Cash Flows from Investing Activities: | ||||||||||||||
Capital expenditures | — | -217,924 | -6,877 | -137,123 | — | -361,924 | ||||||||
Cash paid for acquisitions, net of cash acquired | — | -3,371 | -29,016 | -95,706 | — | -128,093 | ||||||||
Intercompany loans to subsidiaries | 1,307,133 | 112,845 | — | — | -1,419,978 | — | ||||||||
Investment in subsidiaries | -48,203 | -48,203 | — | — | 96,406 | — | ||||||||
Additions to customer relationship and acquisition costs | — | -26,788 | -2,140 | -5,519 | — | -34,447 | ||||||||
Proceeds from sales of property and equipment and other, net (including real estate) | — | 2,641 | 1,871 | 39,974 | — | 44,486 | ||||||||
Cash Flows from Investing Activities-Continuing Operations | 1,258,930 | -180,800 | -36,162 | -198,374 | -1,323,572 | -479,978 | ||||||||
Cash Flows from Investing Activities-Discontinued Operations | — | — | — | — | — | — | ||||||||
Cash Flows from Investing Activities | 1,258,930 | -180,800 | -36,162 | -198,374 | -1,323,572 | -479,978 | ||||||||
Cash Flows from Financing Activities: | ||||||||||||||
Repayment of revolving credit and term loan facilities and other debt | — | -7,949,523 | -667,505 | -207,683 | — | -8,824,711 | ||||||||
Proceeds from revolving credit and term loan facilities and other debt | — | 8,327,608 | 645,848 | 311,731 | — | 9,285,187 | ||||||||
Early retirement of senior subordinated notes | -566,352 | — | — | — | — | -566,352 | ||||||||
Net proceeds from sales of senior notes | — | — | — | 642,417 | — | 642,417 | ||||||||
Debt financing (repayment to) and equity contribution from (distribution to) noncontrolling interests, net | — | 5,716 | — | -20,486 | — | -14,770 | ||||||||
Intercompany loans from parent | — | -708,935 | 5,866 | -716,909 | 1,419,978 | — | ||||||||
Equity contribution from parent | — | 48,203 | — | 48,203 | -96,406 | — | ||||||||
Parent cash dividends | -542,298 | — | — | — | — | -542,298 | ||||||||
Proceeds from exercise of stock options and employee stock purchase plan | 44,290 | — | — | — | — | 44,290 | ||||||||
Excess tax deficiency from stock-based compensation | -60 | — | — | — | — | -60 | ||||||||
Payment of debt financing costs and stock issuance costs | -1,296 | -499 | -12 | -2,039 | — | -3,846 | ||||||||
Cash Flows from Financing Activities-Continuing Operations | -1,065,716 | -277,430 | -15,803 | 55,234 | 1,323,572 | 19,857 | ||||||||
Cash Flows from Financing Activities-Discontinued Operations | — | — | — | — | — | — | ||||||||
Cash Flows from Financing Activities | -1,065,716 | -277,430 | -15,803 | 55,234 | 1,323,572 | 19,857 | ||||||||
Effect of exchange rates on cash and cash equivalents | — | — | 312 | -7,732 | — | -7,420 | ||||||||
Increase (Decrease) in cash and cash equivalents | 1,156 | -5,653 | 3,885 | 6,019 | — | 5,407 | ||||||||
Cash and cash equivalents, beginning of year | 1,243 | 10,366 | 1,094 | 107,823 | — | 120,526 | ||||||||
Cash and cash equivalents, end of year | $ | $ | $ | $ | $— | $ | ||||||||
2,399 | 4,713 | 4,979 | 113,842 | 125,933 | ||||||||||
Acquisitions
Acquisitions | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Acquisitions | ||||||||
Acquisitions | ||||||||
6. Acquisitions | ||||||||
We account for acquisitions using the acquisition method of accounting, and, accordingly, the assets and liabilities acquired were recorded at their estimated fair values and 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 2012, 2013 and 2014 acquisitions on our consolidated results of operations. Noteworthy acquisitions are as follows: | ||||||||
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 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 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 enhance our existing operations in the United States, 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. | ||||||||
In June 2013, in order to 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, to be released in annual installments through 2017. | ||||||||
In September 2013, in order to 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. 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. | ||||||||
In October 2013, in order to enhance our existing operations in the United States, 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. | ||||||||
In January 2014, in order to enhance our existing operations in Australia, we acquired the stock of Tape Management Services Pty Ltd, a storage and data management company with operations in Australia, for approximately $15,300. | ||||||||
In February 2014, in order to enhance our existing operations in Turkey, we acquired the stock of RM Arşiv Yönetim Hizmetleri Ticaret Anonim Şirketi, a storage rental and records management business with operations in Turkey, for approximately $21,200, of which $16,750 was paid in the first quarter of 2014, with the remainder paid in the first quarter of 2015. | ||||||||
In April 2014, in order to enhance our existing operations in Poland, we acquired the stock of OSG Polska sp. z.o.o., a storage rental and records management business with operations in Poland, for approximately $13,700. | ||||||||
In October 2014, in order to enhance our existing operations in Brazil, we acquired the stock of Keepers Brasil Ltda, a storage rental and data management business with operations in Sao Paulo, Brazil, for approximately $46,200. The purchase price includes $5,425 held in escrow to secure indemnification obligations of the former owners of the business to us. | ||||||||
In December 2014, in order to enhance our North American records management operations, we acquired the stock of Canadian-based Securit Records Management for approximately $29,500. Included in the purchase price is approximately $1,300 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 paid of all of the acquisitions in each respective year is as follows: | ||||||||
2012 | 2013 | 2014 | ||||||
Cash Paid (gross of cash acquired) | $ | $321,121(1) | $134,301(1) | |||||
131,972 | ||||||||
Fair Value of Previously Held Equity Interest | 4,265 | — | 794 | |||||
Fair Value of Noncontrolling Interest | 1,000 | — | — | |||||
Total Consideration | 137,237 | 321,121 | 135,095 | |||||
Fair Value of Identifiable Assets Acquired: | ||||||||
Cash, Accounts Receivable, Prepaid Expenses, | ||||||||
Deferred Income Taxes and Other | 18,998 | 28,532 | 15,098 | |||||
Property, Plant and Equipment(2) | 11,794 | 44,681 | 23,269 | |||||
Customer Relationship Intangible Assets(3) | 59,479 | 173,733 | 60,172 | |||||
Other Assets | 4,620 | 68 | 3,342 | |||||
Liabilities Assumed and Deferred Income Taxes(4) | -15,947 | -67,645 | -50,903 | |||||
Total Fair Value of Identifiable Net Assets Acquired | 78,944 | 179,369 | 50,978 | |||||
Goodwill Initially Recorded | $ | $ | $ | |||||
58,293 | 141,752 | 84,117 | ||||||
-1 | Included in cash paid for acquisitions in the Consolidated Statements of Cash Flows for the year ended December 31, 2013 is contingent and other payments of $(76). Included in cash paid for acquisitions in the Consolidated Statements of Cash Flows for the year ended December 31, 2014 is net cash acquired of $(4,704) and contingent and other payments of $(1,504) related to acquisitions made in previous years. | |||||||
-2 | Consists primarily of racking structures, leasehold improvements and computer hardware and software. | |||||||
-3 | The weighted average lives of customer relationship intangible assets associated with acquisitions in 2012, 2013 and 2014 was 17 years, 22 years and 17 years, respectively. | |||||||
-4 | Consists primarily of accounts payable, accrued expenses, notes payable, deferred revenue and deferred income taxes. | |||||||
Allocations of the purchase price paid for certain acquisitions made in 2014 were based on estimates of the fair value of net assets acquired and are subject to adjustment as additional information becomes available to us. We are not aware of any information that would indicate that the final purchase price allocations for these 2014 acquisitions will differ meaningfully from preliminary estimates. The purchase price allocations of these 2014 acquisitions are subject to finalization of the assessment of the fair value of intangible assets (primarily customer relationship intangible assets), property, plant and equipment (primarily racking structures), operating leases, contingencies and income taxes (primarily deferred income taxes). | ||||||||
In September 2014, we purchased our joint venture partners’ noncontrolling interests in the businesses we operate in Russia, Ukraine and Denmark, which we had previously consolidated. The purchase price of approximately $24,500 is comprised of $17,900 paid at closing, $2,100 payable in 2017 and $4,500 payable in 2020. The components of the purchase price payable in 2017 and 2020 are reflected as non-cash items within our Consolidated Statement of Cash Flows for the year ended December 31, 2014. Of the $17,900 paid at closing, approximately $11,950 was associated with the underlying shares owned by our joint venture partners and approximately $5,950 was associated with the payment of outstanding loans between the joint venture and the joint venture partners. | ||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Taxes | ||||||||||||
Income Taxes | ||||||||||||
7. Income Taxes | ||||||||||||
As noted previously, on June 25, 2014, we announced that we received the favorable PLRs from the IRS necessary for our conversion to a REIT. In the PLRs, the IRS addressed and favorably ruled on our assets and revenue model, including regarding our steel racking structures as real estate for REIT purposes under the Internal Revenue Code of 1986, as amended (the “Code”), our global operations and our transition plans from a C corporation to a REIT. The PLRs are subject to certain qualifications and are based upon certain representations and statements made by us. If such representations and statements are untrue or incomplete in any material respect (including as a result of a material change in relevant facts), we may not be able to rely on the PLRs. After receipt of the PLRs, our board of directors unanimously approved our conversion to a REIT for our taxable year beginning January 1, 2014. | ||||||||||||
As a REIT, we are generally permitted to deduct from our federal taxable income the dividends we pay to our stockholders. The income represented by such dividends is not subject to federal taxation at the entity level but is taxed, if at all, at the stockholder level. The income of our domestic taxable REIT subsidiaries (“TRSs”), which hold our domestic operations that may not be REIT-compliant as currently operated and structured, is subject, as applicable, to federal and state corporate income tax. In addition, we and our subsidiaries continue to be subject to foreign income taxes in jurisdictions in which they hold assets or conduct operations, regardless of whether held or conducted through subsidiaries disregarded for federal tax purposes or TRSs. We will also be subject to a separate corporate income tax on any gains recognized during a specified period (generally ten years) following the REIT conversion that are attributable to “built-in” gains with respect to the assets that we owned on January 1, 2014; this built-in gains tax will also be imposed on our depreciation recapture recognized into income in 2014 and subsequent taxable years as a result of accounting method changes commenced in our pre- REIT period. If we fail to remain qualified for taxation as a REIT, we will be subject to federal income tax at regular corporate tax rates. Even if we remain qualified for taxation as a REIT, we may be subject to some federal, state, local and foreign taxes on our income and property in addition to taxes owed with respect to our TRS operations. In particular, while state income tax regimes often parallel the federal income tax regime for REITs, many states do not completely follow federal rules and some do not follow them at all. | ||||||||||||
The significant components of the deferred tax assets and deferred tax liabilities are presented below: | ||||||||||||
December 31, | ||||||||||||
2013 | 2014 | |||||||||||
Deferred Tax Assets: | ||||||||||||
Accrued liabilities | $ | $ | ||||||||||
75,731 | 22,236 | |||||||||||
Deferred rent | 25,624 | 3,144 | ||||||||||
Net operating loss carryforwards | 81,124 | 64,718 | ||||||||||
Foreign tax credits | 10,229 | — | ||||||||||
Stock compensation | 16,745 | — | ||||||||||
Federal benefit of unrecognized tax benefits | 20,263 | 14,859 | ||||||||||
Foreign currency and other adjustments | 23,938 | 8,620 | ||||||||||
Valuation allowance | -40,278 | (40,182 | ) | |||||||||
213,376 | 73,395 | |||||||||||
Deferred Tax Liabilities: | ||||||||||||
Other assets, principally due to differences in amortization | -367,936 | -74,782 | ||||||||||
Plant and equipment, principally due to differences in depreciation | -168,385 | -39,079 | ||||||||||
-536,321 | -113,861 | |||||||||||
Net deferred tax liability | $ | $ | ||||||||||
-322,945 | -40,466 | |||||||||||
The current and noncurrent deferred tax assets (liabilities) are presented below: | ||||||||||||
December 31, | ||||||||||||
2013 | 2014 | |||||||||||
Deferred tax assets | $ | $ | ||||||||||
65,332 | 16,655 | |||||||||||
Deferred tax liabilities | -47,709 | -2,463 | ||||||||||
Current deferred tax assets, net | $ | $ | ||||||||||
17,623 | 14,192 | |||||||||||
Deferred tax assets | $ | $ | ||||||||||
148,044 | 56,740 | |||||||||||
Deferred tax liabilities | -488,612 | -111,398 | ||||||||||
Noncurrent deferred tax liabilities, net | $ | $ | ||||||||||
-340,568 | -54,658 | |||||||||||
The tax basis of REIT assets, excluding investments in TRSs, is less than the amounts reported for such assets in the accompanying Consolidated Balance Sheet by approximately $486,000 at December 31, 2014. | ||||||||||||
As of December 31, 2013, we have reclassified approximately $26,916 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 conversion to a REIT. | ||||||||||||
We have federal net operating loss carryforwards, which expire in 2021 through 2033, of $88,090 ($0, tax effected) at December 31, 2014 to reduce future federal taxable income, on which no federal tax benefit is expected to be realized. We have state net operating loss carryforwards, which expire in 2015 through 2033, of $74,439 ($112, tax effected) at December 31, 2014 to reduce future state taxable income, on which an insignificant state tax benefit is expected to be realized. We have assets for foreign net operating losses of $64,606, with various expiration dates (and in some cases no expiration date), subject to a valuation allowance of approximately 62%. | ||||||||||||
Rollforward of the 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 | ||||||||||
2012 | $ | $ | $ | $— | $ | |||||||
72,239 | 2,274 | 1,537 | 76,050 | |||||||||
2013 | 76,050 | -27,186 | — | -8,586 | 40,278 | |||||||
2014 | 40,278 | 9,404 | — | -9,500 | 40,182 | |||||||
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 associated with our TRSs 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 associated with our TRSs is recorded in the period the disqualifying disposition occurs. Incremental tax benefits (deficiencies) in excess of compensation expense recorded in the consolidated financial statements are credited (charged) directly to equity and amounted to $1,045, $2,389 and $(60) for the years ended December 31, 2012, 2013 and 2014, respectively. | ||||||||||||
The components of income (loss) from continuing operations before provision (benefit) for income taxes and (gain) loss on sale of real estate are: | ||||||||||||
Year Ended December 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
United States | $ | $ | $ | |||||||||
189,939 | 63,930 | 202,067 | ||||||||||
Canada | 44,358 | 39,038 | 46,191 | |||||||||
Other Foreign | 62,508 | 56,903 | -24,885 | |||||||||
$ | $ | $ | ||||||||||
296,805 | 159,871 | 223,373 | ||||||||||
The provision (benefit) for income taxes consists of the following components: | ||||||||||||
Year Ended December 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Federal—current | $ | $ | $ | |||||||||
133,824 | 92,237 | 118,314 | ||||||||||
Federal—deferred | -57,166 | -64,441 | -214,132 | |||||||||
State—current | 25,384 | 10,152 | 28,034 | |||||||||
State—deferred | -15,134 | -8,056 | -47,814 | |||||||||
Foreign—current | 32,297 | 59,170 | 27,167 | |||||||||
Foreign—deferred | -4,901 | -26,935 | -8,844 | |||||||||
$ | $ | $ | ||||||||||
114,304 | 62,127 | -97,275 | ||||||||||
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 and (gain) loss on sale of real estate for the years ended December 31, 2012, 2013 and 2014, respectively, is as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Computed “expected” tax provision | $ | $ | $ | |||||||||
103,882 | 55,955 | 78,181 | ||||||||||
Changes in income taxes resulting from: | ||||||||||||
Tax adjustment relating to REIT | — | — | -63,333 | |||||||||
Deferred tax adjustment and other taxes due to REIT conversion | — | — | -182,853 | |||||||||
State taxes (net of federal tax benefit) | 6,923 | 4,384 | 2,207 | |||||||||
Increase in valuation allowance (net operating losses) | 9,045 | 2,832 | 9,404 | |||||||||
Decrease in valuation allowance (foreign tax credits) | -6,771 | -30,018 | — | |||||||||
Foreign repatriation | — | 44,751 | 46,356 | |||||||||
Foreign restructuring | — | 17,691 | — | |||||||||
Impairment of assets and other transaction costs | 3,045 | 6,576 | 2,869 | |||||||||
Reserve accrual (reversal) and audit settlements (net of federal tax benefit) | 8,266 | -16,322 | 3,175 | |||||||||
Foreign tax rate differential | -30,798 | -33,852 | -9,496 | |||||||||
Disallowed foreign interest, Subpart F income, and other foreign taxes | 15,242 | 9,708 | 12,502 | |||||||||
Other, net | 5,470 | 422 | 3,713 | |||||||||
Provision (Benefit) for Income Taxes | $ | $ | $ | |||||||||
114,304 | 62,127 | -97,275 | ||||||||||
Our effective tax rates for the years ended December 31, 2012, 2013 and 2014 were 38.5%, 38.9% and (43.5)%, respectively. Our effective tax rate is subject to variability in the future due to, among other items: (1) changes in the mix of income between our qualified REIT subsidiaries and our TRSs; (2) tax law changes; (3) volatility in foreign exchange gains (losses); (4) the timing of the establishment and reversal of tax reserves; and (5) our ability to utilize foreign tax credits and net operating losses that we generate. | ||||||||||||
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, 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. | ||||||||||||
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 United States 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. | ||||||||||||
On September 13, 2013, the United States Department of the Treasury and the IRS released final tangible property regulations under Sections 162(a) and 263(a) of the Code regarding the deduction and capitalization of expenditures related to tangible property. In addition, proposed regulations under Section 168 of the Code regarding dispositions of tangible property have also been released. These final and proposed regulations are generally effective for our tax year beginning on January 1, 2014. Early adoption was available, and we adopted the regulations in 2013. The impact from these regulations did not have a material impact on our consolidated results of operations, cash flows and financial position. | ||||||||||||
As a result of our REIT conversion, we recorded a net tax benefit of $212,151 during the year ended December 31, 2014 for the revaluation of certain deferred tax assets and liabilities associated with the REIT conversion. In 2014, we recorded an increase to the tax provision of $29,298 associated with tax accounting method changes consistent with our REIT conversion, primarily affected through the filing of amended tax returns. The primary other reconciling items between the federal statutory rate of 35% and our overall effective tax rate during the year ended December 31, 2014 was an increase of $46,356 in our tax provision from the repatriation discussed below and other net tax adjustments related to the REIT conversion, including a tax benefit of $63,333 primarily related to the dividends paid deduction. As a REIT, we are entitled to a deduction for dividends paid, resulting in a substantial reduction of federal income tax expense. As a REIT, substantially all of our income tax expense will be incurred based on the earnings generated by our foreign subsidiaries and our domestic TRSs. | ||||||||||||
The following table presents a reconciliation of significant components of deferred tax assets and liabilities from December 31, 2013 to December 31, 2014: | ||||||||||||
December 31, | Revaluation Associated | Current Year | December 31, | |||||||||
2013 | with REIT Conversion | Activity(1) | 2014 | |||||||||
Deferred Tax Assets | ||||||||||||
Accrued liabilities | $ | $ | $ | $ | ||||||||
75,731 | -48,087 | -5,408 | 22,236 | |||||||||
Deferred rent | 25,624 | -25,749 | 3,269 | 3,144 | ||||||||
Net operating loss carryforwards | 81,124 | -34,912 | 18,506 | 64,718 | ||||||||
Foreign tax credits | 10,229 | -9,207 | -1,022 | — | ||||||||
Stock compensation | 16,745 | -17,942 | 1,197 | — | ||||||||
Federal benefit of unrecognized tax benefits | 20,263 | — | -5,404 | 14,859 | ||||||||
Unrealized foreign currency and other foreign adjustments | 23,938 | -34,552 | 19,234 | 8,620 | ||||||||
Valuation allowance | -40,278 | — | 96 | -40,182 | ||||||||
213,376 | -170,449 | 30,468 | 73,395 | |||||||||
Deferred Tax Liabilities | ||||||||||||
Other assets, principally due to differences in amortization | -367,936 | 273,268 | 19,886 | -74,782 | ||||||||
Plant and equipment, principally due to differences in depreciation | -168,385 | 109,332 | 19,974 | -39,079 | ||||||||
-536,321 | 382,600 | 39,860 | -113,861 | |||||||||
Net Deferred Tax Asset (Liability) | $ | $ | $ | $ | ||||||||
-322,945 | 212,151 | 70,328 | -40,466 | |||||||||
-1 | Current year activity primarily consists of additional deferred tax assets and liabilities recognized due to changes in current year taxable temporary differences, purchase accounting and return to accrual adjustments related to the 2013 tax return. | |||||||||||
We had not previously provided incremental federal and certain state income taxes on net tax over book outside basis differences related to the earnings of our foreign subsidiaries because our intent, prior to our conversion to a REIT, was to reinvest our current and future undistributed earnings of certain foreign subsidiaries indefinitely outside the United States. As a result of our conversion to a REIT, it is no longer our intent to indefinitely reinvest our current and future undistributed foreign earnings outside the United States, and, therefore, during 2014, we recognized an increase in our tax provision from continuing operations in the amount of $46,356, representing incremental federal and state income taxes and foreign withholding taxes on such foreign earnings. As a REIT, future repatriation of incremental undistributed earnings of our foreign subsidiaries will not be subject to federal or state income tax, with the exception of foreign withholding taxes in limited instances; however, such future repatriations will require distribution in accordance with REIT distribution rules, and any such distribution may then be taxable, as appropriate, at the stockholder level. | ||||||||||||
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 an increase of $1,257, $1,459 and $1,462 for gross interest and penalties for the years ended December 31, 2012, 2013 and 2014, respectively. We had $4,874 and $5,884 accrued for the payment of interest and penalties as of December 31, 2013 and 2014, 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 | |||||||||||
2007 to present | Canada | |||||||||||
2009 to present | United Kingdom | |||||||||||
The normal statute of limitations for United States federal tax purposes is three years from the date the tax return is filed. The 2011, 2012 and 2013 tax years remain subject to examination for United States federal tax purposes as well as net operating loss carryforwards utilized in these years. We utilized net operating losses from 2000, 2001 and 2008 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 United States 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, 2013, we had $51,146 of reserves related to uncertain tax positions included in other long-term liabilities in the accompanying Consolidated Balance Sheet. As of December 31, 2014, we had $55,951 of reserves related to uncertain tax positions, of which $53,078 and $2,873 is included in other long-term liabilities and deferred income taxes, respectively, in the accompanying Consolidated Balance Sheet. 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, 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 | ||||||||||||
Gross additions based on tax positions related to the current year | 3,984 | |||||||||||
Gross additions for tax positions of prior years | 13,717 | |||||||||||
Gross reductions for tax positions of prior years | -2,699 | |||||||||||
Lapses of statutes | -5,350 | |||||||||||
Settlements | -4,847 | |||||||||||
Gross tax contingencies—December 31, 2014 | $ | |||||||||||
55,951 | ||||||||||||
The reversal of these reserves of $55,951 ($41,990 net of federal tax benefit) as of December 31, 2014 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 $6,560 of our unrecognized tax positions may be recognized by the end of 2015 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, 2014 | ||||||||||
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 | ||||||
2013 | ||||||||||
Total revenues | $ | $ | $ | $ | ||||||
746,706 | 754,396 | 755,314 | 768,207 | |||||||
Operating income (loss) | 122,517 | 129,697 | 139,958 | 97,075 | ||||||
Income (loss) from continuing operations | 18,152 | 27,340 | 5,330 | 48,339 | ||||||
Total income (loss) from discontinued operations | 2,184 | -98 | -571 | -684 | ||||||
Net income (loss) | 20,336 | 27,242 | 4,759 | 47,655 | ||||||
Net income (loss) attributable to Iron Mountain Incorporated | 19,188 | 26,366 | 3,849 | 47,059(1) | ||||||
Earnings (losses) per Share-Basic | ||||||||||
Income (loss) per share from continuing operations | 0.10 | 0.14 | 0.03 | 0.25 | ||||||
Total income (loss) per share from discontinued operations | 0.01 | — | — | — | ||||||
Net income (loss) per share attributable to Iron Mountain | ||||||||||
Incorporated | 0.10 | 0.14 | 0.02 | 0.25 | ||||||
Earnings (losses) per Share-Diluted | ||||||||||
Income (loss) per share from continuing operations | 0.09 | 0.14 | 0.03 | 0.25 | ||||||
Total income (loss) per share from discontinued operations | 0.01 | — | — | — | ||||||
Net income (loss) per share attributable to Iron Mountain | ||||||||||
Incorporated | 0.10 | 0.14 | 0.02 | 0.24 | ||||||
2014 | ||||||||||
Total revenues | $ | $ | $ | $ | ||||||
770,126 | 786,892 | 782,697 | 777,978 | |||||||
Operating income (loss) | 132,616 | 147,290 | 141,476 | 127,895 | ||||||
Income (loss) from continuing operations | 42,721 | 272,702 | 858 | 12,674 | ||||||
Total (loss) income from discontinued operations | -612 | -326 | — | 729 | ||||||
Net income (loss) | 42,109 | 272,376 | 858 | 13,403 | ||||||
Net income (loss) attributable to Iron Mountain Incorporated | 41,667 | 271,637 | 66 | 12,749(2) | ||||||
Earnings (losses) per Share-Basic | ||||||||||
Income (loss) per share from continuing operations | 0.22 | 1.42 | — | 0.06 | ||||||
Total (loss) income per share from discontinued operations | — | — | — | — | ||||||
Net income (loss) per share attributable to Iron Mountain | ||||||||||
Incorporated | 0.22 | 1.41 | — | 0.06 | ||||||
Earnings (losses) per Share-Diluted | ||||||||||
Income (loss) per share from continuing operations | 0.22 | 1.41 | — | 0.06 | ||||||
Total (loss) income per share from discontinued operations | — | — | — | — | ||||||
Net income (loss) per share attributable to Iron Mountain Incorporated | 0.22 | 1.40 | — | 0.06 | ||||||
-1 | 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 Business 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. | |||||||||
-2 | The change in net income (loss) attributable to Iron Mountain Incorporated in the fourth quarter of 2014 compared to the third quarter of 2014 is primarily attributable to a decrease in the provision for income taxes recorded in the fourth quarter of 2014 compared to the third quarter of 2014 of approximately $54,000. The decrease in the income tax provision was offset by a decrease in operating income of approximately $13,600, a debt extinguishment charge recorded in the fourth quarter of 2014 of approximately $16,500 and an increase in interest expense of $9,800. The decrease in operating income is attributable to a $8,300 increase in selling, general and administrative expenses, primarily due to higher professional fees and charitable contributions, as well as a $4,700 decrease in revenue, primarily due to unfavorable changes in foreign exchange rates, in the fourth quarter compared to the third quarter. | |||||||||
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Segment Information | ||||||||||||||||||||
Segment Information | ||||||||||||||||||||
9. Segment Information | ||||||||||||||||||||
As a result of a realignment in senior management reporting structure during the first quarter of 2015, we modified our internal financial reporting to better align internal reporting with how we manage our business. These modifications resulted in the separation of our former International Business segment into two unique reportable operating segments, which we refer to as (1) Western European Business segment and (2) Other International Business segment. Additionally, during the first quarter of 2015, we reassessed the nature of certain costs which were previously being allocated to the North American Records and Information Management Business and North American Data Management Business segments. As a result of this reassessment, we determined that certain product management functions, which were previously being performed to solely benefit our North American operating segments, are now being performed in a manner that benefits the enterprise as a whole. Accordingly, the costs associated with these product management functions are now included within the Corporate and Other Business segment. Previously reported segment information has been restated. | ||||||||||||||||||||
Our five reportable operating segments 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; Fulfillment Services; and Intellectual Property Management. | |||||||||||||||||||
· | North American Data Management Business—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. | |||||||||||||||||||
· | Western European Business—Records Management, Data Protection & Recovery and DMS throughout the United Kingdom, Ireland, Norway, Austria, Belgium, France, Germany, Netherlands, Spain and Switzerland. Until December 2014, our Western European Business segment offered Destruction in the United Kingdom and Ireland. | |||||||||||||||||||
· | Other International Business—storage and information management services throughout the remaining European countries in which we operate, Latin America and Asia Pacific, including Records Management, Data Protection & Recovery and DMS. Our European operations included within the Other International Business segment provide Records Management, Data Protection & Recovery and DMS. 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 and DMS throughout Australia, with Records Management and Data Protection & Recovery also provided in certain cities in India, Singapore, Hong Kong-SAR and China. Until December 2014, our Other International Business segment offered Destruction in Australia. | |||||||||||||||||||
· | Corporate and Other Business —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. Our Corporate and Other Business segment 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 | ||||||||||||||||||||
North American | American | Western | Other | Corporate | ||||||||||||||||
Data | and | |||||||||||||||||||
Records & Information | Management | European | International | Other | Total | |||||||||||||||
Management Business | Business | Business | Business | Business | Consolidated | |||||||||||||||
2012 | ||||||||||||||||||||
Total Revenues | $ | 1,780,299 | $ | 404,253 | $ | 454,347 | $ | 352,345 | $ | 12,711 | $ | 3,003,955 | ||||||||
Depreciation and Amortization | 163,375 | 17,841 | 58,603 | 44,790 | 31,735 | 316,344 | ||||||||||||||
Depreciation | 151,471 | 17,034 | 48,933 | 31,560 | 31,600 | 280,598 | ||||||||||||||
Amortization | 11,904 | 807 | 9,670 | 13,230 | 135 | 35,746 | ||||||||||||||
Adjusted OIBDA | 670,355 | 245,208 | 102,324 | 71,296 | -178,266 | 910,917 | ||||||||||||||
Total Assets(1) | 3,543,166 | 644,952 | 1,079,972 | 774,078 | 316,171 | 6,358,339 | ||||||||||||||
Expenditures for Segment Assets | 138,837 | 26,243 | 54,904 | 136,456 | 38,249 | 394,689 | ||||||||||||||
Capital Expenditures | 98,169 | 13,106 | 34,341 | 56,818 | 38,249 | 240,683 | ||||||||||||||
Cash Paid for Acquisitions, Net of Cash Acquired | 21,770 | 6,356 | 19,405 | 77,603 | - | 125,134 | ||||||||||||||
Additions to Customer Relationship and Acquisition Costs | 18,898 | 6,781 | 1,158 | 2,035 | - | 28,872 | ||||||||||||||
2013 | ||||||||||||||||||||
Total Revenues | 1,769,233 | 396,519 | 448,542 | 397,057 | 13,272 | 3,024,623 | ||||||||||||||
Depreciation and Amortization | 165,097 | 19,956 | 55,238 | 50,247 | 31,499 | 322,037 | ||||||||||||||
Depreciation | 150,557 | 19,652 | 45,799 | 35,480 | 31,368 | 282,856 | ||||||||||||||
Amortization | 14,540 | 304 | 9,439 | 14,767 | 131 | 39,181 | ||||||||||||||
Adjusted OIBDA | 652,575 | 237,380 | 123,939 | 82,064 | -201,377 | 894,581 | ||||||||||||||
Total Assets(1) | 3,687,865 | 690,507 | 1,093,105 | 922,307 | 259,221 | 6,653,005 | ||||||||||||||
Expenditures for Segment Assets | 319,419 | 20,678 | 42,191 | 176,712 | 75,586 | 634,586 | ||||||||||||||
Capital Expenditures | 96,545 | 12,929 | 32,478 | 69,757 | 75,586 | 287,295 | ||||||||||||||
Cash Paid for Acquisitions, Net of Cash Acquired | 205,251 | 6,791 | 3,028 | 102,030 | - | 317,100 | ||||||||||||||
Additions to Customer Relationship and Acquisition Costs | 17,623 | 958 | 6,685 | 4,925 | - | 30,191 | ||||||||||||||
2014 | ||||||||||||||||||||
Total Revenues | 1,795,361 | 390,207 | 460,535 | 458,010 | 13,580 | 3,117,693 | ||||||||||||||
Depreciation and Amortization | 177,097 | 21,770 | 55,028 | 64,657 | 34,591 | 353,143 | ||||||||||||||
Depreciation | 158,122 | 21,458 | 46,341 | 44,063 | 34,573 | 304,557 | ||||||||||||||
Amortization | 18,975 | 312 | 8,687 | 20,594 | 18 | 48,586 | ||||||||||||||
Adjusted OIBDA | 698,719 | 226,396 | 134,775 | 80,116 | -214,209 | 925,797 | ||||||||||||||
Total Assets(1) | 3,657,366 | 653,275 | 988,084 | 1,001,558 | 270,059 | 6,570,342 | ||||||||||||||
Expenditures for Segment Assets | 198,651 | 24,387 | 48,564 | 185,203 | 67,659 | 524,464 | ||||||||||||||
Capital Expenditures | 145,199 | 18,076 | 39,915 | 92,553 | 66,181 | 361,924 | ||||||||||||||
Cash Paid for Acquisitions, Net of Cash Acquired | 26,450 | 5,863 | 4,864 | 90,916 | - | 128,093 | ||||||||||||||
Additions to Customer Relationship and Acquisition Costs | 27,002 | 448 | 3,785 | 1,734 | 1,478 | 34,447 | ||||||||||||||
-1 | Excludes all intercompany receivables or payables and investment in subsidiary balances. | |||||||||||||||||||
The accounting policies of the reportable operating 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 (excluding real estate) 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 (loss) from continuing operations before provision (benefit) for income taxes and (gain) loss on sale of real estate on a consolidated basis is as follows: | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||
Adjusted OIBDA | $ | $ | $ | |||||||||||||||||
910,917 | 894,581 | 925,797 | ||||||||||||||||||
Less: Depreciation and Amortization | 316,344 | 322,037 | 353,143 | |||||||||||||||||
(Gain) Loss on Disposal/Write-down of Property, Plant and Equipment (Excluding Real Estate), Net | 4,661 | 430 | 1,065 | |||||||||||||||||
REIT Costs(1) | 34,446 | 82,867 | 22,312 | |||||||||||||||||
Interest Expense, Net | 242,599 | 254,174 | 260,717 | |||||||||||||||||
Other Expense (Income), Net | 16,062 | 75,202 | 65,187 | |||||||||||||||||
Income (loss) from Continuing Operations before Provision (Benefit) for Income Taxes and (Gain) Loss on Sale of Real Estate | $ | $ | $ | |||||||||||||||||
296,805 | 159,871 | 223,373 | ||||||||||||||||||
-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 costs associated with our conversion to a REIT, excluding REIT compliance costs beginning January 1, 2014 which we expect to recur in future periods (“REIT Costs”). | |||||||||||||||||||
Information as to our operations in different geographical areas is as follows: | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||
Revenues: | ||||||||||||||||||||
United States | $ | $ | $ | |||||||||||||||||
1,948,679 | 1,938,307 | 1,967,169 | ||||||||||||||||||
United Kingdom | 290,044 | 275,343 | 280,020 | |||||||||||||||||
Canada | 248,583 | 240,716 | 231,979 | |||||||||||||||||
Other International | 516,649 | 570,257 | 638,525 | |||||||||||||||||
Total Revenues | $ | $ | $ | |||||||||||||||||
3,003,955 | 3,024,623 | 3,117,693 | ||||||||||||||||||
Long-lived Assets: | ||||||||||||||||||||
United States | $ | $ | $ | |||||||||||||||||
3,359,560 | 3,645,211 | 3,619,396 | ||||||||||||||||||
United Kingdom | 529,336 | 520,255 | 474,748 | |||||||||||||||||
Canada | 445,699 | 413,821 | 409,278 | |||||||||||||||||
Other International | 999,652 | 1,140,111 | 1,149,201 | |||||||||||||||||
Total Long-lived Assets | $ | $ | $ | |||||||||||||||||
5,334,247 | 5,719,398 | 5,652,623 | ||||||||||||||||||
Information as to our revenues by product and service lines is as follows: | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||
Revenues: | ||||||||||||||||||||
Records Management(1)(2) | $ | $ | $ | |||||||||||||||||
2,211,101 | 2,244,494 | 2,329,546 | ||||||||||||||||||
Data Management(1)(3) | 524,627 | 527,091 | 531,516 | |||||||||||||||||
Information Destruction(1)(4) | 268,227 | 253,038 | 256,631 | |||||||||||||||||
Total Revenues | $ | $ | $ | |||||||||||||||||
3,003,955 | 3,024,623 | 3,117,693 | ||||||||||||||||||
-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, 2014 | ||||||||
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 under all of our operating leases was $250,986, $244,390 and $255,193 for the years ended December 31, 2012, 2013 and 2014, 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: | ||||||||
Year | Operating Lease | Sublease | Capital | |||||
Payment | Income | Leases | ||||||
2015 | $ | $ | $ | |||||
233,428 | -5,657 | 52,531 | ||||||
2016 | 220,328 | -4,458 | 52,685 | |||||
2017 | 207,027 | -3,478 | 40,539 | |||||
2018 | 190,906 | -1,361 | 34,414 | |||||
2019 | 178,728 | -729 | 25,827 | |||||
Thereafter | 1,216,193 | -986 | 152,799 | |||||
Total minimum lease payments | $ | $ | 358,795 | |||||
2,246,610 | -16,669 | |||||||
Less amounts representing interest | -116,929 | |||||||
Present value of capital lease obligations | $ | |||||||
241,866 | ||||||||
In addition, we have certain contractual obligations related to purchase commitments which require minimum payments as follows: | ||||||||
Year | Purchase | |||||||
Commitments | ||||||||
2015 | $ | |||||||
43,908 | ||||||||
2016 | 19,615 | |||||||
2017 | 11,943 | |||||||
2018 | 2,188 | |||||||
2019 | 1,811 | |||||||
Thereafter | 2,310 | |||||||
$ | ||||||||
81,775 | ||||||||
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, 2013 and 2014 there were $32,850 and $33,381, 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 $4,500 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 United States Government under several General Services Administration (“GSA”) multiple award schedule contracts (the “Schedules”). 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 United States Government sent us a subpoena seeking information that substantially overlapped with the subjects that were covered by the voluntary disclosure process that we initiated with the GSA and OIG in June 2011, except that the subpoena sought information dating back to 2000, and sought information about non-GSA federal and state and local customers. In June 2014, we learned that the government subpoena and investigation were the result of a pending, sealed qui tam lawsuit brought against us on behalf of the United States and the State of California. In December 2014, we settled the lawsuit. As a result of the settlement, we paid the United States Government and the State of California $44,500 and $1,250, respectively, in the fourth quarter of 2014. There was no material impact to our consolidated statement of operations in 2014 as a result of the settlement as we had previously accrued and maintained a deferred revenue liability related to this matter. | ||||||||
e.Commonwealth of Massachusetts Assessment | ||||||||
During the third quarter of 2012, we applied for an abatement of assessments from the Commonwealth 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. 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. In February 2015, we reached a settlement agreement with the Commonwealth of Massachusetts, under which we paid $6,000 to settle the assessments related to the 2004 through 2008 tax years. Additionally, following a corporate excise audit for the 2009 through 2011 tax years, Massachusetts has issued Notices of Intention to Assess dated December 27, 2014 which set forth proposed corporate excise assessments in the aggregate amount of $1,503, including tax, interest and penalties. We intend to defend this matter vigorously at the Massachusetts Appellate Tax Board. | ||||||||
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. 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 four customers, of which 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 or 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 (excluding real estate), 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 operations and cash flows related to the fire are reflected as discontinued operations. | ||||||||
g.Argentina Fire | ||||||||
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 do not expect that this event will have a material impact to our consolidated financial condition, results of operations or cash flows. Revenues from our operations at this facility represent less than 0.5% of our consolidated revenues. | ||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions | |
Related Party Transactions | |
11. Related Party Transactions | |
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. 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. For the years ended December 31, 2013 and 2014, we have incurred 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, of $2,750 and $250, respectively. | |
401k_Plans
401(k) Plans | 12 Months Ended |
Dec. 31, 2014 | |
401(k) Plans | |
401(k) Plans | |
12. 401(k) Plans | |
We have a defined contribution plan, which generally covers all non-union United States 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, IME operates a defined contribution plan, which is similar to our United States 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 $18,026, $19,999 and $18,306 for the years ended December 31, 2012, 2013 and 2014, respectively. | |
Stockholders_Equity_Matters
Stockholders' Equity Matters | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Stockholders' Equity Matters | ||||||||||
Stockholders' Equity Matters | ||||||||||
13. Stockholders’ Equity Matters | ||||||||||
On September 15, 2014, we announced the declaration by our board of directors of a special distribution of $700,000 (the “Special Distribution”), payable to stockholders of record as of September 30, 2014 (the “Record Date”). The Special Distribution represented the remaining amount of our undistributed earnings and profits attributable to all taxable periods ending on or prior to December 31, 2013, which in accordance with tax rules applicable to REIT conversions, we were required to pay to our stockholders on or before December 31, 2014 in connection with our conversion to a REIT. The Special Distribution also included certain items of taxable income that we recognized in 2014, such as depreciation recapture in respect of accounting method changes commenced in our pre-REIT period as well as foreign earnings and profits recognized as dividend income. The Special Distribution followed an initial special distribution of $700,000 paid to stockholders in November 2012. | ||||||||||
The Special Distribution was paid on November 4, 2014 (the “Payment Date”) to stockholders of record as of the Record Date in a combination of common stock and cash. Stockholders had the right to elect to be paid their pro rata portion of the Special Distribution in all common stock or all cash, with the total cash payment to stockholders limited to no more than $140,000, or 20% of the total Special Distribution, not including cash paid in lieu of fractional shares. Based on stockholder elections, we paid $140,000 of the Special Distribution in cash, not including cash paid in lieu of fractional shares, with the balance paid in the form of common stock. Our shares of common stock were valued for purposes of the Special Distribution based upon the average closing price on the three trading days following October 24, 2014, or $35.55 per share, and as such, we issued approximately 15,750,000 shares of common stock in the Special Distribution. These shares impact weighted average shares outstanding from the date of issuance, and thus impact our earnings per share data prospectively from the Payment Date. | ||||||||||
In November 2014, our board of directors declared a distribution of $0.255 per share (the “Catch-Up Distribution”) payable on December 15, 2014 to stockholders of record on November 28, 2014. Our board of directors declared the Catch-Up Distribution because our cash distributions paid from January 2014 through July 2014 were declared and paid before our board of directors had determined that we would elect REIT status effective January 1, 2014 and were lower than they otherwise would have been if the final determination to elect REIT status effective January 1, 2014 had been prior to such distributions. | ||||||||||
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. In 2013 and 2014, our board of directors declared the following dividends: | ||||||||||
Declaration Date | Dividend | Record Date | Total | Payment | ||||||
Per Share | Amount | Date | ||||||||
March 14, 2013 | $ | March 25, 2013 | $ | April 15, 2013 | ||||||
0.2700 | 51,460 | |||||||||
June 6, 2013 | 0.2700 | June 25, 2013 | 51,597 | July 15, 2013 | ||||||
September 11, 2013 | 0.2700 | September 25, 2013 | 51,625 | October 15, 2013 | ||||||
December 16, 2013 | 0.2700 | December 27, 2013 | 51,683 | January 15, 2014 | ||||||
March 14, 2014 | 0.2700 | March 25, 2014 | 51,812 | April 15, 2014 | ||||||
May 28, 2014 | 0.2700 | June 25, 2014 | 52,033 | July 15, 2014 | ||||||
September 15, 2014 | 0.4750 | September 25, 2014 | 91,993 | October 15, 2014 | ||||||
September 15, 2014(1) | 3.6144 | September 30, 2014 | 700,000 | November 4, 2014 | ||||||
November 17, 2014(2) | 0.2550 | November 28, 2014 | 53,450 | December 15, 2014 | ||||||
November 17, 2014 | 0.4750 | December 5, 2014 | 99,617 | December 22, 2014 | ||||||
-1 | Represents Special Distribution. | |||||||||
-2 | Represents Catch-Up Distribution. | |||||||||
During the years ended December 31, 2012, 2013 and 2014, we declared distributions to our stockholders of $886,896, $206,365 and $1,048,905, respectively. These distributions represent approximately $5.12 per share, $1.08 per share and $5.37 per share for the years ended December 31, 2012, 2013 and 2014, respectively, based on the weighted average number of common shares outstanding during each respective year. For each of 2012 and 2014, total amounts distributed included Special Distributions (as described above) of $700,000, or $4.07 and $3.61 per share, respectively, associated with the Company’s conversion to a REIT. | ||||||||||
For federal income tax purposes, distributions to our stockholders are generally treated as nonqualified ordinary dividends, qualified ordinary dividends or return of capital. The IRS requires historical C corporation earnings and profits to be distributed prior to any REIT distributions, which may affect the character of each distribution to our stockholders, including whether and to what extent each distribution is characterized as a qualified or nonqualified ordinary dividend. For the years ended December 31, 2012, 2013 and 2014, the dividends we paid on our common shares were classified as follows: | ||||||||||
Year Ended December 31, | ||||||||||
2012 | 2013 | 2014 | ||||||||
Nonqualified ordinary dividends | 0.0% | 0.0% | 26.4% | |||||||
Qualified ordinary dividends | 100.0% | 100.0% | 56.4% | |||||||
Return of capital | 0.0% | 0.0% | 17.2% | |||||||
100.0% | 100.0% | 100.0% | ||||||||
In December 2013, our board of directors approved, and we entered into, a REIT Status Protection Rights Agreement (the “Rights Agreement”) which provided for a dividend of one preferred stock purchase right (a “Right”) for each share of our common stock outstanding on December 20, 2013. On November 18, 2014, we entered into the First Amendment to the Rights Agreement to extend the expiration of the Rights Agreement from December 9, 2014 to February 28, 2015. On January 20, 2015, in connection with the merger with our predecessor, the Rights Agreement was terminated. | ||||||||||
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
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, have been reported as discontinued operations for financial reporting purposes. | ||||||||
The table below summarizes certain results of operations of the Digital Business: | ||||||||
Year Ended December 31, | ||||||||
2012 | 2013 | 2014 | ||||||
(Loss) Income Before (Benefit) Provision for Income Taxes of Discontinued Operations | $ | $ | $ | |||||
-75 | -958 | -960 | ||||||
(Benefit) Provision for Income Taxes | -505 | -429 | — | |||||
Income (Loss) from Discontinued Operations, Net of Tax | $ | $ | $ | |||||
430 | -529 | -960 | ||||||
During the year ended December 31, 2013, we recognized a loss before provision of income taxes of discontinued operations of $958 primarily related to the write-off of certain software costs. During the year ended December 31, 2014, we recognized a loss before provision for income taxes of discontinued operations of $960, primarily related to settlements of legal matters directly related to the disposed business. | ||||||||
New Zealand Operations | ||||||||
We completed the sale of our New Zealand operations on October 3, 2011. Our New Zealand operations were previously included within the Other 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, | ||||||||
2012 | 2013 | 2014 | ||||||
(Loss) Income Before (Benefit) Provision for Income Taxes of Discontinued Operations | $ | $— | $— | |||||
-88 | ||||||||
(Benefit) Provision for Income Taxes | -34 | — | — | |||||
(Loss) Income from Discontinued Operations, Net of Tax | $ | $— | $— | |||||
-54 | ||||||||
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. Our Italian operations were previously included within the Western European 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, | ||||||||
2012(1) | 2013(2) | 2014(2) | ||||||
Total Revenue | $ | $— | $— | |||||
2,138 | ||||||||
(Loss) Income Before (Benefit) Provison for Income Taxes of Discontinued Operations | $ | $ | $ | |||||
-8,692 | 2,290 | 751 | ||||||
(Benefit) Provision for Income Taxes | -1,542 | 930 | — | |||||
(Loss) Income from Discontinued Operations, Net of Tax | -7,150 | 1,360 | 751 | |||||
Loss on Sale of Discontinued Operations, Net of Tax | -1,885 | — | — | |||||
Total (Loss) Income from Discontinued Operations and Sale, Net of Tax | $ | $ | $ | |||||
-9,035 | 1,360 | 751 | ||||||
-1 | Includes the results of operations of Italy through April 27, 2012, the date the sale of our Italian operations was consummated. | |||||||
-2 | During the years ended December 31, 2013 and 2014, we recognized income before provision of income taxes of discontinued operations primarily related to the recovery of insurance proceeds in excess of carrying value. | |||||||
Restructuring
Restructuring | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Restructuring | ||||||
Restructuring | ||||||
15. Restructuring | ||||||
In the third quarter of 2013, we implemented a plan that called for certain organizational realignments to advance our growth strategy and reduce operating costs, which was completed in 2014. As a result, we recorded restructuring costs of approximately $23,400 and $3,475 for the years ended December 31, 2013 and 2014, respectively, primarily related to employee severance and associated benefits. | ||||||
Restructuring costs included in the accompanying Consolidated Statements of Operations related to continuing operations is as follows: | ||||||
Year Ended | ||||||
December 31, | ||||||
2013 | 2014 | |||||
Cost of sales (excluding depreciation and amortization) | $ | $ | ||||
3,400 | 1,228 | |||||
Selling, general and administrative expenses | 20,000 | 2,247 | ||||
Total restructuring costs | $ | $ | ||||
23,400 | 3,475 | |||||
Restructuring costs recorded by segment are as follows: | ||||||
Year Ended | ||||||
December 31, | ||||||
2013 | 2014 | |||||
North American Records and Information Management Business | $ | $ | ||||
12,600 | 1,560 | |||||
North American Data Management Business | 2,100 | 340 | ||||
Western European Business | 2,300 | 33 | ||||
Other International Business | 1,400 | — | ||||
Corporate and Other Business | 5,000 | 1,542 | ||||
Total restructuring costs | $ | $ | ||||
23,400 | 3,475 | |||||
Divestitures
Divestitures | 12 Months Ended |
Dec. 31, 2014 | |
Divestitures | |
Divestitures | |
16. Divestitures | |
In December 2014, we divested our secure shredding operations in Australia, Ireland and the United Kingdom (the “International Shredding Operations”) in a stock transaction for approximately $26,200 in cash at closing, including $1,500 being held in escrow. The assets sold primarily consisted of customer contracts and certain long-lived assets. We have concluded that this divestiture is not a discontinued operation under the guidance in ASU 2014-08 described in Note 2.x. and, therefore, have recorded a pretax gain on sale in other (income) expense, net of approximately $6,900 ($10,200, inclusive of a tax benefit) in our Consolidated Statement of Operations for the year ended December 31, 2014. Revenues from our International Shredding Operations in 2014 represent less than 1% of our consolidated revenues. Approximately $7,750 of goodwill was allocated to the International Shredding Operations, utilizing a relative fair value approach. The International Shredding Operations in Australia were previously included in the Other International Business segment and the International Shredding Operations in the United Kingdom and Ireland were previously included in the Western European Business segment. | |
SCHEDULE_III_SCHEDULE_OF_REAL_
SCHEDULE III - SCHEDULE OF REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Schedule III - Schedule of Real Estate and Accumulated Depreciation | ||||||||||||||||||
Schedule III - Schedule of Real Estate and Accumulated Depreciation | ||||||||||||||||||
IRON MOUNTAIN INCORPORATED | ||||||||||||||||||
SCHEDULE III—SCHEDULE OF REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||||||||||||||||
31-Dec-14 | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||
(A) | (B) | (C) | (D) | (E) | (F) | |||||||||||||
Region/Country/State/Campus | Facilities(1) | Encumbrances | Initial | Cost capitalized | Gross amount | Accumulated | Date of | Life on which | ||||||||||
Address | cost | subsequent to | carried at close | depreciation at | construction or | depreciation in | ||||||||||||
to | acquisition | of current | close of current | acquired(3) | latest income | |||||||||||||
Company | period(1)(2) | period(1)(2) | statement is | |||||||||||||||
computed | ||||||||||||||||||
North America | ||||||||||||||||||
United States (Including Puerto Rico) | ||||||||||||||||||
140 Oxmoor Ct, Birmingham, Alabama | 1 | $— | $ | $ | $ | $ | 2001 | Up to 40 years | ||||||||||
1,322 | 800 | 2,122 | 737 | |||||||||||||||
1420 North Fiesta Blvd, Gilbert, Arizona | 1 | — | 1,637 | 2,539 | 4,176 | 1,082 | 2001 | Up to 40 years | ||||||||||
2955 S. 18th Place, Phoenix, Arizona | 1 | — | 12,178 | 2,546 | 14,724 | 2,762 | 2007 | Up to 40 years | ||||||||||
4449 South 36th St, Phoenix, Arizona | 1 | — | 7,305 | 514 | 7,819 | 3,774 | 2012 | Up to 40 years | ||||||||||
3381 East Global Loop, Tucson, Arizona | 1 | — | 1,622 | 3,322 | 4,944 | 1,993 | 2000 | Up to 40 years | ||||||||||
200 Madrone Way, Felton, California | 1 | — | 760 | 633 | 1,393 | 471 | 1997 | Up to 40 years | ||||||||||
13379 Jurupa Ave, Fontana, California | 1 | — | 10,472 | 7,200 | 17,672 | 6,604 | 2002 | Up to 40 years | ||||||||||
600 Burning Tree Rd, Fullerton, California | 1 | — | 4,762 | 1,558 | 6,320 | 2,183 | 2002 | Up to 40 years | ||||||||||
5086 4th St, Irwindale, California | 1 | — | 6,800 | 2,091 | 8,891 | 2,470 | 2002 | Up to 40 years | ||||||||||
6933 Preston Ave, Livermore, California | 1 | — | 14,585 | 12,497 | 27,082 | 5,694 | 2002 | Up to 40 years | ||||||||||
1006 North Mansfield, Los Angeles, California | 1 | — | 749 | — | 749 | 16 | 2014 | Up to 40 years | ||||||||||
1025 North Highland Ave, Los Angeles, California | 1 | — | 10,168 | 17,842 | 28,010 | 9,174 | 1988 | Up to 40 years | ||||||||||
1350 West Grand Ave, Oakland, California | 1 | — | 15,172 | 4,629 | 19,801 | 12,476 | 1997 | Up to 40 years | ||||||||||
1760 North Saint Thomas Circle, Orange, California | 1 | — | 4,576 | — | 4,576 | 1,286 | 2002 | Up to 40 years | ||||||||||
8700 Mercury Lane, Pico Rivera, California | 1 | — | 27,957 | 67 | 28,024 | 5,811 | 2012 | Up to 40 years | ||||||||||
8661 Kerns St, San Diego, California | 1 | — | 10,512 | 6,641 | 17,153 | 4,747 | 2002 | Up to 40 years | ||||||||||
1915 South Grand Ave, Santa Ana, California | 1 | — | 3,420 | 1,095 | 4,515 | 1,459 | 2001 | Up to 40 years | ||||||||||
2680 Sequoia Dr, South Gate, California | 1 | — | 6,329 | 2,104 | 8,433 | 3,222 | 2002 | Up to 40 years | ||||||||||
111 Uranium Drive, Sunnyvale, California | 1 | — | 9,645 | 4,919 | 14,564 | 3,102 | 2002 | Up to 40 years | ||||||||||
25250 South Schulte Rd, Tracy, California | 1 | — | 3,049 | 1,615 | 4,664 | 1,354 | 2001 | Up to 40 years | ||||||||||
3576 N. Moline, Aurora, Colorado | 1 | — | 1,583 | 1,827 | 3,410 | 1,066 | 2001 | Up to 40 years | ||||||||||
North Stone Ave, Colorado Springs, Colorado | 2 | — | 761 | 2,671 | 3,432 | 1,174 | 2001 | Up to 40 years | ||||||||||
11333 E 53rd Ave, Denver, Colorado | 1 | — | 7,403 | 9,807 | 17,210 | 6,187 | 2001 | Up to 40 years | ||||||||||
5151 E. 46th Ave, Denver, Coloardo | 1 | — | 6,312 | — | 6,312 | 569 | 2014 | Up to 40 years | ||||||||||
20 Eastern Park Rd, East Hartford, Connecticut | 1 | — | 7,417 | 1,180 | 8,597 | 5,044 | 2002 | Up to 40 years | ||||||||||
Bennett Rd, Suffield, Connecticut | 2 | — | 1,768 | 672 | 2,440 | 967 | 2000 | Up to 40 years | ||||||||||
Kennedy Road, Windsor, Connecticut | 2 | — | 10,447 | 29,062 | 39,509 | 12,790 | 2001 | Up to 40 years | ||||||||||
293 Ella Grasso Rd, Windsor Locks, Connecticut | 1 | — | 4,021 | 1,274 | 5,295 | 2,120 | 2002 | Up to 40 years | ||||||||||
150-200 Todds Ln, Wilmington, Delaware | 1 | — | 7,226 | 843 | 8,069 | 4,157 | 2002 | Up to 40 years | ||||||||||
13280 Vantage Way, Jacksonville, Florida | 1 | — | 1,853 | 192 | 2,045 | 619 | 2001 | Up to 40 years | ||||||||||
12855 Starkey Rd, Largo, Florida | 1 | — | 3,293 | 2,392 | 5,685 | 2,192 | 2001 | Up to 40 years | ||||||||||
10002 Satellite Blvd, Orlando, Florida | 1 | — | 1,927 | 245 | 2,172 | 631 | 2001 | Up to 40 years | ||||||||||
3501 Electronics Way, West Palm Beach, Florida | 1 | — | 4,201 | 12,708 | 16,909 | 3,978 | 2001 | Up to 40 years | ||||||||||
1890 MacArthur Blvd, Atlanta Georgia | 1 | — | 1,786 | 620 | 2,406 | 778 | 2002 | Up to 40 years | ||||||||||
3881 Old Gordon Rd, Atlanta, Georgia | 1 | — | 1,185 | 291 | 1,476 | 677 | 2001 | Up to 40 years | ||||||||||
5319 Tulane Drive SW, Atlanta, Georgia | 1 | — | 2,808 | 3,131 | 5,939 | 1,846 | 2002 | Up to 40 years | ||||||||||
(A) | (B) | (C) | (D) | (E) | (F) | |||||||||||||
Region/Country/State/Campus | Facilities(1) | Encumbrances | Initial | Cost capitalized | Gross amount | Accumulated | Date of | Life on which | ||||||||||
Address | cost | subsequent to | carried at close | depreciation at | construction or | depreciation in | ||||||||||||
to | acquisition | of current | close of current | acquired(3) | latest income | |||||||||||||
Company | period(1)(2) | period(1)(2) | statement is | |||||||||||||||
computed | ||||||||||||||||||
3150 Nifda Dr, Smyrna, Georgia | 1 | $— | $ | $ | $ | $ | 1990 | Up to 40 years | ||||||||||
463 | 640 | 1,103 | 551 | |||||||||||||||
1301 S. Rockwell St, Chicago, Illinois | 1 | — | 7,947 | 18,461 | 26,408 | 11,484 | 1999 | Up to 40 years | ||||||||||
2211 W. Pershing Rd, Chicago, Illinois | 1 | — | 4,264 | 12,850 | 17,114 | 5,639 | 2001 | Up to 40 years | ||||||||||
2425 South Halsted St, Chicago, Illinois | 1 | — | 7,470 | 925 | 8,395 | 3,098 | 2006 | Up to 40 years | ||||||||||
2604 West 13th St, Chicago, Illinois | 1 | — | 404 | 2,670 | 3,074 | 2,111 | 2001 | Up to 40 years | ||||||||||
2255 Pratt Blvd, Elk Grove, Illinois | 1 | — | 1,989 | 3,622 | 5,611 | 741 | 2000 | Up to 40 years | ||||||||||
4175 Chandler Dr Opus No. Corp, Hanover Park, Illinois | 1 | — | 22,048 | 17 | 22,065 | 5,838 | 2014 | Up to 40 years | ||||||||||
6120 Churchman Bypass, Indianapolis, Indiana | 1 | — | 4,827 | 7,761 | 12,588 | 4,013 | 2002 | Up to 40 years | ||||||||||
6090 NE 14th Street, Des Moines, Iowa | 1 | — | 622 | 313 | 935 | 247 | 2003 | Up to 40 years | ||||||||||
South 7th St, Louisville, Kentucky | 4 | — | 709 | 8,166 | 8,875 | 2,760 | Various | Up to 40 years | ||||||||||
900 Distributors Row, New Orleans, Louisiana | 1 | — | 7,607 | 816 | 8,423 | 4,794 | 2002 | Up to 40 years | ||||||||||
1274 Commercial Drive, Port Allen, Louisiana | 1 | — | 2,680 | 3,133 | 5,813 | 1,866 | 2003 | Up to 40 years | ||||||||||
8928 McGaw Ct, Columbia, Maryland | 1 | — | 2,198 | 5,511 | 7,709 | 2,130 | 1999 | Up to 40 years | ||||||||||
10641 Iron Bridge Rd, Jessup, Maryland | 1 | — | 3,782 | 689 | 4,471 | 1,831 | 2000 | Up to 40 years | ||||||||||
8275 Patuxent Range Rd, Jessup, Maryland | 1 | — | 10,105 | 7,181 | 17,286 | 7,003 | 2001 | Up to 40 years | ||||||||||
96 High St, Billerica, Massachusetts | 1 | — | 3,221 | 3,776 | 6,997 | 2,705 | 1998 | Up to 40 years | ||||||||||
120 Hampden St, Boston, Massachusetts | 1 | — | 164 | 420 | 584 | 388 | 2002 | Up to 40 years | ||||||||||
32 George St, Boston, Massachusetts | 1 | — | 1,820 | 5,067 | 6,887 | 4,451 | 1991 | Up to 40 years | ||||||||||
3435 Sharps Lot Rd, Dighton, Massachusetts | 1 | — | 1,911 | 514 | 2,425 | 1,728 | 1999 | Up to 40 years | ||||||||||
77 Constitution Boulevard, Franklin, Massachusetts | 1 | — | 5,413 | 48 | 5,461 | 43 | 2014 | Up to 40 years | ||||||||||
216 Canal St, Lawrence, Massachusetts | 1 | — | 1,298 | 975 | 2,273 | 902 | 2001 | Up to 40 years | ||||||||||
Bearfoot Road, Northboro, Massachusetts | 2 | — | 55,923 | 18,343 | 74,266 | 27,786 | Various | Up to 40 years | ||||||||||
6601 Sterling Dr South, Sterling Heights, Michigan | 1 | — | 1,294 | 1,048 | 2,342 | 925 | 2002 | Up to 40 years | ||||||||||
1985 Bart Ave, Warren, Michigan | 1 | — | 1,802 | 314 | 2,116 | 784 | 2000 | Up to 40 years | ||||||||||
Wahl Court, Warren, Michigan | 2 | — | 3,426 | 2,253 | 5,679 | 2,876 | Various | Up to 40 years | ||||||||||
31155 Wixom Rd, Wixom, Michigan | 1 | — | 4,000 | 1,142 | 5,142 | 1,906 | 2001 | Up to 40 years | ||||||||||
3140 Ryder Trail South, Earth City, Missouri | 1 | — | 3,072 | 2,796 | 5,868 | 1,414 | 2004 | Up to 40 years | ||||||||||
Leavenworth St/18th St, Omaha, Nebraska | 3 | — | 2,924 | 10,273 | 13,197 | 3,945 | Various | Up to 40 years | ||||||||||
4105 North Lamb Blvd, Las Vegas, Nevada | 1 | — | 3,430 | 8,614 | 12,044 | 3,773 | 2002 | Up to 40 years | ||||||||||
17 Hydro Plant Rd, Milton, New Hampshire | 1 | — | 6,179 | 4,015 | 10,194 | 4,739 | 2001 | Up to 40 years | ||||||||||
Kimberly Rd, East Brunsick, New Jersey | 3 | — | 22,105 | 5,094 | 27,199 | 10,184 | Various | Up to 40 years | ||||||||||
1189 Magnolia Ave, Elizabeth, New Jersey | 1 | — | 1,278 | 2,102 | 3,380 | 1,310 | 2000 | Up to 40 years | ||||||||||
811 Route 33, Freehold, New Jersey | 3 | — | 38,697 | 49,849 | 88,546 | 34,649 | Various | Up to 40 years | ||||||||||
650 Howard Avenue, Somerset, New Jersey | 1 | — | 3,585 | 11,303 | 14,888 | 3,291 | 2006 | Up to 40 years | ||||||||||
555 Gallatin Place, Alburquerque, New Mexico | 1 | — | 4,083 | 377 | 4,460 | 1,773 | 2001 | Up to 40 years | ||||||||||
7500 Los Volcanes Rd NW, Albuquerque, New Mexico | 1 | — | 2,801 | 1,791 | 4,592 | 1,944 | 1999 | Up to 40 years | ||||||||||
(A) | (B) | (C) | (D) | (E) | (F) | |||||||||||||
Region/Country/State/Campus | Facilities(1) | Encumbrances | Initial | Cost capitalized | Gross amount | Accumulated | Date of | Life on which | ||||||||||
Address | cost | subsequent to | carried at close | depreciation at | construction or | depreciation in | ||||||||||||
to | acquisition | of current | close of current | acquired(3) | latest income | |||||||||||||
Company | period(1)(2) | period(1)(2) | statement is | |||||||||||||||
computed | ||||||||||||||||||
100 Bailey Ave, Buffalo, New York | 1 | $— | $ | $ | $ | $ | 1998 | Up to 40 years | ||||||||||
1,324 | 9,528 | 10,852 | 4,252 | |||||||||||||||
64 Leone Ln, Chester, New York | 1 | — | 5,086 | 1,047 | 6,133 | 2,771 | 2000 | Up to 40 years | ||||||||||
1368 County Rd 8, Farmington, New York | 1 | — | 2,611 | 4,411 | 7,022 | 3,240 | 1998 | Up to 40 years | ||||||||||
County Rd 10, Linlithgo, New York | 2 | — | 102 | 2,878 | 2,980 | 899 | 2001 | Up to 40 years | ||||||||||
77 Seaview Blvd, N. Hempstead New York | 1 | — | 5,719 | 1,294 | 7,013 | 1,648 | 2006 | Up to 40 years | ||||||||||
37 Hurds Corner Road, Pawling, New York | 1 | — | 4,323 | 443 | 4,766 | 1,383 | 2005 | Up to 40 years | ||||||||||
Ulster Ave/Route 9W, Port Ewen, New York | 3 | — | 23,137 | 7,222 | 30,359 | 17,537 | 2001 | Up to 40 years | ||||||||||
Binnewater Rd, Rosendale, New York | 2 | — | 5,142 | 9,291 | 14,433 | 3,861 | Various | Up to 40 years | ||||||||||
220 Wavel St, Syracuse, New York | 1 | — | 2,929 | 1,983 | 4,912 | 2,153 | 1997 | Up to 40 years | ||||||||||
14500 Weston Pkwy, Cary, North Carolina | 1 | — | 1,880 | 1,619 | 3,499 | 1,205 | 1999 | Up to 40 years | ||||||||||
1034 Hulbert Ave, Cincinnati, Ohio | 1 | — | 786 | 794 | 1,580 | 659 | 2000 | Up to 40 years | ||||||||||
1275 East 40th, Cleveland, Ohio | 1 | — | 3,129 | 354 | 3,483 | 1,487 | 1999 | Up to 40 years | ||||||||||
7208 Euclid Avenue, Cleveland, Ohio | 1 | — | 3,336 | 2,404 | 5,740 | 2,002 | 2001 | Up to 40 years | ||||||||||
4260 Tuller Ridge Rd, Dublin, Ohio | 1 | — | 1,030 | 1,538 | 2,568 | 1,123 | 1999 | Up to 40 years | ||||||||||
2120 Buzick Drive, Obetz, Ohio | 1 | — | 4,317 | 12,715 | 17,032 | 4,534 | 2003 | Up to 40 years | ||||||||||
302 South Byrne Rd, Toledo, Ohio | 1 | — | 602 | 804 | 1,406 | 431 | 2001 | Up to 40 years | ||||||||||
7530 N. Leadbetter Road, Portland, Oregon | 1 | — | 5,187 | 1,813 | 7,000 | 3,214 | 2002 | Up to 40 years | ||||||||||
Branchton Rd, Boyers, Pennsylvania | 2 | — | 21,166 | 122,202 | 143,368 | 26,668 | Various | Up to 40 years | ||||||||||
1201 Freedom Rd, Cranberry Township, Pennsylvania | 1 | — | 1,057 | 11,953 | 13,010 | 4,698 | 2001 | Up to 40 years | ||||||||||
800 Carpenters Crossings, Folcroft, Pennsylvania | 1 | — | 2,457 | 853 | 3,310 | 1,513 | 2000 | Up to 40 years | ||||||||||
36 Great Valley Pkwy, Malvern, Pennsylvania | 1 | — | 2,397 | 6,421 | 8,818 | 2,641 | 1999 | Up to 40 years | ||||||||||
Henderson Dr/Elmwood Ave, Sharon Hill, Pennsylvania | 3 | — | 24,153 | 9,562 | 33,715 | 12,690 | Various | Up to 40 years | ||||||||||
Las Flores Industrial Park, Rio Grande, Puerto Rico | 1 | — | 4,185 | 3,225 | 7,410 | 2,986 | 2001 | Up to 40 years | ||||||||||
24 Snake Hill Road, Chepachet, Rhode Island | 1 | — | 2,659 | 1,995 | 4,654 | 1,955 | 2001 | Up to 40 years | ||||||||||
Mitchell Street, Knoxville, Tennessee | 2 | — | 718 | 3,752 | 4,470 | 1,053 | Various | Up to 40 years | ||||||||||
415 Brick Church Park Dr, Nashville, Tennessee | 1 | — | 2,312 | 3,681 | 5,993 | 2,691 | 2000 | Up to 40 years | ||||||||||
6005 Dana Way, Nashville, Tennessee | 2 | — | 1,827 | 1,802 | 3,629 | 1,142 | 2000 | Up to 40 years | ||||||||||
11406 Metric Blvd, Austin, Texas | 1 | — | 5,489 | 1,725 | 7,214 | 3,025 | 2002 | Up to 40 years | ||||||||||
6600 Metropolis Drive, Austin, Texas | 1 | — | 4,519 | 242 | 4,761 | 531 | 2011 | Up to 40 years | ||||||||||
1800 Columbian Club Dr, Carrollton, Texas | 1 | — | 19,673 | 64 | 19,737 | 6,020 | 2013 | Up to 40 years | ||||||||||
1905 John Connally Dr, Carrolton, Texas | 1 | — | 2,174 | 394 | 2,568 | 960 | 2000 | Up to 40 years | ||||||||||
Alma St, Dallas, Texas | 2 | — | 3,431 | 1,297 | 4,728 | 2,020 | 2000 | Up to 40 years | ||||||||||
13425 Branchview Ln, Dallas, Texas | 1 | — | 3,518 | 3,237 | 6,755 | 3,099 | 2001 | Up to 40 years | ||||||||||
Cockrell Ave, Dallas, Texas | 2 | — | 3,950 | 1,914 | 5,864 | 2,652 | 2000 | Up to 40 years | ||||||||||
1819 S. Lamar St, Dallas, Texas | 1 | — | 3,215 | 596 | 3,811 | 1,849 | 2000 | Up to 40 years | ||||||||||
2000 Robotics Place Suite B, Fort Worth, Texas | 1 | — | 5,328 | 450 | 5,778 | 2,051 | 2002 | Up to 40 years | ||||||||||
(A) | (B) | (C) | (D) | (E) | (F) | |||||||||||||
Region/Country/State/Campus | Facilities(1) | Encumbrances | Initial | Cost capitalized | Gross amount | Accumulated | Date of | Life on which | ||||||||||
Address | cost | subsequent to | carried at close | depreciation at | construction or | depreciation in | ||||||||||||
to | acquisition | of current | close of current | acquired(3) | latest income | |||||||||||||
Company | period(1)(2) | period(1)(2) | statement is | |||||||||||||||
computed | ||||||||||||||||||
1202 Ave R, Grand Prairie, Texas | 1 | $— | $ | $ | $ | $ | 2003 | Up to 40 years | ||||||||||
8,354 | 1,660 | 10,014 | 4,245 | |||||||||||||||
15333 Hempstead Hwy, Houston, Texas | 3 | — | 6,327 | 33,410 | 39,737 | 5,615 | 2004 | Up to 40 years | ||||||||||
2600 Center Street, Houston, Texas | 1 | — | 2,840 | 1,335 | 4,175 | 1,870 | 2000 | Up to 40 years | ||||||||||
3502 Bissonnet St, Houston, Texas | 1 | — | 7,687 | 178 | 7,865 | 5,062 | 2002 | Up to 40 years | ||||||||||
5249 Glenmont Ave, Houston, Texas | 1 | — | 3,467 | 1,775 | 5,242 | 1,786 | 2000 | Up to 40 years | ||||||||||
5707 Chimney Rock, Houston, Texas | 1 | — | 1,032 | 916 | 1,948 | 746 | 2002 | Up to 40 years | ||||||||||
5757 Royalton Dr, Houston, Texas | 1 | — | 1,795 | 863 | 2,658 | 864 | 2000 | Up to 40 years | ||||||||||
6203 Bingle Rd, Houston, Texas | 1 | — | 3,188 | 10,845 | 14,033 | 6,609 | 2001 | Up to 40 years | ||||||||||
9601 West Tidwell, Houston, Texas | 1 | — | 1,680 | 486 | 2,166 | 756 | 2001 | Up to 40 years | ||||||||||
1235 North Union Bower, Irving, Texas | 1 | — | 1,574 | 960 | 2,534 | 944 | 2001 | Up to 40 years | ||||||||||
15300 FM 1825, Pflugerville, Texas | 2 | — | 3,811 | 7,381 | 11,192 | 2,991 | 2001 | Up to 40 years | ||||||||||
929 South Medina St, San Antonio, Texas | 1 | — | 3,883 | 1,079 | 4,962 | 1,901 | 2002 | Up to 40 years | ||||||||||
930 Avenue B, San Antonio, Texas | 1 | — | 393 | 171 | 564 | 153 | 1998 | Up to 40 years | ||||||||||
931 North Broadway, San Antonio, Texas | 1 | — | 3,526 | 759 | 4,285 | 2,142 | 1999 | Up to 40 years | ||||||||||
1665 S. 5350 West, Salt Lake City, Utah | 1 | — | 6,239 | 2,361 | 8,600 | 3,524 | 2002 | Up to 40 years | ||||||||||
11052 Lakeridge Pkwy, Ashland, Virginia | 1 | — | 1,709 | 1,813 | 3,522 | 1,197 | 1999 | Up to 40 years | ||||||||||
4555 Progress Road, Norfolk, Virginia | 1 | — | 6,527 | 209 | 6,736 | 1,922 | 2011 | Up to 40 years | ||||||||||
7700-7730 Southern Dr, Springfield, Virginia | 1 | — | 14,167 | 1,813 | 15,980 | 7,835 | 2002 | Up to 40 years | ||||||||||
8001 Research Way, Springfield, Virginia | 1 | — | 5,230 | 2,309 | 7,539 | 2,119 | 2002 | Up to 40 years | ||||||||||
22445 Randolph Dr, Sterling, Virginia | 1 | — | 7,598 | 3,647 | 11,245 | 4,324 | 2005 | Up to 40 years | ||||||||||
307 South 140th St, Burien, Washington | 1 | — | 2,078 | 2,062 | 4,140 | 1,653 | 1999 | Up to 40 years | ||||||||||
8908 W. Hallett Rd, Cheney, Washington | 1 | — | 510 | 3,915 | 4,425 | 1,177 | 1999 | Up to 40 years | ||||||||||
6600 Hardeson Rd, Everett, Washington | 1 | — | 5,399 | 3,190 | 8,589 | 2,428 | 2002 | Up to 40 years | ||||||||||
19826 Russell Rd South, Kent, Washington | 1 | — | 14,793 | 8,047 | 22,840 | 7,270 | 2002 | Up to 40 years | ||||||||||
1201 N. 96th St, Seattle, Washington | 1 | — | 4,496 | 1,122 | 5,618 | 2,557 | 2001 | Up to 40 years | ||||||||||
12021 West Bluemound Rd, Wauwatosa, Wisconsin | 1 | — | 1,307 | 2,040 | 3,347 | 942 | 1999 | Up to 40 years | ||||||||||
162 | — | 767,030 | 672,245 | 1,439,275 | 486,109 | |||||||||||||
(A) | (B) | (C) | (D) | (E) | (F) | |||||||||||||
Region/Country/State/Campus | Facilities(1) | Encumbrances | Initial | Cost capitalized | Gross amount | Accumulated | Date of | Life on which | ||||||||||
Address | cost | subsequent to | carried at close | depreciation at | construction or | depreciation in | ||||||||||||
to | acquisition | of current | close of current | acquired(3) | latest income | |||||||||||||
Company | period(1)(2) | period(1)(2) | statement is | |||||||||||||||
computed | ||||||||||||||||||
Canada | ||||||||||||||||||
One Command Court, Bedford | 1 | $— | $ | $ | $ | $ | 2000 | Up to 40 years | ||||||||||
3,847 | 4,809 | 8,656 | 2,941 | |||||||||||||||
195 Summerlea Road, Brampton | 1 | — | 5,403 | 5,737 | 11,140 | 3,878 | 2000 | Up to 40 years | ||||||||||
10 Tilbury Court, Brampton | 1 | — | 5,007 | 16,195 | 21,202 | 4,284 | 2000 | Up to 40 years | ||||||||||
8825 Northbrook Court, Burnaby | 1 | — | 8,091 | 1,448 | 9,539 | 3,560 | 2001 | Up to 40 years | ||||||||||
8088 Glenwood Drive, Burnaby | 1 | — | 4,326 | 8,040 | 12,366 | 3,170 | 2005 | Up to 40 years | ||||||||||
5811 26th Street S.E., Calgary | 1 | — | 14,658 | 10,383 | 25,041 | 8,384 | 2000 | Up to 40 years | ||||||||||
3905-101 Street, Edmonton | 1 | — | 2,020 | 829 | 2,849 | 1,223 | 2000 | Up to 40 years | ||||||||||
3005 Boul. Jean-Baptiste Deschamps, Lachine | 1 | — | 2,751 | 453 | 3,204 | 1,097 | 2000 | Up to 40 years | ||||||||||
1655 Fleetwood, Laval | 1 | — | 8,196 | 16,495 | 24,691 | 9,062 | 2000 | Up to 40 years | ||||||||||
4005 Richelieu, Montreal | 1 | — | 1,800 | 1,343 | 3,143 | 1,183 | 2000 | Up to 40 years | ||||||||||
1209 Algoma Rd, Ottawa | 1 | — | 1,059 | 6,759 | 7,818 | 2,836 | 2000 | Up to 40 years | ||||||||||
1650 Comstock Rd, Ottawa | 1 | — | 7,691 | 2,697 | 10,388 | 2,113 | 2003 | Up to 40 years | ||||||||||
235 Edson Street, Saskatoon | 1 | — | 829 | 1,562 | 2,391 | 549 | 2008 | Up to 40 years | ||||||||||
640 Coronation Drive, Scarborough | 1 | — | 1,853 | 1,023 | 2,876 | 964 | 2000 | Up to 40 years | ||||||||||
610 Sprucewood Ave, Windsor | 1 | — | 1,243 | 537 | 1,780 | 416 | 2007 | Up to 40 years | ||||||||||
15 | — | 68,774 | 78,310 | 147,084 | 45,660 | |||||||||||||
177 | — | 835,804 | 750,555 | 1,586,359 | 531,769 | |||||||||||||
(A) | (B) | (C) | (D) | (E) | (F) | |||||||||||||
Region/Country/State/Campus | Facilities(1) | Encumbrances | Initial | Cost capitalized | Gross amount | Accumulated | Date of | Life on which | ||||||||||
Address | cost | subsequent to | carried at close | depreciation at | construction or | depreciation in | ||||||||||||
to | acquisition | of current | close of current | acquired(3) | latest income | |||||||||||||
Company | period(1)(2) | period(1)(2) | statement is | |||||||||||||||
computed | ||||||||||||||||||
Europe | Up to 40 years | |||||||||||||||||
Gewerbeparkstr. 3, Vienna, Austria | 1 | $— | $ | $ | $ | $ | 2010 | Up to 40 years | ||||||||||
6,542 | 1,777 | 8,319 | 1,260 | |||||||||||||||
Woluwelaan 147, Diegem, Belgium | 1 | — | 2,541 | 4,975 | 7,516 | 2,504 | 2003 | Up to 40 years | ||||||||||
Jeumont-Schneider, Champagne Sur Seine, France | 3 | — | 1,750 | 1,551 | 3,301 | 1,231 | 2003 | Up to 40 years | ||||||||||
ZI des Sables, Morangis, France | 1 | 2,235 | 12,407 | — | 12,407 | 5,830 | 2004 | Up to 40 years | ||||||||||
Brommer Weg 1, Wipshausen, Germany | 1 | — | 3,220 | — | 3,220 | 1,697 | 2006 | Up to 40 years | ||||||||||
Warehouse and Offices 4 Springhill, Cork, Ireland | 1 | — | 9,040 | 1,653 | 10,693 | 2,754 | 2014 | Up to 40 years | ||||||||||
17 Crag Terrace, Dublin, Ireland | 1 | — | 2,818 | 996 | 3,814 | 960 | 2001 | Up to 40 years | ||||||||||
Damastown Industrial Park, Dublin, Ireland | 1 | — | 16,034 | 5,781 | 21,815 | 4,210 | 2012 | Up to 40 years | ||||||||||
Howemoss Drive, Aberdeen, Scotland | 2 | — | 6,970 | 7,559 | 14,529 | 3,084 | Various | Up to 40 years | ||||||||||
Traquair Road, Innerleithen, Scotland | 1 | — | 113 | 2,497 | 2,610 | 794 | 2004 | Up to 40 years | ||||||||||
Nettlehill Road, Houston Industrial Estate, Livingston, Scotland | 1 | — | 11,517 | 29,434 | 40,951 | 14,604 | 2001 | Up to 40 years | ||||||||||
Av Madrid s/n Poligono Industrial Matillas, Alcala de Henares, Spain | 1 | — | 186 | — | 186 | — | 2014 | Up to 40 years | ||||||||||
Calle Bronce, 37, Chiloeches, Spain | 1 | — | 11,011 | 2,808 | 13,819 | 1,552 | 2010 | Up to 40 years | ||||||||||
Ctra M.118 , Km.3 Parcela 3, Madrid, Spain | 1 | — | 3,981 | 6,054 | 10,035 | 4,703 | 2001 | Up to 40 years | ||||||||||
Fundicion 8, Rivas-Vaciamadrid, Spain | 1 | — | 1,022 | 2,594 | 3,616 | 1,221 | 2002 | Up to 40 years | ||||||||||
Abanto Ciervava, Spain | 2 | — | 1,053 | — | 1,053 | 412 | Various | Up to 40 years | ||||||||||
628 Western Avenue, Acton, United Kingdom | 1 | — | 2,070 | 87 | 2,157 | 766 | 2003 | Up to 40 years | ||||||||||
65 Egerton Road, Birmingham, United Kingdom | 1 | — | 6,980 | 2,897 | 9,877 | 4,355 | 2003 | Up to 40 years | ||||||||||
Otterham Quay Lane, Gillingham, United Kingdom | 13 | — | 7,418 | 4,874 | 12,292 | 4,730 | 2003 | Up to 40 years | ||||||||||
Pennine Way, Hemel Hempstead, United Kingdom | 1 | — | 10,847 | 7,482 | 18,329 | 6,356 | 2004 | Up to 40 years | ||||||||||
Kemble Industrial Park, Kemble, United Kingdom | 2 | — | 5,277 | 8,926 | 14,203 | 8,157 | 2004 | Up to 40 years | ||||||||||
Gayton Road, Kings Lynn, United Kingdom | 3 | — | 3,119 | 1,872 | 4,991 | 2,783 | 2003 | Up to 40 years | ||||||||||
24/26 Gillender Street, London, United Kingdom | 1 | — | 4,666 | 2,910 | 7,576 | 2,390 | 2003 | Up to 40 years | ||||||||||
Cody Road, London, United Kingdom | 2 | — | 20,307 | 9,204 | 29,511 | 9,212 | 2003 | Up to 40 years | ||||||||||
Unit 10 High Cross Centre, London, United Kingdom | 1 | — | 3,598 | 1,104 | 4,702 | 1,153 | 2003 | Up to 40 years | ||||||||||
Old Poplar Bus Garage, London, United Kingdom | 1 | — | 4,639 | 2,923 | 7,562 | 3,237 | 2003 | Up to 40 years | ||||||||||
17 Broadgate, Oldham, United Kingdom | 1 | — | 4,039 | 1,076 | 5,115 | 2,074 | 2008 | Up to 40 years | ||||||||||
Harpway Lane, Sopley, United Kingdom | 1 | — | 681 | 1,781 | 2,462 | 1,208 | 2004 | Up to 40 years | ||||||||||
Unit 1A Broadmoor Road, Swindom, United Kingdom | 1 | — | 2,636 | 1,042 | 3,678 | 860 | 2006 | Up to 40 years | ||||||||||
49 | 2,235 | 166,482 | 113,857 | 280,339 | 94,097 | |||||||||||||
(A) | (B) | (C) | (D) | (E) | (F) | |||||||||||||
Region/Country/State/Campus | Facilities(1) | Encumbrances | Initial | Cost capitalized | Gross amount | Accumulated | Date of | Life on which | ||||||||||
Address | cost | subsequent to | carried at close | depreciation at | construction or | depreciation in | ||||||||||||
to | acquisition | of current | close of current | acquired(3) | latest income | |||||||||||||
Company | period(1)(2) | period(1)(2) | statement is | |||||||||||||||
computed | ||||||||||||||||||
Latin America | ||||||||||||||||||
Amancio Alcorta 2396, Buenos Aires, Argentina | 2 | $— | $ | $ | $ | $ | Various | Up to 40 years | ||||||||||
655 | 2,113 | 2,768 | 813 | |||||||||||||||
Azara 1245, Buenos Aires, Argentina | 1 | — | 166 | 168 | 334 | 113 | 1998 | Up to 40 years | ||||||||||
Saraza 6135, Buenos Aires, Argentina | 1 | — | 144 | 272 | 416 | 118 | 1995 | Up to 40 years | ||||||||||
Spegazzini, Ezeiza Buenos Aires, Argentina | 1 | — | 12,773 | 5,020 | 17,793 | 2,483 | 2012 | Up to 40 years | ||||||||||
Francisco de Souza e Melo, Rio de Janerio, Brazil | 2 | — | 1,868 | 563 | 2,431 | 83 | Various | Up to 40 years | ||||||||||
Hortolandia, Sao Paulo, Brazil | 1 | — | 24,078 | 5,518 | 29,596 | 1,160 | 2014 | Up to 40 years | ||||||||||
El Taqueral 99, Santiago, Chile | 1 | — | 2,629 | 35,628 | 38,257 | 7,834 | 2006 | Up to 40 years | ||||||||||
Panamericana Norte 18900, Santiago, Chile | 4 | — | 4,001 | 10,507 | 14,508 | 1,588 | 2004 | Up to 40 years | ||||||||||
Avenida Prolongacion del Colli 1104, Guadalajara, Mexico | 1 | — | 374 | 139 | 513 | 79 | 2002 | Up to 40 years | ||||||||||
Privada Las Flores No. 25 (G3), Guadalajara, Mexico | 1 | — | 905 | 333 | 1,238 | 194 | 2004 | Up to 40 years | ||||||||||
Carretera Pesqueria Km2.5(M3), Monterrey, Mexico | 2 | — | 3,537 | 1,085 | 4,622 | 831 | 2004 | Up to 40 years | ||||||||||
Lote 2, Manzana A, (T2& T3), Toluca, Mexico | 1 | — | 2,204 | 707 | 2,911 | 507 | 2002 | Up to 40 years | ||||||||||
Prolongacion de la Calle 7 (T4), Toluca, Mexico | 1 | — | 7,544 | 2,580 | 10,124 | 1,692 | 2007 | Up to 40 years | ||||||||||
Panamericana Sur, KM 57.5, Lima, Peru | 5 | 2,589 | 1,549 | 947 | 2,496 | 402 | 2013 | Up to 40 years | ||||||||||
Av. Elmer Faucett 3462, Lima, Peru | 2 | — | 4,112 | 2,296 | 6,408 | 1,212 | Various | Up to 40 years | ||||||||||
Calle Los Claveles-Seccion 3, Lima, Peru | 1 | — | 8,179 | 3,614 | 11,793 | 3,048 | 2010 | Up to 40 years | ||||||||||
27 | 2,589 | 74,718 | 71,490 | 146,208 | 22,157 | |||||||||||||
Asia Pacific | ||||||||||||||||||
8 Whitestone Drive, Austins Ferry, Australia | 1 | — | 681 | 3,438 | 4,119 | 619 | 2012 | Up to 40 years | ||||||||||
Warehouse No 4, Shanghai, China | 1 | — | 1,530 | 1,030 | 2,560 | 92 | 2013 | Up to 40 years | ||||||||||
2 | — | 2,211 | 4,468 | 6,679 | 711 | |||||||||||||
Total | 255 | $ | $ | $ | $ | $ | ||||||||||||
4,824 | 1,079,215 | 940,370 | 2,019,585 | 648,734 | ||||||||||||||
-1 | The above information only includes the real estate facilities that are owned. The gross cost includes the cost for land, land improvements, buildings, building improvements and racking. The listing does not reflect the 839 leased facilities in our real estate portfolio. In addition, the above information does not include any value for capital leases for property that is classified as land, buildings and building improvements in our consolidated financial statements. | |||||||||||||||||
-2 | No single site exceeds 5% of the aggregate gross amounts at which the assets were carried at the close of the period set forth in the table above. | |||||||||||||||||
-3 | Date of construction or acquired represents the date we constructed the facility or acquired the facility through purchase or acquisition. | |||||||||||||||||
The change in gross carrying amount of real estate owned for the year ended December 31, 2014 is as follows: | ||||||||||||||||||
Gross amount at beginning of period | $ | |||||||||||||||||
1,949,073 | ||||||||||||||||||
Additions during period: | ||||||||||||||||||
Acquisitions(1) | — | |||||||||||||||||
Discretionary capital projects | 119,654 | |||||||||||||||||
Other(2) | -36,324 | |||||||||||||||||
83,330 | ||||||||||||||||||
Deductions during period: | ||||||||||||||||||
Cost of real estate sold or disposed | -12,818 | |||||||||||||||||
Gross amount at end of period | $ | |||||||||||||||||
2,019,585 | ||||||||||||||||||
-1 | Includes acquisition of sites through business combinations and purchase accounting adjustments. | |||||||||||||||||
-2 | Includes foreign currency exchange rate fluctuations. | |||||||||||||||||
The aggregate cost for Federal tax purposes at December 31, 2014 of our real estate assets was approximately $1,848,000 (unaudited). | ||||||||||||||||||
The change in accumulated depreciation amount of real estate owned for the year ended December 31, 2014 is as follows: | ||||||||||||||||||
Gross amount of accumulated depreciation at beginning of period | $ | |||||||||||||||||
592,329 | ||||||||||||||||||
Additions during period: | ||||||||||||||||||
Depreciation | 66,617 | |||||||||||||||||
Other(1) | -6,547 | |||||||||||||||||
60,070 | ||||||||||||||||||
Deductions during period: | ||||||||||||||||||
Amount of accumulated depreciation for real estate assets sold or disposed | -3,665 | |||||||||||||||||
Gross amount of end of period | $ | |||||||||||||||||
648,734 | ||||||||||||||||||
-1 | Includes foreign currency exchange rate fluctuations. | |||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
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 (in years): | ||||||||||||||
Range | ||||||||||||||
Buildings and building improvements | 5 to 40 | |||||||||||||
Leasehold improvements | 5 to 10 or life of the lease (whichever is shorter) | |||||||||||||
Racking | 1 to 20 or life of the lease (whichever is shorter) | |||||||||||||
Warehouse equipment/vehicles | 1 to 10 | |||||||||||||
Furniture and fixtures | 3 to 10 | |||||||||||||
Computer hardware and software | 2 to 5 | |||||||||||||
Property, plant and equipment (including capital leases in the respective category), at cost, consist of the following: | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2014 | |||||||||||||
Land | $ | $ | ||||||||||||
203,423 | 205,463 | |||||||||||||
Buildings and building improvements | 1,283,458 | 1,409,330 | ||||||||||||
Leasehold improvements | 499,906 | 467,176 | ||||||||||||
Racking | 1,536,212 | 1,559,383 | ||||||||||||
Warehouse equipment/vehicles | 365,171 | 341,393 | ||||||||||||
Furniture and fixtures | 53,590 | 53,189 | ||||||||||||
Computer hardware and software | 511,927 | 501,882 | ||||||||||||
Construction in progress | 177,380 | 130,889 | ||||||||||||
$ | $ | |||||||||||||
4,631,067 | 4,668,705 | |||||||||||||
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, 2013 and 2014, we capitalized $26,755, $39,487 and $19,419 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. | ||||||||||||||
We wrote off 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 (excluding real estate), net in the accompanying Consolidated Statements of Operations, by segment as follows: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2012 | 2013 | 2014 | ||||||||||||
North American Records and Information Management Business | $— | $ | $ | |||||||||||
800 | 1,000 | |||||||||||||
North American Data Management Business | — | — | — | |||||||||||
Western European Business | — | — | 300 | |||||||||||
Other International Business | — | — | — | |||||||||||
Corporate and Other Business | 1,110 | 300 | — | |||||||||||
$ | $ | $ | ||||||||||||
1,110 | 1,100 | 1,300 | ||||||||||||
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, | ||||||||||||||
2013 | 2014 | |||||||||||||
Asset Retirement Obligations, beginning of the year | $ | $ | ||||||||||||
10,982 | 11,809 | |||||||||||||
Liabilities Incurred | 480 | 1,366 | ||||||||||||
Liabilities Settled | -687 | -1,199 | ||||||||||||
Accretion Expense | 1,123 | 1,121 | ||||||||||||
Foreign Currency Exchange Movement | -89 | -200 | ||||||||||||
Asset Retirement Obligations, end of the year | $ | $ | ||||||||||||
11,809 | 12,897 | |||||||||||||
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, or more frequently if events or circumstances warrant, assess whether a change in the lives over which our intangible assets are amortized is necessary. | ||||||||||||||
We have selected October 1 as our annual goodwill impairment review date. We performed our annual goodwill impairment review as of October 1, 2012, 2013 and 2014 and concluded that goodwill was not impaired as of those dates. As of December 31, 2014, no factors were identified that would alter our October 1, 2014 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. | ||||||||||||||
Our reporting units at which level we performed our goodwill impairment analysis as of October 1, 2013 were as follows: (1) North America; (2) United Kingdom, Ireland, Norway, Belgium, France, Germany, Netherlands and Spain (“Western Europe”); (3) the remaining countries in Europe in which we operate, excluding Russia and Ukraine (“Emerging Markets”); (4) Latin America; (5) Australia, China, Hong Kong and Singapore (“Asia Pacific”); and (6) India, Russia and Ukraine (“Emerging Market Joint Ventures”). The carrying value of goodwill, net for each of these reporting units as of December 31, 2013 is as follows: | ||||||||||||||
Carrying Value as of | ||||||||||||||
December 31, 2013 | ||||||||||||||
North America | $ | |||||||||||||
1,849,440 | ||||||||||||||
Western Europe | 375,954 | |||||||||||||
Emerging Markets(1) | 88,599 | |||||||||||||
Latin America | 93,149 | |||||||||||||
Asia Pacific | 56,210 | |||||||||||||
Emerging Market Joint Ventures | — | |||||||||||||
Total | $ | |||||||||||||
2,463,352 | ||||||||||||||
-1 | As of December 31, 2013, the goodwill associated with our operations in Austria and Switzerland was included in the Emerging Markets reporting unit. Beginning January 1, 2014, the goodwill associated with our operations in Austria and Switzerland is included in the New Western Europe reporting unit (defined below). | |||||||||||||
Beginning January 1, 2014, as a result of the changes in our reportable operating segments associated with our 2014 reorganization, we had four reportable operating segments: (1) North American Records and Information Management Business segment, (2) North American Data Management Business segment, (3) the former International Business segment and (4) Corporate and Other Business segment. The North American Records and Information Management Business segment includes the following three reporting units: (1) North American Records and Information Management; (2) Intellectual Property Management; and (3) Fulfillment Services. The North American Data Management Business segment is a separate reporting unit. The Emerging Businesses reporting unit, which primarily relates to our data center business in the United States, is a component of the Corporate and Other Business segment. Additionally, the former International Business segment consists of the following seven reporting units: (1) United Kingdom, Ireland, Norway, Austria, Belgium, France, Germany, Netherlands, Spain and Switzerland (“New Western Europe”); (2) the remaining countries in Europe in which we operate, excluding Russia, Ukraine and Denmark (“New Emerging Markets”); (3) Latin America; (4) Australia and Singapore; (5) China and Hong Kong (“Greater China”); (6) India; and (7) Russia, Ukraine and Denmark. We have reassigned goodwill associated with the reporting units impacted by the 2014 reorganization among the new reporting units on a relative fair value basis. The fair value of each of our new reporting units was determined based on the application of a combined weighted average approach of fair value multiples of revenue and earnings and discounted cash flow techniques. | ||||||||||||||
As a result of the change in the composition of our reporting units noted above, we concluded that we had an interim triggering event, and, therefore, we performed an interim goodwill impairment test as of January 1, 2014 on the basis of these new reporting units during the first quarter of 2014. We concluded that the goodwill for each of our new reporting units was not impaired as of such date. The carrying value of goodwill, net for each of these reporting units as of December 31, 2014 is as follows: | ||||||||||||||
Carrying Value as of | ||||||||||||||
December 31, 2014 | ||||||||||||||
North American Records and Information Management | $ | |||||||||||||
1,397,484 | ||||||||||||||
Intellectual Property Management | 38,491 | |||||||||||||
Fulfillment Services | 3,247 | |||||||||||||
North American Data Management | 375,957 | |||||||||||||
Emerging Businesses | — | |||||||||||||
New Western Europe | 354,049 | |||||||||||||
New Emerging Markets | 87,408 | |||||||||||||
Latin America | 107,240 | |||||||||||||
Australia and Singapore | 55,779 | |||||||||||||
Greater China | 3,500 | |||||||||||||
India | — | |||||||||||||
Russia, Ukraine and Denmark | 628 | |||||||||||||
Total | $ | |||||||||||||
2,423,783 | ||||||||||||||
As a result of a realignment in senior management reporting structure during the first quarter of 2015, we modified our internal financial reporting to better align internal reporting with how we manage our business. These modifications resulted in the separation of our former International Business segment into two unique reportable operating segments, which we refer to as (1) Western European Business segment and (2) Other International Business segment. See Note 9 for a description of our reportable operating segments. | ||||||||||||||
Reporting unit valuations have been determined using a combined approach based on the present value of future cash flows and market 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, 2013 and 2014 is as follows: | ||||||||||||||
North American | North American | Western | Other | Total | ||||||||||
Records and | Data Management | European | International | Consolidated | ||||||||||
Information | Business | Business | Business | |||||||||||
Management | ||||||||||||||
Business | ||||||||||||||
Gross Balance as of December 31, 2012 | $ | $ | 435,834 | $ | $ | |||||||||
1,602,824 | 421,147 | 195,694 | 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 | 1,172 | 33,957 | 77,712 | |||||||||
Fair value and other adjustments(1) | 7,144 | 1,786 | 188 | -596 | 8,522 | |||||||||
Currency effects | -12,153 | -3,038 | 10,012 | -16,909 | -22,088 | |||||||||
Gross Balance as of December 31, 2013 | 1,671,927 | 438,423 | 447,206 | 226,129 | 2,783,685 | |||||||||
Deductible goodwill acquired during the year | 7,745 | 1,936 | - | 30,117 | 39,798 | |||||||||
Non-deductible goodwill acquired during the year | 7,045 | — | 3,405 | 33,869 | 44,319 | |||||||||
Allocated to divestiture (see Note 16) | — | — | -4,032 | -3,718 | -7,750 | |||||||||
Fair value and other adjustments(2) | -26,898 | -6,724 | - | -386 | -34,008 | |||||||||
Currency effects | -14,610 | -3,653 | -34,257 | -31,305 | -83,825 | |||||||||
Gross Balance as of December 31, 2014 | $ | $ | $ | $ | $ | |||||||||
1,645,209 | 429,982 | 412,322 | 254,706 | 2,742,219 | ||||||||||
Accumulated Amortization Balance as of December 31, 2012 | $ | $ | $ | $ | $ | |||||||||
207,309 | 54,355 | 58,905 | 171 | 320,740 | ||||||||||
Currency effects | -603 | -151 | 348 | -1 | -407 | |||||||||
Accumulated Amortization Balance as of December 31, 2013 | 206,706 | 54,204 | 59,253 | 170 | 320,333 | |||||||||
Currency effects | -719 | -179 | -980 | -19 | -1,897 | |||||||||
Accumulated Amortization Balance as of December 31, 2014 | $ | $ | 58,273 | $ | $ | |||||||||
205,987 | 54,025 | 151 | 318,436 | |||||||||||
Net Balance as of December 31, 2013 | $ | $ | $ | $ | $ | |||||||||
1,465,221 | 384,219 | 387,953 | 225,959 | 2,463,352 | ||||||||||
Net Balance as of December 31, 2014 | $ | $ | $ | $ | $ | |||||||||
1,439,222 | 375,957 | 354,049 | 254,555 | 2,423,783 | ||||||||||
Accumulated Goodwill Impairment Balance as of December 31, 2013 | $ | $— | $ | $— | $ | |||||||||
85,909 | 46,500 | 132,409 | ||||||||||||
Accumulated Goodwill Impairment Balance as of December 31, 2014 | $ | $— | $ | $— | $ | |||||||||
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. | |||||||||||||
-2 | Total fair value and other adjustments primarily include $(32,265) in net adjustments to deferred income taxes and $(443) related to property, plant and equipment and other assumed liabilities, as well as $(1,300) of cash received related to certain 2013 acquisitions. | |||||||||||||
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 service activities, which include: (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 the related sale of recycled paper, the price of which can fluctuate from period to period; (4) other 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 project revenues; (5) customer termination and permanent withdrawal fees; (6) data restoration projects; (7) special project work; (8) 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”); (9) consulting services; and (10) technology escrow services that protect and manage source code (“Intellectual Property Management”) and other technology services and product sales (including specially designed storage containers and related supplies). | ||||||||||||||
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 are included as a component of service revenues, are 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 (“RSUs”), performance units (“PUs”) and shares of stock issued under our employee stock purchase plan (“ESPP”) (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, 2012, 2013 and 2014 was $30,360 ($23,437 after tax or $0.14 per basic and $0.13 per diluted share), $30,354 ($22,085 after tax or $0.12 per basic and $0.11 per diluted share) and $29,624 ($21,886 after tax or $0.11 per basic and 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, | ||||||||||||||
2012 | 2013 | 2014 | ||||||||||||
Cost of sales (excluding depreciation and amortization) | $ | $ | $ | |||||||||||
1,392 | 293 | 680 | ||||||||||||
Selling, general and administrative expenses | 28,968 | 30,061 | 28,944 | |||||||||||
Total stock-based compensation | $ | $ | $ | |||||||||||
30,360 | 30,354 | 29,624 | ||||||||||||
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 $1,045, $2,389 and $(60) for the years ended December 31, 2012, 2013 and 2014, respectively, from the benefits (deficiency) of tax deductions compared to 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 are generally granted with exercise prices equal to the market price of the stock on the date of grant; however, in certain limited instances, options are granted at prices greater than 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, 2014, ten-year vesting options represented 8.0% of total outstanding options. 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, 2014, three-year vesting options represented 34.3% 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. | ||||||||||||||
Our equity compensation plans generally provide that any unvested options and other awards granted thereunder shall vest immediately if an employee is terminated by the Company, or terminates 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). On January 20, 2015, our stockholders approved the adoption of the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan (the “2014 Plan”). Under the 2014 Plan, the total amount of shares of common stock reserved and available for issuance pursuant to awards granted under the 2014 Plan is 7,750,000. The 2014 Plan permits the Company to continue to grant awards through January 20, 2025. | ||||||||||||||
A total of 43,253,839 shares of common stock have been reserved for grants of options and other rights under our various stock incentive plans, including the 2014 Plan. The number of shares available for grant under our various stock incentive plans, not including the 2014 Plan, at December 31, 2014 was 4,581,754. | ||||||||||||||
The weighted average fair value of options granted in 2012, 2013 and 2014 was $7.00, $7.69 and $5.70 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 | 2012 | 2013 | 2014 | |||||||||||
Expected volatility | 33.8% | 33.8% | 34.0% | |||||||||||
Risk-free interest rate | 1.24% | 1.13% | 2.04% | |||||||||||
Expected dividend yield | 3% | 3% | 4% | |||||||||||
Expected life | 6.3 years | 6.3 years | 6.7 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 United States 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, 2014 is as follows: | ||||||||||||||
Options | Weighted | Weighted | Aggregate | |||||||||||
Average | Average | Intrinsic | ||||||||||||
Exercise | Remaining | Value | ||||||||||||
Price | Contractual | |||||||||||||
Term (Years) | ||||||||||||||
Outstanding at December 31, 2013 | 5,145,739 | $ | ||||||||||||
24.09 | ||||||||||||||
Granted | 576,174 | 31.00 | ||||||||||||
Adjustment associated with special dividend | 360,814 | N/A | ||||||||||||
Exercised | -2,223,012 | 23.15 | ||||||||||||
Forfeited | -180,335 | 24.13 | ||||||||||||
Expired | -1,134 | 30.13 | ||||||||||||
Outstanding at December 31, 2014 | 3,678,246 | $ | 5.17 | $ | ||||||||||
23.37 | 56,248 | |||||||||||||
Options exercisable at December 31, 2014 | 2,643,384 | $ | 4.08 | $ | ||||||||||
21.97 | 44,116 | |||||||||||||
Options expected to vest | 986,850 | $ | 7.94 | $ | ||||||||||
26.90 | 11,603 | |||||||||||||
The following table provides the aggregate intrinsic value of stock options exercised for the years ended December 31, 2012, 2013 and 2014: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2012 | 2013 | 2014 | ||||||||||||
Aggregate intrinsic value of stock options exercised | $ | $ | $ | |||||||||||
15,859 | 11,024 | 23,178 | ||||||||||||
Restricted Stock and Restricted Stock Units | ||||||||||||||
Under our various equity compensation plans, we may also grant restricted stock or RSUs. Our restricted stock and RSUs generally have a vesting period of between three and five years 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, $1,854 and $3,698 of cash dividends on RSUs for the years ended December 31, 2012, 2013 and 2014, respectively. We paid approximately $58, $820 and $1,377 of cash dividends on RSUs for the years ended December 31, 2012, 2013 and 2014, 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, 2014 is as follows: | ||||||||||||||
Restricted | Weighted- | |||||||||||||
Stock and | Average | |||||||||||||
RSUs | Grant-Date | |||||||||||||
Fair Value | ||||||||||||||
Non-vested at December 31, 2013 | 1,435,230 | $ | ||||||||||||
29.76 | ||||||||||||||
Granted | 902,702 | 29.73 | ||||||||||||
Vested | -721,533 | 31.24 | ||||||||||||
Forfeited | -210,830 | 31.14 | ||||||||||||
Non-vested at December 31, 2014 | 1,405,569 | $ | ||||||||||||
28.78 | ||||||||||||||
The total fair value of restricted stock vested for each of the years ended December 31, 2012, 2013 and 2014 was $1. The total fair value of RSUs vested for the years ended December 31, 2012, 2013 and 2014 was $8,296, $16,638 and $22,535, respectively. | ||||||||||||||
Performance Units | ||||||||||||||
Under our various equity compensation plans, we may also make awards of PUs. For the majority of PUs, the number of PUs earned is determined based on our performance against predefined targets of revenue or revenue growth and return on invested capital (“ROIC”). The number of PUs earned may range from 0% to 150% (for PUs granted prior to 2014) and 0% to 200% (for PUs granted in 2014) 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 either the one-year performance period (for PUs granted prior to 2014) or the three-year performance period (for PUs granted in 2014). Certain PUs granted in 2013 and 2014 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. For those PUs subject to a one-year performance period, 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 subject to a one-year performance period 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, $681 and $1,341 of cash dividends on PUs for the years ended December 31, 2012, 2013 and 2014, respectively. There were no cash dividends paid on PUs for the years ended December 31, 2012 and 2013. We paid approximately $312 of cash dividends on PUs for the year ended December 31, 2014. | ||||||||||||||
In 2012, 2013 and 2014, we issued 221,781, 198,869 and 225,429 PUs, respectively. Our PUs are earned based on our performance against revenue or revenue growth and ROIC targets during their applicable performance period; therefore, we forecast the likelihood of achieving the predefined revenue, 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 applicable performance period) or the actual PUs earned (at the one-year anniversary date for PUs granted prior to 2014, and at the three-year anniversary date for PUs granted in 2014) over the vesting period for each of the awards. For the 2013 and 2014 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. The total fair value of earned PUs that vested during the years ended December 31, 2012, 2013 and 2014 was $4,285, $2,962 and $1,216, respectively. As of December 31, 2014, we expected 60% achievement of the predefined revenue, revenue growth and ROIC targets associated with the awards of PUs made in 2014. | ||||||||||||||
A summary of PU activity for the year ended December 31, 2014 is as follows: | ||||||||||||||
Original | PU Adjustment(1) | Total | Weighted- | |||||||||||
PU Awards | PU Awards | Average | ||||||||||||
Grant-Date | ||||||||||||||
Fair Value | ||||||||||||||
Non-vested at December 31, 2013 | 334,548 | -23,732 | 310,816 | $ | ||||||||||
33.18 | ||||||||||||||
Granted | 225,429 | -49,776 | 175,653 | 26.82 | ||||||||||
Vested | -68,389 | -9,101 | -77,490 | 31.85 | ||||||||||
Forfeited | -29,922 | — | -29,922 | 29.44 | ||||||||||
Non-vested at December 31, 2014 | 461,666 | -82,609 | 379,057 | $ | ||||||||||
30.80 | ||||||||||||||
-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 ESPP in which participation is available to substantially all United States 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, 2012, 2013 and 2014, there were 151,285 shares, 144,432 shares and 115,046 shares, respectively, purchased under the ESPP. As of December 31, 2014, we have 960,638 shares available under the ESPP. | ||||||||||||||
As of December 31, 2014, unrecognized compensation cost related to the unvested portion of our Employee Stock-Based Awards was $35,467 and is expected to be recognized over a weighted-average period of 1.9 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 bases 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, | ||||||||||||||
2012 | 2013 | 2014 | ||||||||||||
Income (loss) from continuing operations | $ | $ | $ | |||||||||||
182,707 | 99,161 | 328,955 | ||||||||||||
Total (loss) income from discontinued operations (see Note 14) | $ | $ | $ | |||||||||||
-8,659 | 831 | -209 | ||||||||||||
Net income (loss) attributable to Iron Mountain Incorporated | $ | $ | $ | |||||||||||
170,922 | 96,462 | 326,119 | ||||||||||||
Weighted-average shares—basic | 173,604,000 | 190,994,000 | 195,278,000 | |||||||||||
Effect of dilutive potential stock options | 914,308 | 995,836 | 913,926 | |||||||||||
Effect of dilutive potential restricted stock, RSUs and PUs | 349,128 | 422,045 | 557,269 | |||||||||||
Weighted-average shares—diluted | 174,867,436 | 192,411,881 | 196,749,195 | |||||||||||
Earnings (losses) per share—basic: | ||||||||||||||
Income (loss) from continuing operations | $ | $ | $ | |||||||||||
1.05 | 0.52 | 1.68 | ||||||||||||
Total (loss) income from discontinued operations (see Note 14) | $ | $— | $— | |||||||||||
-0.05 | ||||||||||||||
Net income (loss) attributable to Iron Mountain Incorporated—basic | $ | $ | $ | |||||||||||
0.98 | 0.51 | 1.67 | ||||||||||||
Earnings (losses) per share—diluted: | ||||||||||||||
Income (loss) from continuing operations | $ | $ | $ | |||||||||||
1.04 | 0.52 | 1.67 | ||||||||||||
Total (loss) income from discontinued operations (see Note 14) | $ | $— | $— | |||||||||||
-0.05 | ||||||||||||||
Net income (loss) attributable to Iron Mountain Incorporated—diluted | $ | $ | $ | |||||||||||
0.98 | 0.50 | 1.66 | ||||||||||||
Antidilutive stock options, RSUs and PUs, excluded from the calculation | 1,286,150 | 903,416 | 872,039 | |||||||||||
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 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 | ||||||||||||||
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 | ||||||||
2014 | 34,645 | 47,137 | 14,209 | -572 | -63,278 | 32,141 | ||||||||
-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, 2014 | ||||||||||||||
Summary of Significant Accounting Policies | ||||||||||||||
Useful lives of Property, Plant and Equipment | Range | |||||||||||||
Buildings and building improvements | 5 to 40 | |||||||||||||
Leasehold improvements | 5 to 10 or life of the lease (whichever is shorter) | |||||||||||||
Racking | 1 to 20 or life of the lease (whichever is shorter) | |||||||||||||
Warehouse equipment/vehicles | 1 to 10 | |||||||||||||
Furniture and fixtures | 3 to 10 | |||||||||||||
Computer hardware and software | 2 to 5 | |||||||||||||
Property, Plant and Equipment at cost | December 31, | |||||||||||||
2013 | 2014 | |||||||||||||
Land | $ | $ | ||||||||||||
203,423 | 205,463 | |||||||||||||
Buildings and building improvements | 1,283,458 | 1,409,330 | ||||||||||||
Leasehold improvements | 499,906 | 467,176 | ||||||||||||
Racking | 1,536,212 | 1,559,383 | ||||||||||||
Warehouse equipment/vehicles | 365,171 | 341,393 | ||||||||||||
Furniture and fixtures | 53,590 | 53,189 | ||||||||||||
Computer hardware and software | 511,927 | 501,882 | ||||||||||||
Construction in progress | 177,380 | 130,889 | ||||||||||||
$ | $ | |||||||||||||
4,631,067 | 4,668,705 | |||||||||||||
Loss of disposal/write-down of property, plant and equipment (excluding real estate) | Year Ended December 31, | |||||||||||||
2012 | 2013 | 2014 | ||||||||||||
North American Records and Information Management Business | $— | $ | $ | |||||||||||
800 | 1,000 | |||||||||||||
North American Data Management Business | — | — | — | |||||||||||
Western European Business | — | — | 300 | |||||||||||
Other International Business | — | — | — | |||||||||||
Corporate and Other Business | 1,110 | 300 | — | |||||||||||
$ | $ | $ | ||||||||||||
1,110 | 1,100 | 1,300 | ||||||||||||
Reconciliation of liabilities for asset retirement obligations (included in other long-term liabilities) | December 31, | |||||||||||||
2013 | 2014 | |||||||||||||
Asset Retirement Obligations, beginning of the year | $ | $ | ||||||||||||
10,982 | 11,809 | |||||||||||||
Liabilities Incurred | 480 | 1,366 | ||||||||||||
Liabilities Settled | -687 | -1,199 | ||||||||||||
Accretion Expense | 1,123 | 1,121 | ||||||||||||
Foreign Currency Exchange Movement | -89 | -200 | ||||||||||||
Asset Retirement Obligations, end of the year | $ | $ | ||||||||||||
11,809 | 12,897 | |||||||||||||
Schedule of carrying value of goodwill, net for each of the reporting units | Carrying Value as of | |||||||||||||
December 31, 2013 | ||||||||||||||
North America | $ | |||||||||||||
1,849,440 | ||||||||||||||
Western Europe | 375,954 | |||||||||||||
Emerging Markets(1) | 88,599 | |||||||||||||
Latin America | 93,149 | |||||||||||||
Asia Pacific | 56,210 | |||||||||||||
Emerging Market Joint Ventures | — | |||||||||||||
Total | $ | |||||||||||||
2,463,352 | ||||||||||||||
-1 | As of December 31, 2013, the goodwill associated with our operations in Austria and Switzerland was included in the Emerging Markets reporting unit. Beginning January 1, 2014, the goodwill associated with our operations in Austria and Switzerland is included in the New Western Europe reporting unit (defined below). | |||||||||||||
Carrying Value as of | ||||||||||||||
December 31, 2014 | ||||||||||||||
North American Records and Information Management | $ | |||||||||||||
1,397,484 | ||||||||||||||
Intellectual Property Management | 38,491 | |||||||||||||
Fulfillment Services | 3,247 | |||||||||||||
North American Data Management | 375,957 | |||||||||||||
Emerging Businesses | — | |||||||||||||
New Western Europe | 354,049 | |||||||||||||
New Emerging Markets | 87,408 | |||||||||||||
Latin America | 107,240 | |||||||||||||
Australia and Singapore | 55,779 | |||||||||||||
Greater China | 3,500 | |||||||||||||
India | — | |||||||||||||
Russia, Ukraine and Denmark | 628 | |||||||||||||
Total | $ | |||||||||||||
2,423,783 | ||||||||||||||
Schedule of changes in the carrying value of goodwill attributable to each reportable operating segment | North American | North American | Western | Other | Total | |||||||||
Records and | Data Management | European | International | Consolidated | ||||||||||
Information | Business | Business | Business | |||||||||||
Management | ||||||||||||||
Business | ||||||||||||||
Gross Balance as of December 31, 2012 | $ | $ | 435,834 | $ | $ | |||||||||
1,602,824 | 421,147 | 195,694 | 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 | 1,172 | 33,957 | 77,712 | |||||||||
Fair value and other adjustments(1) | 7,144 | 1,786 | 188 | -596 | 8,522 | |||||||||
Currency effects | -12,153 | -3,038 | 10,012 | -16,909 | -22,088 | |||||||||
Gross Balance as of December 31, 2013 | 1,671,927 | 438,423 | 447,206 | 226,129 | 2,783,685 | |||||||||
Deductible goodwill acquired during the year | 7,745 | 1,936 | - | 30,117 | 39,798 | |||||||||
Non-deductible goodwill acquired during the year | 7,045 | — | 3,405 | 33,869 | 44,319 | |||||||||
Allocated to divestiture (see Note 16) | — | — | -4,032 | -3,718 | -7,750 | |||||||||
Fair value and other adjustments(2) | -26,898 | -6,724 | - | -386 | -34,008 | |||||||||
Currency effects | -14,610 | -3,653 | -34,257 | -31,305 | -83,825 | |||||||||
Gross Balance as of December 31, 2014 | $ | $ | $ | $ | $ | |||||||||
1,645,209 | 429,982 | 412,322 | 254,706 | 2,742,219 | ||||||||||
Accumulated Amortization Balance as of December 31, 2012 | $ | $ | $ | $ | $ | |||||||||
207,309 | 54,355 | 58,905 | 171 | 320,740 | ||||||||||
Currency effects | -603 | -151 | 348 | -1 | -407 | |||||||||
Accumulated Amortization Balance as of December 31, 2013 | 206,706 | 54,204 | 59,253 | 170 | 320,333 | |||||||||
Currency effects | -719 | -179 | -980 | -19 | -1,897 | |||||||||
Accumulated Amortization Balance as of December 31, 2014 | $ | $ | 58,273 | $ | $ | |||||||||
205,987 | 54,025 | 151 | 318,436 | |||||||||||
Net Balance as of December 31, 2013 | $ | $ | $ | $ | $ | |||||||||
1,465,221 | 384,219 | 387,953 | 225,959 | 2,463,352 | ||||||||||
Net Balance as of December 31, 2014 | $ | $ | $ | $ | $ | |||||||||
1,439,222 | 375,957 | 354,049 | 254,555 | 2,423,783 | ||||||||||
Accumulated Goodwill Impairment Balance as of December 31, 2013 | $ | $— | $ | $— | $ | |||||||||
85,909 | 46,500 | 132,409 | ||||||||||||
Accumulated Goodwill Impairment Balance as of December 31, 2014 | $ | $— | $ | $— | $ | |||||||||
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. | |||||||||||||
-2 | Total fair value and other adjustments primarily include $(32,265) in net adjustments to deferred income taxes and $(443) related to property, plant and equipment and other assumed liabilities, as well as $(1,300) of cash received related to certain 2013 acquisitions. | |||||||||||||
Schedule of gain on sale of real estate, from the sale of buildings in the United Kingdom | Year Ended December 31, | |||||||||||||
2012 | 2013 | 2014 | ||||||||||||
Gain on sale of real estate | $ | $ | $ | |||||||||||
261 | 1,847 | 10,512 | ||||||||||||
Tax effect on gain on sale of real estate | -55 | -430 | -2,205 | |||||||||||
Gain on sale of real estate, net of tax | $ | $ | $ | |||||||||||
206 | 1,417 | 8,307 | ||||||||||||
Gross carrying amount and accumulated amortization | December 31, | |||||||||||||
Gross Carrying Amount | 2013 | 2014 | ||||||||||||
Customer relationship and acquisition costs | $ | $ | ||||||||||||
879,378 | 904,866 | |||||||||||||
Other intangible assets (included in other assets, net) | 9,475 | 10,630 | ||||||||||||
Accumulated Amortization | ||||||||||||||
Customer relationship and acquisition costs | $ | $ | ||||||||||||
273,894 | 297,029 | |||||||||||||
Other intangible assets (included in other assets, net) | 7,305 | 8,608 | ||||||||||||
Amortization expense | Year Ended December 31, | |||||||||||||
2012 | 2013 | 2014 | ||||||||||||
Customer relationship and acquisition costs: | ||||||||||||||
Amortization expense included in depreciation and amortization | $ | $ | $ | |||||||||||
34,806 | 37,725 | 46,733 | ||||||||||||
Amortization expense offsetting revenues | 10,784 | 11,788 | 11,715 | |||||||||||
Other intangible assets: | ||||||||||||||
Amortization expense included in depreciation and amortization | 940 | 1,456 | 1,853 | |||||||||||
Estimated amortization expense for existing intangible assets for the next five succeeding fiscal years | Estimated Amortization | |||||||||||||
Included in Depreciation | Charged to Revenues | |||||||||||||
and Amortization | ||||||||||||||
2015 | $ | $ | ||||||||||||
48,230 | 7,748 | |||||||||||||
2016 | 48,040 | 6,073 | ||||||||||||
2017 | 47,192 | 4,280 | ||||||||||||
2018 | 46,389 | 2,838 | ||||||||||||
2019 | 45,189 | 1,554 | ||||||||||||
Estimated amortization expense for deferred financing coss for the next five succeeding fiscal years | Estimated Amortization of | |||||||||||||
Deferred Financing Costs | ||||||||||||||
2015 | $ | |||||||||||||
7,702 | ||||||||||||||
2016 | 6,874 | |||||||||||||
2017 | 5,714 | |||||||||||||
2018 | 5,683 | |||||||||||||
2019 | 4,966 | |||||||||||||
Components of prepaid expenses | December 31, | |||||||||||||
2013 | 2014 | |||||||||||||
Income tax receivable | $ | $ | ||||||||||||
31,915 | 41,559 | |||||||||||||
Other | 112,886 | 97,910 | ||||||||||||
Prepaid expenses | $ | $ | ||||||||||||
144,801 | 139,469 | |||||||||||||
Components of accrued expenses | December 31, | |||||||||||||
2013 | 2014 | |||||||||||||
Interest | $ | $ | ||||||||||||
71,971 | 69,525 | |||||||||||||
Payroll and vacation | 91,519 | 75,050 | ||||||||||||
Incentive compensation | 58,562 | 66,552 | ||||||||||||
Dividend | 55,142 | 6,182 | ||||||||||||
Self-insured liabilities (Note 10.b.) | 32,850 | 33,381 | ||||||||||||
Other | 151,294 | 153,795 | ||||||||||||
Accrued expenses | $ | $ | ||||||||||||
461,338 | 404,485 | |||||||||||||
Stock-based compensation expense for Employee Stock-Based Awards related to continuing operations | Year Ended December 31, | |||||||||||||
2012 | 2013 | 2014 | ||||||||||||
Cost of sales (excluding depreciation and amortization) | $ | $ | $ | |||||||||||
1,392 | 293 | 680 | ||||||||||||
Selling, general and administrative expenses | 28,968 | 30,061 | 28,944 | |||||||||||
Total stock-based compensation | $ | $ | $ | |||||||||||
30,360 | 30,354 | 29,624 | ||||||||||||
Summary of the weighted average assumptions used for stock option grants | Weighted Average Assumptions | 2012 | 2013 | 2014 | ||||||||||
Expected volatility | 33.8% | 33.8% | 34.0% | |||||||||||
Risk-free interest rate | 1.24% | 1.13% | 2.04% | |||||||||||
Expected dividend yield | 3% | 3% | 4% | |||||||||||
Expected life | 6.3 years | 6.3 years | 6.7 years | |||||||||||
Summary of stock option activity | Options | Weighted | Weighted | Aggregate | ||||||||||
Average | Average | Intrinsic | ||||||||||||
Exercise | Remaining | Value | ||||||||||||
Price | Contractual | |||||||||||||
Term (Years) | ||||||||||||||
Outstanding at December 31, 2013 | 5,145,739 | $ | ||||||||||||
24.09 | ||||||||||||||
Granted | 576,174 | 31.00 | ||||||||||||
Adjustment associated with special dividend | 360,814 | N/A | ||||||||||||
Exercised | -2,223,012 | 23.15 | ||||||||||||
Forfeited | -180,335 | 24.13 | ||||||||||||
Expired | -1,134 | 30.13 | ||||||||||||
Outstanding at December 31, 2014 | 3,678,246 | $ | 5.17 | $ | ||||||||||
23.37 | 56,248 | |||||||||||||
Options exercisable at December 31, 2014 | 2,643,384 | $ | 4.08 | $ | ||||||||||
21.97 | 44,116 | |||||||||||||
Options expected to vest | 986,850 | $ | 7.94 | $ | ||||||||||
26.90 | 11,603 | |||||||||||||
Aggregate intrinsic value of stock options exercised | Year Ended December 31, | |||||||||||||
2012 | 2013 | 2014 | ||||||||||||
Aggregate intrinsic value of stock options exercised | $ | $ | $ | |||||||||||
15,859 | 11,024 | 23,178 | ||||||||||||
Summary of restricted stock and RSU activity | Restricted | Weighted- | ||||||||||||
Stock and | Average | |||||||||||||
RSUs | Grant-Date | |||||||||||||
Fair Value | ||||||||||||||
Non-vested at December 31, 2013 | 1,435,230 | $ | ||||||||||||
29.76 | ||||||||||||||
Granted | 902,702 | 29.73 | ||||||||||||
Vested | -721,533 | 31.24 | ||||||||||||
Forfeited | -210,830 | 31.14 | ||||||||||||
Non-vested at December 31, 2014 | 1,405,569 | $ | ||||||||||||
28.78 | ||||||||||||||
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, 2013 | 334,548 | -23,732 | 310,816 | $ | ||||||||||
33.18 | ||||||||||||||
Granted | 225,429 | -49,776 | 175,653 | 26.82 | ||||||||||
Vested | -68,389 | -9,101 | -77,490 | 31.85 | ||||||||||
Forfeited | -29,922 | — | -29,922 | 29.44 | ||||||||||
Non-vested at December 31, 2014 | 461,666 | -82,609 | 379,057 | $ | ||||||||||
30.80 | ||||||||||||||
-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, | |||||||||||||
2012 | 2013 | 2014 | ||||||||||||
Income (loss) from continuing operations | $ | $ | $ | |||||||||||
182,707 | 99,161 | 328,955 | ||||||||||||
Total (loss) income from discontinued operations (see Note 14) | $ | $ | $ | |||||||||||
-8,659 | 831 | -209 | ||||||||||||
Net income (loss) attributable to Iron Mountain Incorporated | $ | $ | $ | |||||||||||
170,922 | 96,462 | 326,119 | ||||||||||||
Weighted-average shares—basic | 173,604,000 | 190,994,000 | 195,278,000 | |||||||||||
Effect of dilutive potential stock options | 914,308 | 995,836 | 913,926 | |||||||||||
Effect of dilutive potential restricted stock, RSUs and PUs | 349,128 | 422,045 | 557,269 | |||||||||||
Weighted-average shares—diluted | 174,867,436 | 192,411,881 | 196,749,195 | |||||||||||
Earnings (losses) per share—basic: | ||||||||||||||
Income (loss) from continuing operations | $ | $ | $ | |||||||||||
1.05 | 0.52 | 1.68 | ||||||||||||
Total (loss) income from discontinued operations (see Note 14) | $ | $— | $— | |||||||||||
-0.05 | ||||||||||||||
Net income (loss) attributable to Iron Mountain Incorporated—basic | $ | $ | $ | |||||||||||
0.98 | 0.51 | 1.67 | ||||||||||||
Earnings (losses) per share—diluted: | ||||||||||||||
Income (loss) from continuing operations | $ | $ | $ | |||||||||||
1.04 | 0.52 | 1.67 | ||||||||||||
Total (loss) income from discontinued operations (see Note 14) | $ | $— | $— | |||||||||||
-0.05 | ||||||||||||||
Net income (loss) attributable to Iron Mountain Incorporated—diluted | $ | $ | $ | |||||||||||
0.98 | 0.50 | 1.66 | ||||||||||||
Antidilutive stock options, RSUs and PUs, excluded from the calculation | 1,286,150 | 903,416 | 872,039 | |||||||||||
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 | ||||||||||||||
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 | ||||||||
2014 | 34,645 | 47,137 | 14,209 | -572 | -63,278 | 32,141 | ||||||||
-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, 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 | — | ||||||||||
Fair Value Measurements at | ||||||||||||||
December 31, 2014 Using | ||||||||||||||
Description | Total Carrying | Quoted prices | Significant other | Significant | ||||||||||
Value at | in active | observable | unobservable | |||||||||||
December 31, | markets | inputs | inputs | |||||||||||
2014 | (Level 1) | (Level 2) | (Level 3) | |||||||||||
Money Market Funds(1) | $ | $— | $ | $— | ||||||||||
36,828 | 36,828 | |||||||||||||
Time Deposits(1) | 16,204 | — | 16,204 | — | ||||||||||
Trading Securities | 13,172 | 12,428(2) | 744(1) | — | ||||||||||
Derivative Liabilities(3) | 2,411 | — | 2,411 | — | ||||||||||
-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 certain of our intercompany exposures, as more fully disclosed at Note 3. 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 changes in accumulated other comprehensive items, net | Foreign Currency | Market Value | Total | |||||||||||
Translation | Adjustments | |||||||||||||
Adjustments | for Securities | |||||||||||||
Balance as of December 31, 2012 | $ | $— | $ | |||||||||||
20,314 | 20,314 | |||||||||||||
Other comprehensive (loss) income: | ||||||||||||||
Foreign currency translation adjustments | -29,900 | — | -29,900 | |||||||||||
Market value adjustments for securities | — | 926 | 926 | |||||||||||
Total other comprehensive (loss) income | -29,900 | 926 | -28,974 | |||||||||||
Balance as of December 31, 2013 | $ | $ | $ | |||||||||||
-9,586 | 926 | -8,660 | ||||||||||||
Other comprehensive (loss) income: | ||||||||||||||
Foreign currency translation adjustments | -66,424 | — | -66,424 | |||||||||||
Market value adjustments for securities | — | 53 | 53 | |||||||||||
Total other comprehensive (loss) income | -66,424 | 53 | -66,371 | |||||||||||
Balance as of December 31, 2014 | $ | $ | $ | |||||||||||
-76,010 | 979 | -75,031 | ||||||||||||
Other expense (income), net | Year Ended | |||||||||||||
December 31, | ||||||||||||||
2012 | 2013 | 2014 | ||||||||||||
Foreign currency transaction losses (gains), net | $ | $ | $ | |||||||||||
10,223 | 36,201 | 58,316 | ||||||||||||
Debt extinguishment expense, net | 10,628 | 43,724 | 16,495 | |||||||||||
Other, net | -4,789 | -4,723 | -9,624 | |||||||||||
$ | $ | $ | ||||||||||||
16,062 | 75,202 | 65,187 | ||||||||||||
Schedule of effect of the immaterial restatement to certain line items | ||||||||||||||
The following table sets forth the effect of the immaterial restatement to certain line items of our Consolidated Statements of Operations for the years ended December 31, 2012 and 2013: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2012 | 2013 | |||||||||||||
Storage Rental | $— | $— | ||||||||||||
Service | -1,300 | -1,300 | ||||||||||||
Total Revenues | $ | $ | ||||||||||||
-1,300 | -1,300 | |||||||||||||
Operating (Loss) Income | $ | $ | ||||||||||||
-1,300 | -1,300 | |||||||||||||
(Loss) Income from Continuing Operations before Provision (Benefit) for Income Taxes and (Gain) Loss on Sale of Real Estate | $ | $ | ||||||||||||
-1,300 | -1,300 | |||||||||||||
(Benefit) Provision for Income Taxes | $ | $ | ||||||||||||
-514 | -500 | |||||||||||||
(Loss) Income from Continuing Operations | $ | $ | ||||||||||||
-786 | -800 | |||||||||||||
Net (Loss) Income | $ | $ | ||||||||||||
-786 | -800 | |||||||||||||
Net (Loss) Income Attributable to Iron Mountain Incorporated | $ | $ | ||||||||||||
-786 | -800 | |||||||||||||
Earnings (Losses) per Share-Basic: | ||||||||||||||
(Loss) Income from Continuing Operations | $ | $ | ||||||||||||
0 | 0 | |||||||||||||
Net (Loss) Income Attributable to Iron Mountain Incorporated | $ | $ | ||||||||||||
0 | 0 | |||||||||||||
Earnings (Losses) per Share-Diluted: | ||||||||||||||
(Loss) Income from Continuing Operations | $ | $ | ||||||||||||
0 | 0 | |||||||||||||
Net (Loss) Income Attributable to Iron Mountain Incorporated | $ | $ | ||||||||||||
0 | 0 | |||||||||||||
The following table sets forth the effect of the immaterial restatement to certain line items of our Consolidated Balance Sheet as of December 31, 2013: | ||||||||||||||
December 31, 2013 | ||||||||||||||
Deferred Revenue | $ | |||||||||||||
10,000 | ||||||||||||||
Total Current Liabilities | $ | |||||||||||||
10,000 | ||||||||||||||
Deferred Income Tax Liabilities | $ | |||||||||||||
-3,900 | ||||||||||||||
Earnings in excess of distributions (Distributions in excess of earnings) | $ | |||||||||||||
-6,100 | ||||||||||||||
Total Iron Mountain Incorporated Stockholders’ Equity | $ | |||||||||||||
-6,100 | ||||||||||||||
Total Equity | $ | |||||||||||||
-6,100 | ||||||||||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Derivative Instruments and Hedging Activities | ||||||||||
Fair value of derivative instruments | Asset Derivatives | |||||||||
December 31, | ||||||||||
2013 | 2014 | |||||||||
Derivatives Not Designated as | Balance Sheet | Fair | Balance Sheet | Fair | ||||||
Hedging Instruments | Location | Value | Location | Value | ||||||
Foreign exchange contracts | Prepaid expenses and other | $ | Prepaid expenses and other | $— | ||||||
72 | ||||||||||
Total | $ | $— | ||||||||
72 | ||||||||||
Liability Derivatives | ||||||||||
December 31, | ||||||||||
2013 | 2014 | |||||||||
Derivatives Not Designated as Hedging Instruments | Balance Sheet | Fair | Balance Sheet | Fair | ||||||
Location | Value | Location | Value | |||||||
Foreign exchange contracts | Accrued expenses | $ | Accrued expenses | $ | ||||||
5,592 | 2,411 | |||||||||
Total | $ | $ | ||||||||
5,592 | 2,411 | |||||||||
Fair value of derivative instruments, amount of (gain) loss recognized in income | Amount of (Gain) Loss | |||||||||
Recognized in Income | ||||||||||
on Derivatives | ||||||||||
December 31, | ||||||||||
Derivatives Not Designated as Hedging Instruments | Location of (Gain) Loss | 2012 | 2013 | 2014 | ||||||
Recognized in Income on | ||||||||||
Derivative | ||||||||||
Foreign exchange contracts | Other expense (income), net | $ | $ | $ | ||||||
13,007 | -2,955 | 18,016 | ||||||||
Total | $ | $ | $ | |||||||
13,007 | -2,955 | 18,016 | ||||||||
Foreign exchange (losses) gains, net of tax, due to the currency translation adjustments | Year Ended December 31, | |||||||||
2012 | 2013 | 2014 | ||||||||
Foreign exchange (losses) gains | $ | $ | $ | |||||||
-4,408 | -5,311 | 6,385 | ||||||||
Tax benefit (expense) on foreign exchange (losses) gains | 1,740 | 2,073 | -57 | |||||||
Foreign exchange (losses) gains, net of tax | $ | $ | $ | |||||||
-2,668 | -3,238 | 6,328 | ||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Debt | ||||||||||||||||
Schedule of carrying amount and fair value of long-term debt instruments | December 31, 2013 | December 31, 2014 | ||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | |||||||||||||
Revolving Credit Facility(1) | $ | $ | $ | $ | ||||||||||||
675,717 | 675,717 | 883,428 | 883,428 | |||||||||||||
Term Loan(1) | — | — | 249,375 | 249,375 | ||||||||||||
71/4% GBP Senior Subordinated Notes due 2014 (the “71/4% Notes”)(2)(3) | 247,808 | 248,117 | — | — | ||||||||||||
63/4% Euro Senior Subordinated Notes due 2018 (the “63/4% Notes”)(2)(3) | 350,272 | 355,071 | 308,616 | 309,634 | ||||||||||||
73/4% Senior Subordinated Notes due 2019 (the “73/4% Notes”)(2)(3) | 400,000 | 446,000 | 400,000 | 429,000 | ||||||||||||
83/8% Senior Subordinated Notes due 2021 (the “83/8% Notes”)(2)(3) | 411,518 | 444,470 | 106,030 | 110,500 | ||||||||||||
61/8% CAD Senior Notes due 2021 (the “CAD Notes”)(2)(4) | 187,960 | 187,960 | 172,420 | 175,437 | ||||||||||||
61/8% GBP Senior Notes due 2022 (the “GBP Notes”)(2)(5) | — | — | 622,960 | 639,282 | ||||||||||||
6% Senior Notes due 2023 (the “6% Notes”)(2)(3) | 600,000 | 614,820 | 600,000 | 625,500 | ||||||||||||
53/4% Senior Subordinated Notes due 2024 (the “53/4% Notes”)(2)(3) | 1,000,000 | 930,000 | 1,000,000 | 1,005,000 | ||||||||||||
Real Estate Mortgages, Capital Leases and Other(6) | 298,447 | 298,447 | 320,702 | 320,702 | ||||||||||||
Total Long-term Debt | 4,171,722 | 4,663,531 | ||||||||||||||
Less Current Portion | -52,583 | -52,095 | ||||||||||||||
Long-term Debt, Net of Current Portion | $ | $ | ||||||||||||||
4,119,139 | 4,611,436 | |||||||||||||||
-1 | The capital stock or other equity interests of most of our United States 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 United States subsidiary guarantors. In addition, Iron Mountain Canada Operations ULC (“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 Revolving Credit Facility (defined below). The fair value (Level 3 of fair value hierarchy described at Note 2.s.) of these debt instruments 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, 2013 and 2014, 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, 2013 and 2014, 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 United States subsidiaries (the “Guarantors”). These guarantees are joint and several obligations of the Guarantors. Canada Company, Iron Mountain Europe PLC (“IME”) and the remainder of our subsidiaries do not guarantee the Parent Notes. | |||||||||||||||
-4 | Canada Company is the direct obligor on the CAD Notes, which are fully and unconditionally guaranteed, on a senior basis, 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 | IME is the direct obligor on the GBP Notes, which are fully and unconditionally guaranteed, on a senior basis, 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. | |||||||||||||||
-6 | Includes (a) real estate mortgages of $3,704 and $5,107 as of December 31, 2013 and 2014, respectively, which bear interest at approximately 4.5% and are payable in various installments through 2021, (b) capital lease obligations of $255,124 and $241,866 as of December 31, 2013 and 2014, respectively, which bear a weighted average interest rate of 5.8% at both December 31, 2013 and 2014, and (c) other various notes and other obligations, which were assumed by us as a result of certain acquisitions, of $39,619 and $73,729 as of December 31, 2013 and 2014, respectively, and bear a weighted average interest rate of 14.3% and 11.5% as of December 31, 2013 and 2014, respectively. 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 | 63/4% Notes | 73/4% Notes | 83/8% Notes | CAD Notes | GBP Notes | 6% Notes | 53/4% Notes | ||||||||
October 15, | October 1, | August 15, | August 15, | September 15, | August 15, | August 15, | ||||||||||
2014 | 100.000% | — | 104.188% | — | — | — | — | |||||||||
2015 | 100.000% | 103.875%(1) | 102.792% | — | — | — | — | |||||||||
2016 | 100.000% | 101.938% | 101.396% | — | — | — | — | |||||||||
2017 | 100.000% | 100.000% | 100.000% | 103.063%(1) | 104.594%(1) | — | 102.875%(1) | |||||||||
2018 | 100.000% | 100.000% | 100.000% | 101.531% | 103.063% | 103.000%(1) | 101.917% | |||||||||
2019 | — | 100.000% | 100.000% | 100.000% | 101.531% | 102.000% | 100.958% | |||||||||
2020 | — | — | 100.000% | 100.000% | 100.000% | 101.000% | 100.000% | |||||||||
2021 | — | — | 100.000% | 100.000% | 100.000% | 100.000% | 100.000% | |||||||||
2022 | — | — | — | — | 100.000% | 100.000% | 100.000% | |||||||||
2023 | — | — | — | — | — | 100.000% | 100.000% | |||||||||
2024 | — | — | — | — | — | — | 100.000% | |||||||||
-1 | Prior to this date, the relevant notes are redeemable, at our option, in whole or in part, at a specified make-whole price. | |||||||||||||||
Schedule of maturities of long-term debt | Year | Amount | ||||||||||||||
2015 | $ | |||||||||||||||
52,095 | ||||||||||||||||
2016 | 1,178,272 | |||||||||||||||
2017 | 72,629 | |||||||||||||||
2018 | 340,823 | |||||||||||||||
2019 | 422,803 | |||||||||||||||
Thereafter | 2,598,147 | |||||||||||||||
4,664,769 | ||||||||||||||||
Net Premiums (Discounts) | -1,238 | |||||||||||||||
Total Long-term Debt (including current portion) | $ | |||||||||||||||
4,663,531 | ||||||||||||||||
Selected_Consolidated_Financia1
Selected Consolidated Financial Statements of Parent, Guarantors, Canada Company and Non-Guarantors (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Selected Consolidated Financial Statements of Parent, Guarantors, Canada Company and Non-Guarantors | ||||||||||||||
Schedule of Selected Consolidated Balance Sheets of Parent, Guarantors, Canada Company and Non-Guarantors | 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 | 1,564,405 | 1,313,835 | 31,130 | 70,788 | -2,980,158 | — | ||||||||
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 | 3,378,837 | 3,330,308 | 232,318 | 959,189 | -4,759,514 | 3,141,138 | ||||||||
Total Assets | $ | $ | $ | $ | $ | $ | ||||||||
4,177,580 | 5,366,757 | 452,188 | 2,179,132 | -5,522,652 | 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 | 540,169 | 29,513 | 221,131 | — | 916,518 | ||||||||
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 | 388,645 | 31,652 | 92,808 | -114 | 513,031 | ||||||||
Commitments and Contingencies (See Note 10) | ||||||||||||||
Total Iron Mountain Incorporated Stockholders’ Equity | 1,041,238 | 1,546,152 | 101,918 | 1,332,088 | -2,980,158 | 1,041,238 | ||||||||
Noncontrolling Interests | — | — | — | 10,496 | — | 10,496 | ||||||||
Total Equity | 1,041,238 | 1,546,152 | 101,918 | 1,342,584 | -2,980,158 | 1,051,734 | ||||||||
Total Liabilities and Equity | $ | $ | $ | $ | $ | $ | ||||||||
4,177,580 | 5,366,757 | 452,188 | 2,179,132 | -5,522,652 | 6,653,005 | |||||||||
December 31, 2014 | ||||||||||||||
Parent | Guarantors | Canada | Non- | Eliminations | Consolidated | |||||||||
Company | Guarantors | |||||||||||||
Assets | ||||||||||||||
Current Assets: | ||||||||||||||
Cash and Cash Equivalents | $ | $ | $ | $ | $— | $ | ||||||||
2,399 | 4,713 | 4,979 | 113,842 | 125,933 | ||||||||||
Restricted Cash | 33,860 | — | — | — | — | 33,860 | ||||||||
Accounts Receivable | — | 361,330 | 37,137 | 205,798 | — | 604,265 | ||||||||
Intercompany Receivable | — | 586,725 | — | — | -586,725 | — | ||||||||
Other Current Assets | 153 | 88,709 | 2,925 | 61,908 | -34 | 153,661 | ||||||||
Total Current Assets | 36,412 | 1,041,477 | 45,041 | 381,548 | -586,759 | 917,719 | ||||||||
Property, Plant and Equipment, Net | 840 | 1,580,337 | 160,977 | 808,573 | — | 2,550,727 | ||||||||
Other Assets, Net: | ||||||||||||||
Long-term Notes Receivable from Affiliates and Intercompany Receivable | 2,851,651 | 245 | 2,448 | — | -2,854,344 | — | ||||||||
Investment in Subsidiaries | 917,170 | 656,877 | 30,751 | 93,355 | -1,698,153 | — | ||||||||
Goodwill | — | 1,611,957 | 180,342 | 631,484 | — | 2,423,783 | ||||||||
Other | 31,108 | 375,082 | 26,672 | 245,251 | — | 678,113 | ||||||||
Total Other Assets, Net | 3,799,929 | 2,644,161 | 240,213 | 970,090 | -4,552,497 | 3,101,896 | ||||||||
Total Assets | $ | $ | $ | $ | $ | $ | ||||||||
3,837,181 | 5,265,975 | 446,231 | 2,160,211 | -5,139,256 | 6,570,342 | |||||||||
Liabilities and Equity | ||||||||||||||
Intercompany Payable | $ | $— | $ | $ | $ | $— | ||||||||
505,083 | 3,564 | 78,078 | -586,725 | |||||||||||
Current Portion of Long-term Debt | — | 24,955 | — | 27,174 | -34 | 52,095 | ||||||||
Total Other Current Liabilities | 60,097 | 470,122 | 35,142 | 239,280 | — | 804,641 | ||||||||
Long-term Debt, Net of Current Portion | 2,414,646 | 908,431 | 245,861 | 1,042,498 | — | 4,611,436 | ||||||||
Long-term Notes Payable to Affiliates and Intercompany Payable | 1,000 | 2,851,384 | — | 1,960 | -2,854,344 | — | ||||||||
Other Long-term Liabilities | — | 115,789 | 37,558 | 78,868 | — | 232,215 | ||||||||
Commitments and Contingencies (See Note 10) | ||||||||||||||
Total Iron Mountain Incorporated Stockholders’ Equity | 856,355 | 895,294 | 124,106 | 678,753 | -1,698,153 | 856,355 | ||||||||
Noncontrolling Interests | — | — | — | 13,600 | — | 13,600 | ||||||||
Total Equity | 856,355 | 895,294 | 124,106 | 692,353 | -1,698,153 | 869,955 | ||||||||
Total Liabilities and Equity | $ | $ | $ | $ | $ | $ | ||||||||
3,837,181 | 5,265,975 | 446,231 | 2,160,211 | -5,139,256 | 6,570,342 | |||||||||
Schedule of Selected Consolidated Statements of Operations of Parent, Guarantors, Canada Company and Non-Guarantors | 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 | — | 782,768 | — | 488,049 | — | 1,270,817 | ||||||||
Total Revenues | — | 1,939,449 | 130,825 | 933,681 | — | 3,003,955 | ||||||||
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 (excluding real estate), net | — | -1,030 | 84 | 5,607 | — | 4,661 | ||||||||
Total Operating Expenses | 540 | 1,543,458 | 58,503 | 845,988 | — | 2,448,489 | ||||||||
Operating (Loss) Income | -540 | 395,991 | 72,322 | 87,693 | — | 555,466 | ||||||||
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 and (Gain) Loss on Sale of Real Estate | -229,124 | 416,950 | 36,245 | 72,734 | — | 296,805 | ||||||||
Provision (Benefit) for Income Taxes | — | 86,060 | 12,768 | 15,476 | — | 114,304 | ||||||||
Loss (Gain) on Sale of Real Estate, Net of Tax | — | 39 | — | -245 | — | -206 | ||||||||
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax | -400,046 | -73,625 | -5,273 | -23,477 | 502,421 | — | ||||||||
Income (Loss) from Continuing Operations | 170,922 | 404,476 | 28,750 | 80,980 | -502,421 | 182,707 | ||||||||
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) | 170,922 | 404,906 | 28,750 | 71,891 | -502,421 | 174,048 | ||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests | — | — | — | 3,126 | — | 3,126 | ||||||||
Net Income (Loss) Attributable to Iron Mountain Incorporated | $ | $ | $ | $ | $ | $ | ||||||||
170,922 | 404,906 | 28,750 | 68,765 | -502,421 | 170,922 | |||||||||
Net Income (Loss) | $ | $ | $ | $ | $ | $ | ||||||||
170,922 | 404,906 | 28,750 | 71,891 | -502,421 | 174,048 | |||||||||
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) | 193,439 | 430,115 | 36,762 | 97,957 | -561,039 | 197,234 | ||||||||
Comprehensive Income (Loss) Attributable to Noncontrolling Interests | — | — | — | 3,795 | — | 3,795 | ||||||||
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | $ | $ | $ | $ | $ | $ | ||||||||
193,439 | 430,115 | 36,762 | 94,162 | -561,039 | 193,439 | |||||||||
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 | — | 754,090 | 35,119 | 450,693 | — | 1,239,902 | ||||||||
Intercompany service | — | — | — | 32,810 | -32,810 | — | ||||||||
Total Revenues | — | 1,929,068 | 165,106 | 963,259 | -32,810 | 3,024,623 | ||||||||
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 (excluding real estate), net | 5 | -100 | 21 | 504 | — | 430 | ||||||||
Total Operating Expenses | 551 | 1,622,017 | 88,360 | 857,258 | -32,810 | 2,535,376 | ||||||||
Operating (Loss) Income | -551 | 307,051 | 76,746 | 106,001 | — | 489,247 | ||||||||
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 and (Gain) Loss on Sale of Real Estate | (261,377 | ) | 325,499 | 30,799 | 64,950 | — | 159,871 | |||||||
(Benefit) Provision for Income Taxes | -16 | 33,767 | 12,361 | 16,015 | — | 62,127 | ||||||||
(Gain) Loss on Sale of Real Estate, Net of Tax | — | — | — | -1,417 | — | -1,417 | ||||||||
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax | -357,823 | -63,775 | -5,681 | -18,438 | 445,717 | — | ||||||||
Income (Loss) from Continuing Operations | 96,462 | 355,507 | 24,119 | 68,790 | -445,717 | 99,161 | ||||||||
(Loss) Income from Discontinued Operations, Net of Tax | — | -529 | — | 1,360 | — | 831 | ||||||||
Net Income (Loss) | 96,462 | 354,978 | 24,119 | 70,150 | -445,717 | 99,992 | ||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests | — | — | — | 3,530 | — | 3,530 | ||||||||
Net Income (Loss) Attributable to Iron Mountain Incorporated | $ | $ | $ | $ | $ | $ | ||||||||
96,462 | 354,978 | 24,119 | 66,620 | -445,717 | 96,462 | |||||||||
Net Income (Loss) | $ | $ | $ | $ | $ | $ | ||||||||
96,462 | 354,978 | 24,119 | 70,150 | -445,717 | 99,992 | |||||||||
Other Comprehensive Income (Loss): | ||||||||||||||
Foreign Currency Translation Adjustments | -3,237 | 1,177 | -11,096 | -18,376 | — | -31,532 | ||||||||
Market Value Adjustments for Securities | — | 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) | 67,488 | 330,219) | 8,986 | 40,678 | -377,985 | 69,386 | ||||||||
Comprehensive Income (Loss) Attributable to Noncontrolling Interests | — | — | — | 1,898 | — | 1,898 | ||||||||
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | $ | $ | $ | $ | $ | $ | ||||||||
67,488 | 330,219 | 8,986 | 38,780 | -377,985 | 67,488 | |||||||||
Year Ended December 31, 2014 | ||||||||||||||
Parent | Guarantors | Canada | Non- | Eliminations | Consolidated | |||||||||
Company | Guarantors | |||||||||||||
Revenues: | ||||||||||||||
Storage Rental | $— | $ | $ | $ | $— | $ | ||||||||
1,208,380 | 124,551 | 527,312 | 1,860,243 | |||||||||||
Service | — | 749,711 | 68,669 | 439,070 | — | 1,257,450 | ||||||||
Intercompany service | — | — | — | 64,794 | -64,794 | — | ||||||||
Total Revenues | — | 1,958,091 | 193,220 | 1,031,176 | -64,794 | 3,117,693 | ||||||||
Operating Expenses: | ||||||||||||||
Cost of sales (excluding depreciation and amortization) | — | 793,274 | 23,040 | 528,322 | — | 1,344,636 | ||||||||
Intercompany service cost of sales | — | — | 64,794 | — | -64,794 | — | ||||||||
Selling, general and administrative | 1,182 | 580,568 | 13,304 | 274,518 | — | 869,572 | ||||||||
Depreciation and amortization | 225 | 214,341 | 11,797 | 126,780 | — | 353,143 | ||||||||
Loss (Gain) on disposal/write-down of property, plant and equipment (excluding real estate), net | — | 829 | 173 | 63 | — | 1,065 | ||||||||
Total Operating Expenses | 1,407 | 1,589,012 | 113,108 | 929,683 | -64,794 | 2,568,416 | ||||||||
Operating (Loss) Income | -1,407 | 369,079 | 80,112 | 101,493 | — | 549,277 | ||||||||
Interest Expense (Income), Net | 187,650 | -23,295 | 36,946 | 59,416 | — | 260,717 | ||||||||
Other Expense (Income), Net | 78 | -203,380 | -91 | 268,580 | — | 65,187 | ||||||||
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes and (Gain) on Sale of Real Estate | -189,135 | 595,754 | 43,257 | -226,503 | — | 223,373 | ||||||||
(Benefit) Provision for Income Taxes | — | -114,947 | 12,876 | 4,796 | — | -97,275 | ||||||||
(Gain) on Sale of Real Estate | — | -196 | -832 | -7,279 | — | -8,307 | ||||||||
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax | -515,254 | 196,310 | -992 | -31,215 | 351,151 | — | ||||||||
Income (Loss) from Continuing Operations | 326,119 | 514,587 | 32,205 | -192,805 | -351,151 | 328,955 | ||||||||
(Loss) Income from Discontinued Operations, Net of Tax | — | -937 | — | 728 | — | -209 | ||||||||
Net Income (Loss) | 326,119 | 513,650 | 32,205 | -192,077 | -351,151 | 328,746 | ||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests | — | — | — | 2,627 | — | 2,627 | ||||||||
Net Income (Loss) Attributable to Iron Mountain Incorporated | $ | $ | $ | $ | $ | $ | ||||||||
326,119 | 513,650 | 32,205 | -194,704 | -351,151 | 326,119 | |||||||||
Net Income (Loss) | $ | $ | $ | $ | ) | $ | $ | |||||||
326,119 | 513,650 | 32,205 | (192,077 | -351,151 | 328,746 | |||||||||
Other Comprehensive Income (Loss): | ||||||||||||||
Foreign Currency Translation Adjustments | 6,328 | 47 | -10,306 | -62,936 | — | -66,867 | ||||||||
Market Value Adjustments for Securities | — | 53 | — | — | — | 53 | ||||||||
Equity in Other Comprehensive Income (Loss) of Subsidiaries | -72,662 | -73,696 | 288 | -10,306 | 156,376 | — | ||||||||
Total Other Comprehensive Income (Loss) | -66,334 | -73,596 | -10,018 | -73,242 | 156,376 | -66,814 | ||||||||
Comprehensive Income (Loss) | 259,785 | 440,054 | 22,187 | -265,319 | -194,775 | 261,932 | ||||||||
Comprehensive Income (Loss) Attributable to Noncontrolling Interests | — | — | — | 2,184 | — | 2,184 | ||||||||
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | $ | $ | $ | $ | $ | $ | ||||||||
259,785 | 440,054 | 22,187 | -267,503 | -194,775 | 259,748 | |||||||||
Schedule of Selected Consolidated Statements of Cash Flows of Parent, Guarantors, Canada Company and Non-Guarantors | Year Ended December 31, 2012 | |||||||||||||
Parent | Guarantors | Canada | Non- | Eliminations | Consolidated | |||||||||
Company | Guarantors | |||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||
Cash Flows from Operating Activities-Continuing Operations | $ | $ | $ | $ | $— | $ | ||||||||
-195,478 | 496,542 | 37,299 | 105,289 | 443,652 | ||||||||||
Cash Flows from Operating 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 (including real estate) | — | -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 (deficiency) from stock-based compensation | 1,045 | — | — | — | — | 1,045 | ||||||||
Payment of debt financing and stock issuance 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 year | 3,428 | 10,750 | 69,945 | 95,722 | — | 179,845 | ||||||||
Cash and cash equivalents, end of year | $— | $ | $ | $ | $— | $ | ||||||||
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 Operating Activities-Continuing Operations | $ | $ | $ | $ | $— | $ | ||||||||
-195,786 | 528,011 | 28,580 | 145,788 | 506,593 | ||||||||||
Cash Flows from Operating 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 (including real estate) | — | 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 (deficiency) from stock-based compensation | 2,389 | — | — | — | — | 2,389 | ||||||||
Payment of debt financing and stock issuance 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 year | — | 13,472 | 103,346 | 126,597 | — | 243,415 | ||||||||
Cash and cash equivalents, end of year | $ | $ | $ | $ | $— | $ | ||||||||
1,243 | 10,366 | 1,094 | 107,823 | 120,526 | ||||||||||
Year Ended December 31, 2014 | ||||||||||||||
Parent | Guarantors | Canada | Non- | Eliminations | Consolidated | |||||||||
Company | Guarantors | |||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||
Cash Flows from Operating Activities-Continuing Operations | $ | $ | $ | $ | $— | $ | ||||||||
-192,058 | 452,577 | 55,538 | 156,891 | 472,948 | ||||||||||
Cash Flows from Operating Activities-Discontinued Operations | — | — | — | — | — | — | ||||||||
Cash Flows from Operating Activities | -192,058 | 452,577 | 55,538 | 156,891 | — | 472,948 | ||||||||
Cash Flows from Investing Activities: | ||||||||||||||
Capital expenditures | — | -217,924 | -6,877 | -137,123 | — | -361,924 | ||||||||
Cash paid for acquisitions, net of cash acquired | — | -3,371 | -29,016 | -95,706 | — | -128,093 | ||||||||
Intercompany loans to subsidiaries | 1,307,133 | 112,845 | — | — | -1,419,978 | — | ||||||||
Investment in subsidiaries | -48,203 | -48,203 | — | — | 96,406 | — | ||||||||
Additions to customer relationship and acquisition costs | — | -26,788 | -2,140 | -5,519 | — | -34,447 | ||||||||
Proceeds from sales of property and equipment and other, net (including real estate) | — | 2,641 | 1,871 | 39,974 | — | 44,486 | ||||||||
Cash Flows from Investing Activities-Continuing Operations | 1,258,930 | -180,800 | -36,162 | -198,374 | -1,323,572 | -479,978 | ||||||||
Cash Flows from Investing Activities-Discontinued Operations | — | — | — | — | — | — | ||||||||
Cash Flows from Investing Activities | 1,258,930 | -180,800 | -36,162 | -198,374 | -1,323,572 | -479,978 | ||||||||
Cash Flows from Financing Activities: | ||||||||||||||
Repayment of revolving credit and term loan facilities and other debt | — | -7,949,523 | -667,505 | -207,683 | — | -8,824,711 | ||||||||
Proceeds from revolving credit and term loan facilities and other debt | — | 8,327,608 | 645,848 | 311,731 | — | 9,285,187 | ||||||||
Early retirement of senior subordinated notes | -566,352 | — | — | — | — | -566,352 | ||||||||
Net proceeds from sales of senior notes | — | — | — | 642,417 | — | 642,417 | ||||||||
Debt financing (repayment to) and equity contribution from (distribution to) noncontrolling interests, net | — | 5,716 | — | -20,486 | — | -14,770 | ||||||||
Intercompany loans from parent | — | -708,935 | 5,866 | -716,909 | 1,419,978 | — | ||||||||
Equity contribution from parent | — | 48,203 | — | 48,203 | -96,406 | — | ||||||||
Parent cash dividends | -542,298 | — | — | — | — | -542,298 | ||||||||
Proceeds from exercise of stock options and employee stock purchase plan | 44,290 | — | — | — | — | 44,290 | ||||||||
Excess tax deficiency from stock-based compensation | -60 | — | — | — | — | -60 | ||||||||
Payment of debt financing costs and stock issuance costs | -1,296 | -499 | -12 | -2,039 | — | -3,846 | ||||||||
Cash Flows from Financing Activities-Continuing Operations | -1,065,716 | -277,430 | -15,803 | 55,234 | 1,323,572 | 19,857 | ||||||||
Cash Flows from Financing Activities-Discontinued Operations | — | — | — | — | — | — | ||||||||
Cash Flows from Financing Activities | -1,065,716 | -277,430 | -15,803 | 55,234 | 1,323,572 | 19,857 | ||||||||
Effect of exchange rates on cash and cash equivalents | — | — | 312 | -7,732 | — | -7,420 | ||||||||
Increase (Decrease) in cash and cash equivalents | 1,156 | -5,653 | 3,885 | 6,019 | — | 5,407 | ||||||||
Cash and cash equivalents, beginning of year | 1,243 | 10,366 | 1,094 | 107,823 | — | 120,526 | ||||||||
Cash and cash equivalents, end of year | $ | $ | $ | $ | $— | $ | ||||||||
2,399 | 4,713 | 4,979 | 113,842 | 125,933 | ||||||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Acquisitions | ||||||||
Summary of cumulative consideration paid for acquisitions and preliminary allocation of purchase price paid | 2012 | 2013 | 2014 | |||||
Cash Paid (gross of cash acquired) | $ | $321,121(1) | $134,301(1) | |||||
131,972 | ||||||||
Fair Value of Previously Held Equity Interest | 4,265 | — | 794 | |||||
Fair Value of Noncontrolling Interest | 1,000 | — | — | |||||
Total Consideration | 137,237 | 321,121 | 135,095 | |||||
Fair Value of Identifiable Assets Acquired: | ||||||||
Cash, Accounts Receivable, Prepaid Expenses, | ||||||||
Deferred Income Taxes and Other | 18,998 | 28,532 | 15,098 | |||||
Property, Plant and Equipment(2) | 11,794 | 44,681 | 23,269 | |||||
Customer Relationship Intangible Assets(3) | 59,479 | 173,733 | 60,172 | |||||
Other Assets | 4,620 | 68 | 3,342 | |||||
Liabilities Assumed and Deferred Income Taxes(4) | -15,947 | -67,645 | -50,903 | |||||
Total Fair Value of Identifiable Net Assets Acquired | 78,944 | 179,369 | 50,978 | |||||
Goodwill Initially Recorded | $ | $ | $ | |||||
58,293 | 141,752 | 84,117 | ||||||
-1 | Included in cash paid for acquisitions in the Consolidated Statements of Cash Flows for the year ended December 31, 2013 is contingent and other payments of $(76). Included in cash paid for acquisitions in the Consolidated Statements of Cash Flows for the year ended December 31, 2014 is net cash acquired of $(4,704) and contingent and other payments of $(1,504) related to acquisitions made in previous years. | |||||||
-2 | Consists primarily of racking structures, leasehold improvements and computer hardware and software. | |||||||
-3 | The weighted average lives of customer relationship intangible assets associated with acquisitions in 2012, 2013 and 2014 was 17 years, 22 years and 17 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, 2014 | ||||||||||||
Income Taxes | ||||||||||||
Components of deferred tax assets and deferred tax liabilities | December 31, | |||||||||||
2013 | 2014 | |||||||||||
Deferred Tax Assets: | ||||||||||||
Accrued liabilities | $ | $ | ||||||||||
75,731 | 22,236 | |||||||||||
Deferred rent | 25,624 | 3,144 | ||||||||||
Net operating loss carryforwards | 81,124 | 64,718 | ||||||||||
Foreign tax credits | 10,229 | — | ||||||||||
Stock compensation | 16,745 | — | ||||||||||
Federal benefit of unrecognized tax benefits | 20,263 | 14,859 | ||||||||||
Foreign currency and other adjustments | 23,938 | 8,620 | ||||||||||
Valuation allowance | -40,278 | (40,182 | ) | |||||||||
213,376 | 73,395 | |||||||||||
Deferred Tax Liabilities: | ||||||||||||
Other assets, principally due to differences in amortization | -367,936 | -74,782 | ||||||||||
Plant and equipment, principally due to differences in depreciation | -168,385 | -39,079 | ||||||||||
-536,321 | -113,861 | |||||||||||
Net deferred tax liability | $ | $ | ||||||||||
-322,945 | -40,466 | |||||||||||
Schedule of current and noncurrent deferred tax assets (liabilities) | December 31, | |||||||||||
2013 | 2014 | |||||||||||
Deferred tax assets | $ | $ | ||||||||||
65,332 | 16,655 | |||||||||||
Deferred tax liabilities | -47,709 | -2,463 | ||||||||||
Current deferred tax assets, net | $ | $ | ||||||||||
17,623 | 14,192 | |||||||||||
Deferred tax assets | $ | $ | ||||||||||
148,044 | 56,740 | |||||||||||
Deferred tax liabilities | -488,612 | -111,398 | ||||||||||
Noncurrent deferred tax liabilities, net | $ | $ | ||||||||||
-340,568 | -54,658 | |||||||||||
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 | ||||||||||
2012 | $ | $ | $ | $— | $ | |||||||
72,239 | 2,274 | 1,537 | 76,050 | |||||||||
2013 | 76,050 | -27,186 | — | -8,586 | 40,278 | |||||||
2014 | 40,278 | 9,404 | — | -9,500 | 40,182 | |||||||
Components of income (loss) from continuing operations before provision for income taxes | Year Ended December 31, | |||||||||||
2012 | 2013 | 2014 | ||||||||||
United States | $ | $ | $ | |||||||||
189,939 | 63,930 | 202,067 | ||||||||||
Canada | 44,358 | 39,038 | 46,191 | |||||||||
Other Foreign | 62,508 | 56,903 | -24,885 | |||||||||
$ | $ | $ | ||||||||||
296,805 | 159,871 | 223,373 | ||||||||||
Provision (benefit) for income taxes | Year Ended December 31, | |||||||||||
2012 | 2013 | 2014 | ||||||||||
Federal—current | $ | $ | $ | |||||||||
133,824 | 92,237 | 118,314 | ||||||||||
Federal—deferred | -57,166 | -64,441 | -214,132 | |||||||||
State—current | 25,384 | 10,152 | 28,034 | |||||||||
State—deferred | -15,134 | -8,056 | -47,814 | |||||||||
Foreign—current | 32,297 | 59,170 | 27,167 | |||||||||
Foreign—deferred | -4,901 | -26,935 | -8,844 | |||||||||
$ | $ | $ | ||||||||||
114,304 | 62,127 | -97,275 | ||||||||||
Reconciliation of total income tax expense and amount computed by applying the federal income tax rate | Year Ended December 31, | |||||||||||
2012 | 2013 | 2014 | ||||||||||
Computed “expected” tax provision | $ | $ | $ | |||||||||
103,882 | 55,955 | 78,181 | ||||||||||
Changes in income taxes resulting from: | ||||||||||||
Tax adjustment relating to REIT | — | — | -63,333 | |||||||||
Deferred tax adjustment and other taxes due to REIT conversion | — | — | -182,853 | |||||||||
State taxes (net of federal tax benefit) | 6,923 | 4,384 | 2,207 | |||||||||
Increase in valuation allowance (net operating losses) | 9,045 | 2,832 | 9,404 | |||||||||
Decrease in valuation allowance (foreign tax credits) | -6,771 | -30,018 | — | |||||||||
Foreign repatriation | — | 44,751 | 46,356 | |||||||||
Foreign restructuring | — | 17,691 | — | |||||||||
Impairment of assets and other transaction costs | 3,045 | 6,576 | 2,869 | |||||||||
Reserve accrual (reversal) and audit settlements (net of federal tax benefit) | 8,266 | -16,322 | 3,175 | |||||||||
Foreign tax rate differential | -30,798 | -33,852 | -9,496 | |||||||||
Disallowed foreign interest, Subpart F income, and other foreign taxes | 15,242 | 9,708 | 12,502 | |||||||||
Other, net | 5,470 | 422 | 3,713 | |||||||||
Provision (Benefit) for Income Taxes | $ | $ | $ | |||||||||
114,304 | 62,127 | -97,275 | ||||||||||
Reconciliation of deferred tax assets and liabilities | December 31, | Revaluation Associated | Current Year | December 31, | ||||||||
2013 | with REIT Conversion | Activity(1) | 2014 | |||||||||
Deferred Tax Assets | ||||||||||||
Accrued liabilities | $ | $ | $ | $ | ||||||||
75,731 | -48,087 | -5,408 | 22,236 | |||||||||
Deferred rent | 25,624 | -25,749 | 3,269 | 3,144 | ||||||||
Net operating loss carryforwards | 81,124 | -34,912 | 18,506 | 64,718 | ||||||||
Foreign tax credits | 10,229 | -9,207 | -1,022 | — | ||||||||
Stock compensation | 16,745 | -17,942 | 1,197 | — | ||||||||
Federal benefit of unrecognized tax benefits | 20,263 | — | -5,404 | 14,859 | ||||||||
Unrealized foreign currency and other foreign adjustments | 23,938 | -34,552 | 19,234 | 8,620 | ||||||||
Valuation allowance | -40,278 | — | 96 | -40,182 | ||||||||
213,376 | -170,449 | 30,468 | 73,395 | |||||||||
Deferred Tax Liabilities | ||||||||||||
Other assets, principally due to differences in amortization | -367,936 | 273,268 | 19,886 | -74,782 | ||||||||
Plant and equipment, principally due to differences in depreciation | -168,385 | 109,332 | 19,974 | -39,079 | ||||||||
-536,321 | 382,600 | 39,860 | -113,861 | |||||||||
Net Deferred Tax Asset (Liability) | $ | $ | $ | $ | ||||||||
-322,945 | 212,151 | 70,328 | -40,466 | |||||||||
-1 | Current year activity primarily consists of additional deferred tax assets and liabilities recognized due to changes in current year taxable temporary differences, purchase accounting and return to accrual adjustments related to the 2013 tax return. | |||||||||||
Tax years subject to examination by major tax jurisdictions | Tax Years | Tax Jurisdiction | ||||||||||
See Below | United States—Federal and State | |||||||||||
2007 to present | Canada | |||||||||||
2009 to present | United Kingdom | |||||||||||
Reconciliation of unrecognized tax benefits | 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 | ||||||||||||
Gross additions based on tax positions related to the current year | 3,984 | |||||||||||
Gross additions for tax positions of prior years | 13,717 | |||||||||||
Gross reductions for tax positions of prior years | -2,699 | |||||||||||
Lapses of statutes | -5,350 | |||||||||||
Settlements | -4,847 | |||||||||||
Gross tax contingencies—December 31, 2014 | $ | |||||||||||
55,951 | ||||||||||||
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Quarterly Results of Operations (Unaudited) | ||||||||||
Quarterly Results of Operations (Unaudited) | Quarter Ended | March 31 | June 30 | Sept. 30 | Dec. 31 | |||||
2013 | ||||||||||
Total revenues | $ | $ | $ | $ | ||||||
746,706 | 754,396 | 755,314 | 768,207 | |||||||
Operating income (loss) | 122,517 | 129,697 | 139,958 | 97,075 | ||||||
Income (loss) from continuing operations | 18,152 | 27,340 | 5,330 | 48,339 | ||||||
Total income (loss) from discontinued operations | 2,184 | -98 | -571 | -684 | ||||||
Net income (loss) | 20,336 | 27,242 | 4,759 | 47,655 | ||||||
Net income (loss) attributable to Iron Mountain Incorporated | 19,188 | 26,366 | 3,849 | 47,059(1) | ||||||
Earnings (losses) per Share-Basic | ||||||||||
Income (loss) per share from continuing operations | 0.10 | 0.14 | 0.03 | 0.25 | ||||||
Total income (loss) per share from discontinued operations | 0.01 | — | — | — | ||||||
Net income (loss) per share attributable to Iron Mountain | ||||||||||
Incorporated | 0.10 | 0.14 | 0.02 | 0.25 | ||||||
Earnings (losses) per Share-Diluted | ||||||||||
Income (loss) per share from continuing operations | 0.09 | 0.14 | 0.03 | 0.25 | ||||||
Total income (loss) per share from discontinued operations | 0.01 | — | — | — | ||||||
Net income (loss) per share attributable to Iron Mountain | ||||||||||
Incorporated | 0.10 | 0.14 | 0.02 | 0.24 | ||||||
2014 | ||||||||||
Total revenues | $ | $ | $ | $ | ||||||
770,126 | 786,892 | 782,697 | 777,978 | |||||||
Operating income (loss) | 132,616 | 147,290 | 141,476 | 127,895 | ||||||
Income (loss) from continuing operations | 42,721 | 272,702 | 858 | 12,674 | ||||||
Total (loss) income from discontinued operations | -612 | -326 | — | 729 | ||||||
Net income (loss) | 42,109 | 272,376 | 858 | 13,403 | ||||||
Net income (loss) attributable to Iron Mountain Incorporated | 41,667 | 271,637 | 66 | 12,749(2) | ||||||
Earnings (losses) per Share-Basic | ||||||||||
Income (loss) per share from continuing operations | 0.22 | 1.42 | — | 0.06 | ||||||
Total (loss) income per share from discontinued operations | — | — | — | — | ||||||
Net income (loss) per share attributable to Iron Mountain | ||||||||||
Incorporated | 0.22 | 1.41 | — | 0.06 | ||||||
Earnings (losses) per Share-Diluted | ||||||||||
Income (loss) per share from continuing operations | 0.22 | 1.41 | — | 0.06 | ||||||
Total (loss) income per share from discontinued operations | — | — | — | — | ||||||
Net income (loss) per share attributable to Iron Mountain Incorporated | 0.22 | 1.40 | — | 0.06 | ||||||
-1 | 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 Business 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. | |||||||||
-2 | The change in net income (loss) attributable to Iron Mountain Incorporated in the fourth quarter of 2014 compared to the third quarter of 2014 is primarily attributable to a decrease in the provision for income taxes recorded in the fourth quarter of 2014 compared to the third quarter of 2014 of approximately $54,000. The decrease in the income tax provision was offset by a decrease in operating income of approximately $13,600, a debt extinguishment charge recorded in the fourth quarter of 2014 of approximately $16,500 and an increase in interest expense of $9,800. The decrease in operating income is attributable to a $8,300 increase in selling, general and administrative expenses, primarily due to higher professional fees and charitable contributions, as well as a $4,700 decrease in revenue, primarily due to unfavorable changes in foreign exchange rates, in the fourth quarter compared to the third quarter. | |||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Segment Information | ||||||||||||||||||||
Schedule of analysis of business segment information and reconciliation | ||||||||||||||||||||
North | ||||||||||||||||||||
North American | American | Western | Other | Corporate | ||||||||||||||||
Data | and | |||||||||||||||||||
Records & Information | Management | European | International | Other | Total | |||||||||||||||
Management Business | Business | Business | Business | Business | Consolidated | |||||||||||||||
2012 | ||||||||||||||||||||
Total Revenues | $ | 1,780,299 | $ | 404,253 | $ | 454,347 | $ | 352,345 | $ | 12,711 | $ | 3,003,955 | ||||||||
Depreciation and Amortization | 163,375 | 17,841 | 58,603 | 44,790 | 31,735 | 316,344 | ||||||||||||||
Depreciation | 151,471 | 17,034 | 48,933 | 31,560 | 31,600 | 280,598 | ||||||||||||||
Amortization | 11,904 | 807 | 9,670 | 13,230 | 135 | 35,746 | ||||||||||||||
Adjusted OIBDA | 670,355 | 245,208 | 102,324 | 71,296 | -178,266 | 910,917 | ||||||||||||||
Total Assets(1) | 3,543,166 | 644,952 | 1,079,972 | 774,078 | 316,171 | 6,358,339 | ||||||||||||||
Expenditures for Segment Assets | 138,837 | 26,243 | 54,904 | 136,456 | 38,249 | 394,689 | ||||||||||||||
Capital Expenditures | 98,169 | 13,106 | 34,341 | 56,818 | 38,249 | 240,683 | ||||||||||||||
Cash Paid for Acquisitions, Net of Cash Acquired | 21,770 | 6,356 | 19,405 | 77,603 | - | 125,134 | ||||||||||||||
Additions to Customer Relationship and Acquisition Costs | 18,898 | 6,781 | 1,158 | 2,035 | - | 28,872 | ||||||||||||||
2013 | ||||||||||||||||||||
Total Revenues | 1,769,233 | 396,519 | 448,542 | 397,057 | 13,272 | 3,024,623 | ||||||||||||||
Depreciation and Amortization | 165,097 | 19,956 | 55,238 | 50,247 | 31,499 | 322,037 | ||||||||||||||
Depreciation | 150,557 | 19,652 | 45,799 | 35,480 | 31,368 | 282,856 | ||||||||||||||
Amortization | 14,540 | 304 | 9,439 | 14,767 | 131 | 39,181 | ||||||||||||||
Adjusted OIBDA | 652,575 | 237,380 | 123,939 | 82,064 | -201,377 | 894,581 | ||||||||||||||
Total Assets(1) | 3,687,865 | 690,507 | 1,093,105 | 922,307 | 259,221 | 6,653,005 | ||||||||||||||
Expenditures for Segment Assets | 319,419 | 20,678 | 42,191 | 176,712 | 75,586 | 634,586 | ||||||||||||||
Capital Expenditures | 96,545 | 12,929 | 32,478 | 69,757 | 75,586 | 287,295 | ||||||||||||||
Cash Paid for Acquisitions, Net of Cash Acquired | 205,251 | 6,791 | 3,028 | 102,030 | - | 317,100 | ||||||||||||||
Additions to Customer Relationship and Acquisition Costs | 17,623 | 958 | 6,685 | 4,925 | - | 30,191 | ||||||||||||||
2014 | ||||||||||||||||||||
Total Revenues | 1,795,361 | 390,207 | 460,535 | 458,010 | 13,580 | 3,117,693 | ||||||||||||||
Depreciation and Amortization | 177,097 | 21,770 | 55,028 | 64,657 | 34,591 | 353,143 | ||||||||||||||
Depreciation | 158,122 | 21,458 | 46,341 | 44,063 | 34,573 | 304,557 | ||||||||||||||
Amortization | 18,975 | 312 | 8,687 | 20,594 | 18 | 48,586 | ||||||||||||||
Adjusted OIBDA | 698,719 | 226,396 | 134,775 | 80,116 | -214,209 | 925,797 | ||||||||||||||
Total Assets(1) | 3,657,366 | 653,275 | 988,084 | 1,001,558 | 270,059 | 6,570,342 | ||||||||||||||
Expenditures for Segment Assets | 198,651 | 24,387 | 48,564 | 185,203 | 67,659 | 524,464 | ||||||||||||||
Capital Expenditures | 145,199 | 18,076 | 39,915 | 92,553 | 66,181 | 361,924 | ||||||||||||||
Cash Paid for Acquisitions, Net of Cash Acquired | 26,450 | 5,863 | 4,864 | 90,916 | - | 128,093 | ||||||||||||||
Additions to Customer Relationship and Acquisition Costs | 27,002 | 448 | 3,785 | 1,734 | 1,478 | 34,447 | ||||||||||||||
-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, | |||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||
Adjusted OIBDA | $ | $ | $ | |||||||||||||||||
910,917 | 894,581 | 925,797 | ||||||||||||||||||
Less: Depreciation and Amortization | 316,344 | 322,037 | 353,143 | |||||||||||||||||
(Gain) Loss on Disposal/Write-down of Property, Plant and Equipment (Excluding Real Estate), Net | 4,661 | 430 | 1,065 | |||||||||||||||||
REIT Costs(1) | 34,446 | 82,867 | 22,312 | |||||||||||||||||
Interest Expense, Net | 242,599 | 254,174 | 260,717 | |||||||||||||||||
Other Expense (Income), Net | 16,062 | 75,202 | 65,187 | |||||||||||||||||
Income (loss) from Continuing Operations before Provision (Benefit) for Income Taxes and (Gain) Loss on Sale of Real Estate | $ | $ | $ | |||||||||||||||||
296,805 | 159,871 | 223,373 | ||||||||||||||||||
-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 costs associated with our conversion to a REIT, excluding REIT compliance costs beginning January 1, 2014 which we expect to recur in future periods (“REIT Costs”). | |||||||||||||||||||
Schedule of operations in different geographical areas | Year Ended December 31, | |||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||
Revenues: | ||||||||||||||||||||
United States | $ | $ | $ | |||||||||||||||||
1,948,679 | 1,938,307 | 1,967,169 | ||||||||||||||||||
United Kingdom | 290,044 | 275,343 | 280,020 | |||||||||||||||||
Canada | 248,583 | 240,716 | 231,979 | |||||||||||||||||
Other International | 516,649 | 570,257 | 638,525 | |||||||||||||||||
Total Revenues | $ | $ | $ | |||||||||||||||||
3,003,955 | 3,024,623 | 3,117,693 | ||||||||||||||||||
Long-lived Assets: | ||||||||||||||||||||
United States | $ | $ | $ | |||||||||||||||||
3,359,560 | 3,645,211 | 3,619,396 | ||||||||||||||||||
United Kingdom | 529,336 | 520,255 | 474,748 | |||||||||||||||||
Canada | 445,699 | 413,821 | 409,278 | |||||||||||||||||
Other International | 999,652 | 1,140,111 | 1,149,201 | |||||||||||||||||
Total Long-lived Assets | $ | $ | $ | |||||||||||||||||
5,334,247 | 5,719,398 | 5,652,623 | ||||||||||||||||||
Schedule of revenues by product and service lines | Year Ended December 31, | |||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||
Revenues: | ||||||||||||||||||||
Records Management(1)(2) | $ | $ | $ | |||||||||||||||||
2,211,101 | 2,244,494 | 2,329,546 | ||||||||||||||||||
Data Management(1)(3) | 524,627 | 527,091 | 531,516 | |||||||||||||||||
Information Destruction(1)(4) | 268,227 | 253,038 | 256,631 | |||||||||||||||||
Total Revenues | $ | $ | $ | |||||||||||||||||
3,003,955 | 3,024,623 | 3,117,693 | ||||||||||||||||||
-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, 2014 | ||||||||
Commitments and Contingencies | ||||||||
Schedule of future minimum lease payments for leases | Year | Operating Lease | Sublease | Capital | ||||
Payment | Income | Leases | ||||||
2015 | $ | $ | $ | |||||
233,428 | -5,657 | 52,531 | ||||||
2016 | 220,328 | -4,458 | 52,685 | |||||
2017 | 207,027 | -3,478 | 40,539 | |||||
2018 | 190,906 | -1,361 | 34,414 | |||||
2019 | 178,728 | -729 | 25,827 | |||||
Thereafter | 1,216,193 | -986 | 152,799 | |||||
Total minimum lease payments | $ | $ | 358,795 | |||||
2,246,610 | -16,669 | |||||||
Less amounts representing interest | -116,929 | |||||||
Present value of capital lease obligations | $ | |||||||
241,866 | ||||||||
Contractual obligations related to purchase commitments | Year | Purchase | ||||||
Commitments | ||||||||
2015 | $ | |||||||
43,908 | ||||||||
2016 | 19,615 | |||||||
2017 | 11,943 | |||||||
2018 | 2,188 | |||||||
2019 | 1,811 | |||||||
Thereafter | 2,310 | |||||||
$ | ||||||||
81,775 | ||||||||
Stockholders_Equity_Matters_Ta
Stockholders' Equity Matters (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Stockholders' Equity Matters | ||||||||||
Schedule of dividend declared and payments | Declaration Date | Dividend | Record Date | Total | Payment | |||||
Per Share | Amount | Date | ||||||||
March 14, 2013 | $ | March 25, 2013 | $ | April 15, 2013 | ||||||
0.2700 | 51,460 | |||||||||
June 6, 2013 | 0.2700 | June 25, 2013 | 51,597 | July 15, 2013 | ||||||
September 11, 2013 | 0.2700 | September 25, 2013 | 51,625 | October 15, 2013 | ||||||
December 16, 2013 | 0.2700 | December 27, 2013 | 51,683 | January 15, 2014 | ||||||
March 14, 2014 | 0.2700 | March 25, 2014 | 51,812 | April 15, 2014 | ||||||
May 28, 2014 | 0.2700 | June 25, 2014 | 52,033 | July 15, 2014 | ||||||
September 15, 2014 | 0.4750 | September 25, 2014 | 91,993 | October 15, 2014 | ||||||
September 15, 2014(1) | 3.6144 | September 30, 2014 | 700,000 | November 4, 2014 | ||||||
November 17, 2014(2) | 0.2550 | November 28, 2014 | 53,450 | December 15, 2014 | ||||||
November 17, 2014 | 0.4750 | December 5, 2014 | 99,617 | December 22, 2014 | ||||||
-1 | Represents Special Distribution. | |||||||||
-2 | Represents Catch-Up Distribution. | |||||||||
Schedule of classification of dividends paid | Year Ended December 31, | |||||||||
2012 | 2013 | 2014 | ||||||||
Nonqualified ordinary dividends | 0.0% | 0.0% | 26.4% | |||||||
Qualified ordinary dividends | 100.0% | 100.0% | 56.4% | |||||||
Return of capital | 0.0% | 0.0% | 17.2% | |||||||
100.0% | 100.0% | 100.0% | ||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Digital Operations | ||||||||
Discontinued operation | ||||||||
Summarized results of operations | Year Ended December 31, | |||||||
2012 | 2013 | 2014 | ||||||
(Loss) Income Before (Benefit) Provision for Income Taxes of Discontinued Operations | $ | $ | $ | |||||
-75 | -958 | -960 | ||||||
(Benefit) Provision for Income Taxes | -505 | -429 | — | |||||
Income (Loss) from Discontinued Operations, Net of Tax | $ | $ | $ | |||||
430 | -529 | -960 | ||||||
New Zealand Operations | ||||||||
Discontinued operation | ||||||||
Summarized results of operations | Year Ended | |||||||
December 31, | ||||||||
2012 | 2013 | 2014 | ||||||
(Loss) Income Before (Benefit) Provision for Income Taxes of Discontinued Operations | $ | $— | $— | |||||
-88 | ||||||||
(Benefit) Provision for Income Taxes | -34 | — | — | |||||
(Loss) Income from Discontinued Operations, Net of Tax | $ | $— | $— | |||||
-54 | ||||||||
Italian Operations | ||||||||
Discontinued operation | ||||||||
Summarized results of operations | Year Ended December 31, | |||||||
2012(1) | 2013(2) | 2014(2) | ||||||
Total Revenue | $ | $— | $— | |||||
2,138 | ||||||||
(Loss) Income Before (Benefit) Provison for Income Taxes of Discontinued Operations | $ | $ | $ | |||||
-8,692 | 2,290 | 751 | ||||||
(Benefit) Provision for Income Taxes | -1,542 | 930 | — | |||||
(Loss) Income from Discontinued Operations, Net of Tax | -7,150 | 1,360 | 751 | |||||
Loss on Sale of Discontinued Operations, Net of Tax | -1,885 | — | — | |||||
Total (Loss) Income from Discontinued Operations and Sale, Net of Tax | $ | $ | $ | |||||
-9,035 | 1,360 | 751 | ||||||
-1 | Includes the results of operations of Italy through April 27, 2012, the date the sale of our Italian operations was consummated. | |||||||
-2 | During the years ended December 31, 2013 and 2014, we recognized income before provision of income taxes of discontinued operations primarily related to the recovery of insurance proceeds in excess of carrying value. | |||||||
Restructuring_Tables
Restructuring (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Restructuring | ||||||
Restructuring costs | Year Ended | |||||
December 31, | ||||||
2013 | 2014 | |||||
Cost of sales (excluding depreciation and amortization) | $ | $ | ||||
3,400 | 1,228 | |||||
Selling, general and administrative expenses | 20,000 | 2,247 | ||||
Total restructuring costs | $ | $ | ||||
23,400 | 3,475 | |||||
Restructuring costs recorded by segment | Year Ended | |||||
December 31, | ||||||
2013 | 2014 | |||||
North American Records and Information Management Business | $ | $ | ||||
12,600 | 1,560 | |||||
North American Data Management Business | 2,100 | 340 | ||||
Western European Business | 2,300 | 33 | ||||
Other International Business | 1,400 | — | ||||
Corporate and Other Business | 5,000 | 1,542 | ||||
Total restructuring costs | $ | $ | ||||
23,400 | 3,475 | |||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
item | item | ||
Cash, Cash Equivalents and Restricted Cash | |||
Restricted cash | $33,860 | $33,860 | |
Foreign Currency | |||
Foreign currency transaction gains (loss) | ($58,316) | ($36,201) | ($10,223) |
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 | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, plant and equipment and long-lived assets | |||
Property, plant and equipment, stated at cost | $4,668,705 | $4,631,067 | |
Capitalization of internal use computer software | 19,419 | 39,487 | 26,755 |
A reconciliation of liabilities for assets retirement obligation | |||
Assets Retirement Obligations, beginning of the year | 11,809 | 10,982 | |
Liabilities Incurred | 1,366 | 480 | |
Liabilities Settled | -1,199 | -687 | |
Accretion Expense | 1,121 | 1,123 | |
Foreign Currency Exchange Movement | -200 | -89 | |
Assets Retirement Obligations, end of the year | 12,897 | 11,809 | 10,982 |
Land | |||
Property, plant and equipment and long-lived assets | |||
Property, plant and equipment, stated at cost | 205,463 | 203,423 | |
Buildings and buildings improvements | |||
Property, plant and equipment and long-lived assets | |||
Property, plant and equipment, stated at cost | 1,409,330 | 1,283,458 | |
Buildings and buildings improvements | Minimum | |||
Property, plant and equipment and long-lived assets | |||
Useful life | 5 years | ||
Buildings and buildings improvements | Maximum | |||
Property, plant and equipment and long-lived assets | |||
Useful life | 40 years | ||
Leasehold improvements | |||
Property, plant and equipment and long-lived assets | |||
Property, plant and equipment, stated at cost | 467,176 | 499,906 | |
Leasehold improvements | Minimum | |||
Property, plant and equipment and long-lived assets | |||
Useful life | 5 years | ||
Leasehold improvements | Maximum | |||
Property, plant and equipment and long-lived assets | |||
Useful life | 10 years | ||
Racking | |||
Property, plant and equipment and long-lived assets | |||
Property, plant and equipment, stated at cost | 1,559,383 | 1,536,212 | |
Racking | Minimum | |||
Property, plant and equipment and long-lived assets | |||
Useful life | 1 year | ||
Racking | Maximum | |||
Property, plant and equipment and long-lived assets | |||
Useful life | 20 years | ||
Warehouse equipment and vehicles | |||
Property, plant and equipment and long-lived assets | |||
Property, plant and equipment, stated at cost | 341,393 | 365,171 | |
Warehouse equipment and vehicles | Minimum | |||
Property, plant and equipment and long-lived assets | |||
Useful life | 1 year | ||
Warehouse equipment and vehicles | Maximum | |||
Property, plant and equipment and long-lived assets | |||
Useful life | 10 years | ||
Furniture and fixtures | |||
Property, plant and equipment and long-lived assets | |||
Property, plant and equipment, stated at cost | 53,189 | 53,590 | |
Furniture and fixtures | Minimum | |||
Property, plant and equipment and long-lived assets | |||
Useful life | 3 years | ||
Furniture and fixtures | Maximum | |||
Property, plant and equipment and long-lived assets | |||
Useful life | 10 years | ||
Computer hardware and software | |||
Property, plant and equipment and long-lived assets | |||
Property, plant and equipment, stated at cost | 501,882 | 511,927 | |
Deferred software cost written off | 1,300 | 1,100 | 1,110 |
Computer hardware and software | Minimum | |||
Property, plant and equipment and long-lived assets | |||
Useful life | 2 years | ||
Computer hardware and software | Maximum | |||
Property, plant and equipment and long-lived assets | |||
Useful life | 5 years | ||
Construction in progress | |||
Property, plant and equipment and long-lived assets | |||
Property, plant and equipment, stated at cost | 130,889 | 177,380 | |
North American Records and Information Management Business | Computer hardware and software | |||
Property, plant and equipment and long-lived assets | |||
Deferred software cost written off | 1,000 | 800 | |
Western European Business | Computer hardware and software | |||
Property, plant and equipment and long-lived assets | |||
Deferred software cost written off | 300 | ||
Corporate and Other Business | Computer hardware and software | |||
Property, plant and equipment and long-lived assets | |||
Deferred software cost written off | $300 | $1,110 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policie (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2015 |
item | item | ||
Indefinite Lived Intangible Assets Excluding Goodwill | |||
Indefinite lived intangible assets excluding goodwill | $0 | ||
Number of reporting units | 4 | ||
Gross amount of goodwill | |||
Balance, beginning of period | 2,783,685 | 2,655,499 | |
Deductible goodwill acquired during the year | 39,798 | 64,040 | |
Non-deductible goodwill acquired during the year | 44,319 | 77,712 | |
Allocated to divestiture | -7,750 | ||
Fair value and other adjustments | -34,008 | 8,522 | |
Currency effects | -83,825 | -22,088 | |
Balance, end of period | 2,742,219 | 2,783,685 | |
Accumulated amortization | |||
Balance, beginning of period | 320,333 | 320,740 | |
Currency effects | -1,897 | -407 | |
Balance, end of period | 318,436 | 320,333 | |
Goodwill | 2,423,783 | 2,463,352 | |
Accumulated Goodwill Impairment Balance | 132,409 | 132,409 | |
Total fair value and other adjustments, related to property, plant and equipment, net, customer relationships and deferred income taxes | 8,446 | ||
Total fair value and other adjustments related to deferred income taxes | -32,265 | ||
Total fair value and other adjustments related to property, plant and equipment and other assumed liabilities | -443 | ||
Cash received (paid) related to acquisitions made in previous years | 1,300 | -76 | |
Emerging Business | |||
Accumulated amortization | |||
Goodwill | 88,599 | ||
Latin America | |||
Accumulated amortization | |||
Goodwill | 93,149 | ||
Western Europe | |||
Accumulated amortization | |||
Goodwill | 375,954 | ||
North America | |||
Accumulated amortization | |||
Goodwill | 1,849,440 | ||
Asia Pacific | |||
Accumulated amortization | |||
Goodwill | 56,210 | ||
North American Records and Information Management Business | |||
Indefinite Lived Intangible Assets Excluding Goodwill | |||
Number of reporting units | 3 | ||
Gross amount of goodwill | |||
Balance, beginning of period | 1,671,927 | 1,602,824 | |
Deductible goodwill acquired during the year | 7,745 | 40,046 | |
Non-deductible goodwill acquired during the year | 7,045 | 34,066 | |
Fair value and other adjustments | -26,898 | 7,144 | |
Currency effects | -14,610 | -12,153 | |
Balance, end of period | 1,645,209 | 1,671,927 | |
Accumulated amortization | |||
Balance, beginning of period | 206,706 | 207,309 | |
Currency effects | -719 | -603 | |
Balance, end of period | 205,987 | 206,706 | |
Goodwill | 1,439,222 | 1,465,221 | |
Accumulated Goodwill Impairment Balance | 85,909 | 85,909 | |
North American Records and Information Management Business | North American Records and Information Management | |||
Accumulated amortization | |||
Goodwill | 1,397,484 | ||
North American Records and Information Management Business | Intellectual Property Management | |||
Accumulated amortization | |||
Goodwill | 38,491 | ||
North American Records and Information Management Business | Fulfillment Services | |||
Accumulated amortization | |||
Goodwill | 3,247 | ||
North American Data Management | |||
Gross amount of goodwill | |||
Balance, beginning of period | 438,423 | 421,147 | |
Deductible goodwill acquired during the year | 1,936 | 10,011 | |
Non-deductible goodwill acquired during the year | 8,517 | ||
Fair value and other adjustments | -6,724 | 1,786 | |
Currency effects | -3,653 | -3,038 | |
Balance, end of period | 429,982 | 438,423 | |
Accumulated amortization | |||
Balance, beginning of period | 54,204 | 54,355 | |
Currency effects | -179 | -151 | |
Balance, end of period | 54,025 | 54,204 | |
Goodwill | 375,957 | 384,219 | |
North American Data Management | North American Data Management | |||
Accumulated amortization | |||
Goodwill | 375,957 | ||
Western European Business | |||
Gross amount of goodwill | |||
Balance, beginning of period | 447,206 | 435,834 | |
Non-deductible goodwill acquired during the year | 3,405 | 1,172 | |
Allocated to divestiture | -4,032 | ||
Fair value and other adjustments | 188 | ||
Currency effects | -34,257 | 10,012 | |
Balance, end of period | 412,322 | 447,206 | |
Accumulated amortization | |||
Balance, beginning of period | 59,253 | 58,905 | |
Currency effects | -980 | 348 | |
Balance, end of period | 58,273 | 59,253 | |
Goodwill | 354,049 | 387,953 | |
Accumulated Goodwill Impairment Balance | 46,500 | 46,500 | |
Western European Business | New Western Europe | |||
Accumulated amortization | |||
Goodwill | 354,049 | ||
Other International Business | |||
Gross amount of goodwill | |||
Balance, beginning of period | 226,129 | 195,694 | |
Deductible goodwill acquired during the year | 30,117 | 13,983 | |
Non-deductible goodwill acquired during the year | 33,869 | 33,957 | |
Allocated to divestiture | -3,718 | ||
Fair value and other adjustments | -386 | -596 | |
Currency effects | -31,305 | -16,909 | |
Balance, end of period | 254,706 | 226,129 | |
Accumulated amortization | |||
Balance, beginning of period | 170 | 171 | |
Currency effects | -19 | -1 | |
Balance, end of period | 151 | 170 | |
Goodwill | 254,555 | 225,959 | |
Other International Business | New Emerging Markets | |||
Accumulated amortization | |||
Goodwill | 87,408 | ||
Other International Business | Latin America | |||
Accumulated amortization | |||
Goodwill | 107,240 | ||
Other International Business | Australia and Singapore | |||
Accumulated amortization | |||
Goodwill | 55,779 | ||
Other International Business | Greater China | |||
Accumulated amortization | |||
Goodwill | 3,500 | ||
Other International Business | Russia, Ukraine and Denmark | |||
Accumulated amortization | |||
Goodwill | $628 | ||
International Business | |||
Indefinite Lived Intangible Assets Excluding Goodwill | |||
Number of reporting units | 7 | ||
Number of unique reportable segments the former reporting segment has been separated into | 2 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disposition and impairment of long-lived assets by segment | |||
Gain (loss) on disposal/write-down of property, plant and equipment (excluding real estate) | ($1,065) | ($430) | ($4,661) |
Gain on sale of real estate | 10,512 | 1,847 | 261 |
Tax effect on gain on sale of real estate | 2,205 | 430 | 55 |
Gain on sale of real estate, net of tax | 8,307 | 1,417 | 206 |
Emerging Businesses | |||
Disposition and impairment of long-lived assets by segment | |||
Write-down of certain facilities | 1,100 | ||
North American Records and Information Management Business | |||
Disposition and impairment of long-lived assets by segment | |||
Gains (loss) on the retirement of leased vehicles accounted for as a capital lease | 2,500 | 3,500 | |
Write-down of certain facilities | 1,700 | 700 | |
Western European Business | |||
Disposition and impairment of long-lived assets by segment | |||
Write-down of certain facilities | 600 | 2,500 | |
Other International Business | |||
Disposition and impairment of long-lived assets by segment | |||
Write-down of certain facilities | 300 | 3,800 | |
Corporate and Other Business | |||
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Amortizable intangible assets | |||
Amortization | $48,586 | $39,181 | $35,746 |
Deferred financing costs | |||
Gross carrying amount | 63,033 | 62,418 | |
Accumulated amortization | 15,956 | 16,811 | |
Prepaid Expenses and Accrued Expenses | |||
Minimum percentage of current assets and liabilities required to be disclosed separately | 5.00% | ||
Income tax receivable | 41,559 | 31,915 | |
Other | 97,910 | 112,886 | |
Prepaid expenses | 139,469 | 144,801 | |
Interest | 69,525 | 71,971 | |
Payroll and vacation | 75,050 | 91,519 | |
Incentive compensation | 66,552 | 58,562 | |
Dividend | 6,182 | 55,142 | |
Self-insured liabilities | 33,381 | 32,850 | |
Other | 153,795 | 151,294 | |
Accrued expenses | 404,485 | 461,338 | |
Amortization expense included in depreciation and amortization | |||
Estimated amortization expense for existing intangible assets for the next five succeeding fiscal years | |||
2015 | 48,230 | ||
2016 | 48,040 | ||
2017 | 47,192 | ||
2018 | 46,389 | ||
2019 | 45,189 | ||
Amortization expense offsetting revenues | |||
Estimated amortization expense for existing intangible assets for the next five succeeding fiscal years | |||
2015 | 7,748 | ||
2016 | 6,073 | ||
2017 | 4,280 | ||
2018 | 2,838 | ||
2019 | 1,554 | ||
Customer Relationships and Acquisition Costs | |||
Amortizable intangible assets | |||
Gross carrying amount | 904,866 | 879,378 | |
Accumulated amortization | 297,029 | 273,894 | |
Customer Relationships and Acquisition Costs | Amortization expense included in depreciation and amortization | |||
Amortizable intangible assets | |||
Amortization | 46,733 | 37,725 | 34,806 |
Customer Relationships and Acquisition Costs | Amortization expense offsetting revenues | |||
Amortizable intangible assets | |||
Amortization | 11,715 | 11,788 | 10,784 |
Deferred Financing Costs | Amortization expense charged to interest expense | |||
Estimated amortization expense for existing intangible assets for the next five succeeding fiscal years | |||
2015 | 7,702 | ||
2016 | 6,874 | ||
2017 | 5,714 | ||
2018 | 5,683 | ||
2019 | 4,966 | ||
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 | 25 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 | 15 years | ||
Customer's current record management vendor | Weighted average | |||
Amortizable intangible assets | |||
Useful life of finite-lived intangible assets | 6 years | ||
Customer relationship intangible assets | Minimum | |||
Amortizable intangible assets | |||
Useful life of finite-lived intangible assets | 10 years | ||
Customer relationship intangible assets | Maximum | |||
Amortizable intangible assets | |||
Useful life of finite-lived intangible assets | 30 years | ||
Customer relationship intangible assets | Weighted average | |||
Amortizable intangible assets | |||
Useful life of finite-lived intangible assets | 20 years | ||
Other intangible assets | |||
Amortizable intangible assets | |||
Gross carrying amount | 10,630 | 9,475 | |
Accumulated amortization | 8,608 | 7,305 | |
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 | 6 years | ||
Other intangible assets | Amortization expense included in depreciation and amortization | |||
Amortizable intangible assets | |||
Amortization | $1,853 | $1,456 | $940 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock-based compensation expense | |||
Stock-based compensation | $29,624 | $30,354 | $30,360 |
Stock-based compensation expense (income), net of tax | 21,886 | 22,085 | 23,437 |
Stock-based compensation expense per basic and diluted share (in dollars per share) | $0.11 | ||
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 (deficiency) from stock-based compensation | -60 | 2,389 | 1,045 |
Continuing Operations | |||
Stock-based compensation expense | |||
Stock-based compensation | 29,624 | 30,354 | 30,360 |
Continuing Operations | Cost of sales (excluding depreciation and amortization) | |||
Stock-based compensation expense | |||
Stock-based compensation | 680 | 293 | 1,392 |
Continuing Operations | Selling, general and administrative expenses | |||
Stock-based compensation expense | |||
Stock-based compensation | $28,944 | $30,061 | $28,968 |
Summary_of_Significant_Account9
Summary of Significant Accounting Policies (Details 7) (USD $) | 0 Months Ended | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Nov. 04, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 20, 2015 |
Employee stock-based awards | |||||
Total shares authorized for grant | 43,253,839 | ||||
Remaining number of shares available for grant | 4,581,754 | ||||
Summary of option activity | |||||
Adjustment associated with special dividends (in shares) | 15,750,000 | ||||
Share-Based Compensation, aggregate disclosures | |||||
Employee stock-based awards, unrecognized compensation costs on nonvested awards | $35,467 | ||||
Employee stock-based awards, unrecognized compensation costs on nonvested awards, weighted average period of recognition | 1 year 10 months 24 days | ||||
Stock Options | |||||
Employee stock-based awards | |||||
Weighted average fair value of options granted (in dollars per share) | $5.70 | $7.69 | $7 | ||
Weighted average assumptions used for grants | |||||
Expected volatility (as a percent) | 34.00% | 33.80% | 33.80% | ||
Risk-free interest rate (as a percent) | 2.04% | 1.13% | 1.24% | ||
Expected dividend yield (as a percent) | 4.00% | 3.00% | 3.00% | ||
Expected life of the option | 6 years 8 months 12 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) | 5,145,739 | ||||
Options granted (in shares) | 576,174 | ||||
Adjustment associated with special dividends (in shares) | 360,814 | ||||
Options exercised (in shares) | -2,223,012 | ||||
Options forfeited (in shares) | -180,335 | ||||
Options expired (in shares) | -1,134 | ||||
Options outstanding balance, end of period (in shares) | 3,678,246 | 5,145,739 | |||
Options exercisable balance (in shares) | 2,643,384 | ||||
Options expected to vest (in shares) | 986,850 | ||||
Weighted Average Exercise Price | |||||
Weighted average exercise price, options outstanding balance beginning of period (in dollars per share) | $24.09 | ||||
Weighted average exercise price, options granted (in dollars per share) | $31 | ||||
Weighted average exercise price, options exercised (in dollars per share) | $23.15 | ||||
Weighted average exercise price, options forfeited (in dollars per share) | $24.13 | ||||
Weighted average exercise price, options expired (in dollars per share) | $30.13 | ||||
Weighted average exercise price, options outstanding balance end of period (in dollars per share) | $23.37 | $24.09 | |||
Weighted average exercise price, options exercisable (in dollars per share) | $21.97 | ||||
Weighted average exercise price, options expected to vest (in dollars per share) | $26.90 | ||||
Weighted average remaining contractual term | |||||
Weighted average remaining contractual term, options outstanding | 5 years 2 months 1 day | ||||
Weighted average remaining contractual term, options exercisable | 4 years 29 days | ||||
Weighted average remaining contractual term, options expected to vest | 7 years 11 months 9 days | ||||
Aggregate intrinsic value | |||||
Aggregate intrinsic value, options outstanding | 56,248 | ||||
Aggregate intrinsic value, options exercisable | 44,116 | ||||
Aggregate intrinsic value, options expected to vest | 11,603 | ||||
Aggregate intrinsic value of stock options exercised | |||||
Aggregate intrinsic value of stock options exercised | 23,178 | 11,024 | 15,859 | ||
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 | ||||
Ten Year Vesting 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 | 8.00% | ||||
Three Year Vesting Options | |||||
Employee stock-based awards | |||||
Award vesting period | 3 years | ||||
Contractual term of awards | 10 years | ||||
Certain options as a percentage of total outstanding options | 34.30% | ||||
Employee Stock Purchase Plan | |||||
Employee stock-based awards | |||||
Remaining number of shares available for grant | 960,638 | ||||
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 | 115,046 | 144,432 | 151,285 | ||
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) | 1,435,230 | ||||
Granted (in shares) | 902,702 | ||||
Vested (in shares) | -721,533 | ||||
Forfeited (in shares) | -210,830 | ||||
Non-vested at the end of the period (in shares) | 1,405,569 | ||||
Weighted average grant date fair value | |||||
Weighted average grant date fair value, non-vested, beginning of period (in dollars per share) | $29.76 | ||||
Weighted average grant date fair value, granted (in dollars per share) | $29.73 | ||||
Weighted average grant date fair value, vested (in dollars per share) | $31.24 | ||||
Weighted average grant date fair value, forfeited (in dollars per share) | $31.14 | ||||
Weighted average grant date fair value, non-vested, end of period (in dollars per share) | $28.78 | ||||
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 | |||||
Employee stock-based awards | |||||
Award vesting period | 3 years | ||||
Dividends accrued | |||||
Accrued cash dividends | 1,341 | 681 | 369 | ||
Cash dividends paid | 312 | 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) | 310,816 | ||||
Granted (in shares) | 175,653 | ||||
Vested (in shares) | -77,490 | ||||
Forfeited (in shares) | -29,922 | ||||
Non-vested at the end of the period (in shares) | 379,057 | 310,816 | |||
Weighted average grant date fair value | |||||
Weighted average grant date fair value, non-vested, beginning of period (in dollars per share) | $33.18 | ||||
Weighted average grant date fair value, granted (in dollars per share) | $26.82 | ||||
Weighted average grant date fair value, vested (in dollars per share) | $31.85 | ||||
Weighted average grant date fair value, forfeited (in dollars per share) | $29.44 | ||||
Weighted average grant date fair value, non-vested, end of period (in dollars per share) | $30.80 | $33.18 | |||
Total fair value of shares or units vested | 1,216 | 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, revenue growth and ROIC targets | 60.00% | ||||
Performance units | Revenue or revenue growth and return on invested capital | PUs granted prior to 2014 | |||||
Performance units disclosure | |||||
Performance period | 1 year | ||||
Performance units | Revenue or revenue growth and return on invested capital | PUs granted in 2014 | |||||
Performance units disclosure | |||||
Performance period | 3 years | ||||
Performance units | Market condition associated with shareholder return of common stock | |||||
Performance units disclosure | |||||
Performance period | 3 years | ||||
Performance units | Minimum | Revenue or revenue growth and return on invested capital | PUs granted prior to 2014 | |||||
Performance units disclosure | |||||
Percentage payout rate | 0.00% | ||||
Performance units | Minimum | Revenue or revenue growth and return on invested capital | PUs granted in 2014 | |||||
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 or revenue growth and return on invested capital | PUs granted prior to 2014 | |||||
Performance units disclosure | |||||
Percentage payout rate | 150.00% | ||||
Performance units | Maximum | Revenue or revenue growth and return on invested capital | PUs granted in 2014 | |||||
Performance units disclosure | |||||
Percentage payout rate | 200.00% | ||||
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) | 334,548 | ||||
Granted (in shares) | 225,429 | 198,869 | 221,781 | ||
Vested (in shares) | -68,389 | ||||
Forfeited (in shares) | -29,922 | ||||
Non-vested at the end of the period (in shares) | 461,666 | 334,548 | |||
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) | -23,732 | ||||
Granted (in shares) | -49,776 | ||||
Vested (in shares) | -9,101 | ||||
Non-vested at the end of the period (in shares) | -82,609 | ||||
Restricted Stock Units | |||||
Dividends accrued | |||||
Accrued cash dividends | 3,698 | 1,854 | 1,378 | ||
Weighted average grant date fair value | |||||
Total fair value of shares or units vested | 22,535 | 16,638 | 8,296 | ||
Restricted Stock Plan | |||||
Dividends accrued | |||||
Cash dividends paid | 1,377 | 820 | 58 | ||
Weighted average grant date fair value | |||||
Total fair value of shares or units vested | $1 | $1 | $1 | ||
Subsequent event | 2014 Plan | |||||
Employee stock-based awards | |||||
Total shares authorized for grant | 7,750,000 |
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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
item | item | item | item | ||||||||
Income (Loss) Per Share-Basic and Diluted | |||||||||||
Income (loss) from continuing operations | $12,674 | $858 | $272,702 | $42,721 | $48,339 | $5,330 | $27,340 | $18,152 | $328,955 | $99,161 | $182,707 |
Total income (loss) from discontinued operations | -209 | 831 | -8,659 | ||||||||
Net income (loss) attributable to Iron Mountain Incorporated | 12,749 | 66 | 271,637 | 41,667 | 47,059 | 3,849 | 26,366 | 19,188 | 326,119 | 96,462 | 170,922 |
Weighted-Average Common Shares Outstanding -Basic | 195,278,000 | 190,994,000 | 173,604,000 | ||||||||
Effect of dilutive potential stock options (in shares) | 913,926 | 995,836 | 914,308 | ||||||||
Effect of dilutive potential restricted stock, RSUs and PUs (in shares) | 557,269 | 422,045 | 349,128 | ||||||||
Weighted-Average Common Shares Outstanding-Diluted | 196,749,000 | 192,412,000 | 174,867,000 | ||||||||
Earnings (Losses) per share-basic: | |||||||||||
Income (Loss) from Continuing Operations (in dollars per share) | $0.06 | $1.42 | $0.22 | $0.25 | $0.03 | $0.14 | $0.10 | $1.68 | $0.52 | $1.05 | |
Total (Loss) Income from Discontinued Operations (in dollars per share) | $0.01 | ($0.05) | |||||||||
Net Income (Loss) Attributable to Iron Mountain Incorporated (in dollars per share) | $0.06 | $1.41 | $0.22 | $0.25 | $0.02 | $0.14 | $0.10 | $1.67 | $0.51 | $0.98 | |
Earnings (Losses) per share-diluted: | |||||||||||
Income (Loss) from Continuing Operations (in dollars per share) | $0.06 | $1.41 | $0.22 | $0.25 | $0.03 | $0.14 | $0.09 | $1.67 | $0.52 | $1.04 | |
Total (Loss) Income from Discontinued Operations (in dollars per share) | $0.01 | ($0.05) | |||||||||
Net Income (Loss) Attributable to Iron Mountain Incorporated (in dollars per share) | $0.06 | $1.40 | $0.22 | $0.24 | $0.02 | $0.14 | $0.10 | $1.66 | $0.50 | $0.98 | |
Antidilutive stock options, RSUs and PUs, excluded from the calculation (in shares) | 872,039 | 903,416 | 1,286,150 | ||||||||
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 | 3 | 1 | 3 | 1 | |||||||
Number of "Triple A" rated money market funds with cash, cash equivalent and restricted cash held on deposit | 2 | 1 | 2 | 1 | |||||||
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 | 159,793 | 154,386 | 159,793 | 154,386 | |||||||
Money market funds and time deposits | 53,032 | 36,613 | 53,032 | 36,613 | |||||||
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 | 34,645 | 25,209 | 34,645 | 25,209 | 23,277 | ||||||
Credit Memos Charged to Revenue | 47,137 | 49,483 | 39,723 | ||||||||
Allowance for Bad Debts Charged to Expense | 14,209 | 11,321 | 8,323 | ||||||||
Other | -572 | 3,612 | 977 | ||||||||
Deductions | -63,278 | -54,980 | -47,091 | ||||||||
Balance at End of the Year | $32,141 | $34,645 | $32,141 | $34,645 | $25,209 |
Recovered_Sheet2
Summary of Significant Accounting Policies (Details 9) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
item | |||
Assets and liabilities carried at fair value measured on a recurring basis | |||
Trading securities | $13,172 | $13,386 | |
Available-for-sale and Trading Securities | |||
Number of trust that holds marketable securities | 1 | ||
Net realized and unrealized gain (loss) on trading securities | 1,112 | 2,283 | 1,292 |
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 | 36,828 | 33,860 | |
Time deposits | 16,204 | 2,753 | |
Trading securities | 13,172 | 13,386 | |
Derivative assets | 72 | ||
Derivative liabilities | 2,411 | 5,592 | |
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 | 12,428 | 12,785 | |
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 | 36,828 | 33,860 | |
Time deposits | 16,204 | 2,753 | |
Trading securities | 744 | 601 | |
Derivative assets | 72 | ||
Derivative liabilities | $2,411 | $5,592 |
Recovered_Sheet3
Summary of Significant Accounting Policies (Details 10) (Crossroads Systems, Inc., USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Crossroads Systems, Inc. | ||
Investments | ||
Cost method investment (as a percent) | 4.00% | |
Cost method investment, carrying value | $1,457 | $1,404 |
Recovered_Sheet4
Summary of Significant Accounting Policies (Details 11) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Changes in accumulated other comprehensive items | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | ($8,660) | $20,314 | |
Other comprehensive loss: | |||
Foreign currency translation adjustments | -66,424 | -29,900 | |
Market value adjustments for securities | 53 | 926 | |
Total Other comprehensive (loss) income | -66,371 | -28,974 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | -75,031 | -8,660 | 20,314 |
Other Expense (Income), Net: | |||
Foreign currency transaction losses (gains), net | 58,316 | 36,201 | 10,223 |
Debt extinguishment expense, net | 16,495 | 43,724 | 10,628 |
Other, net | -9,624 | -4,723 | -4,789 |
Other Expense (Income), Net | 65,187 | 75,202 | 16,062 |
Foreign currency translation adjustments | |||
Changes in accumulated other comprehensive items | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | -9,586 | 20,314 | |
Other comprehensive loss: | |||
Foreign currency translation adjustments | -66,424 | -29,900 | |
Total Other comprehensive (loss) income | -66,424 | -29,900 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | -76,010 | -9,586 | |
Market value adjustments for securities | |||
Changes in accumulated other comprehensive items | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | 926 | ||
Other comprehensive loss: | |||
Market value adjustments for securities | 53 | 926 | |
Total Other comprehensive (loss) income | 53 | 926 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | $979 | $926 |
Recovered_Sheet5
Summary of Significant Accounting Policies (Details 12) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Immaterial Restatement | ||||||||||||
Aggregate reduction in reported revenue | $10,000 | |||||||||||
Consolidated statement of operations | ||||||||||||
Service | 1,257,450 | 1,239,902 | 1,270,817 | |||||||||
Total Revenues | 777,978 | 782,697 | 786,892 | 770,126 | 768,207 | 755,314 | 754,396 | 746,706 | 3,117,693 | 3,024,623 | 3,003,955 | |
Operating income (loss) | 127,895 | 141,476 | 147,290 | 132,616 | 97,075 | 139,958 | 129,697 | 122,517 | 549,277 | 489,247 | 555,466 | |
Income (Loss) from Continuing Operations Before Provision (Benefit) for Income Taxes and (Gain) Loss on Sale of Real Estate | 223,373 | 159,871 | 296,805 | |||||||||
Provision (Benefit) for Income Taxes | -97,275 | 62,127 | 114,304 | |||||||||
Income (loss) from continuing operations | 12,674 | 858 | 272,702 | 42,721 | 48,339 | 5,330 | 27,340 | 18,152 | 328,955 | 99,161 | 182,707 | |
Net (Loss) Income | 13,403 | 858 | 272,376 | 42,109 | 47,655 | 4,759 | 27,242 | 20,336 | 328,746 | 99,992 | 174,048 | |
Net income (loss) attributable to Iron Mountain Incorporated | 12,749 | 66 | 271,637 | 41,667 | 47,059 | 3,849 | 26,366 | 19,188 | 326,119 | 96,462 | 170,922 | |
Earnings (Losses) per Share-Basic: | ||||||||||||
(Loss) Income from Continuing Operations (in dollars per share) | $0.06 | $1.42 | $0.22 | $0.25 | $0.03 | $0.14 | $0.10 | $1.68 | $0.52 | $1.05 | ||
Net Income (Loss) Attributable to Iron Mountain Incorporated (in dollars per share) | $0.06 | $1.41 | $0.22 | $0.25 | $0.02 | $0.14 | $0.10 | $1.67 | $0.51 | $0.98 | ||
Earnings (Losses) per Share-Diluted: | ||||||||||||
(Loss) Income from Continuing Operations (in dollars per share) | $0.06 | $1.41 | $0.22 | $0.25 | $0.03 | $0.14 | $0.09 | $1.67 | $0.52 | $1.04 | ||
Net Income (Loss) Attributable to Iron Mountain Incorporated (in dollars per share) | $0.06 | $1.40 | $0.22 | $0.24 | $0.02 | $0.14 | $0.10 | $1.66 | $0.50 | $0.98 | ||
Consolidated balance sheet | ||||||||||||
Deferred revenue | 197,142 | 238,724 | 197,142 | 238,724 | ||||||||
Total Current Liabilities | 856,736 | 969,101 | 856,736 | 969,101 | ||||||||
Deferred Income Taxes | 54,658 | 340,568 | 54,658 | 340,568 | ||||||||
Total Iron Mountain Incorporated Stockholders' Equity | 856,355 | 1,041,238 | 856,355 | 1,041,238 | ||||||||
Total Equity | 869,955 | 1,051,734 | 869,955 | 1,051,734 | 1,157,148 | 1,249,742 | ||||||
Accrued expenses | ||||||||||||
Interest | 69,525 | 71,971 | 69,525 | 71,971 | ||||||||
Payroll and vacation | 75,050 | 91,519 | 75,050 | 91,519 | ||||||||
Incentive compensation | 66,552 | 58,562 | 66,552 | 58,562 | ||||||||
Dividend | 6,182 | 55,142 | 6,182 | 55,142 | ||||||||
Self-insured liabilities | 33,381 | 32,850 | 33,381 | 32,850 | ||||||||
Other | 153,795 | 151,294 | 153,795 | 151,294 | ||||||||
Accrued expenses | 404,485 | 461,338 | 404,485 | 461,338 | ||||||||
Reduction in reported revenue | ||||||||||||
Immaterial Restatement | ||||||||||||
Cumulative impact, before tax | 0 | |||||||||||
Consolidated statement of operations | ||||||||||||
Total Revenues | 1,300 | 1,300 | 7,400 | |||||||||
Consolidated balance sheet | ||||||||||||
Cumulative impact, net of tax | 4,514 | |||||||||||
Reduction in reported revenue | Adjustment | ||||||||||||
Consolidated statement of operations | ||||||||||||
Service | -1,300 | -1,300 | ||||||||||
Total Revenues | -1,300 | -1,300 | ||||||||||
Operating income (loss) | -1,300 | -1,300 | ||||||||||
Income (Loss) from Continuing Operations Before Provision (Benefit) for Income Taxes and (Gain) Loss on Sale of Real Estate | -1,300 | -1,300 | ||||||||||
Provision (Benefit) for Income Taxes | -500 | -514 | ||||||||||
Income (loss) from continuing operations | -800 | -786 | ||||||||||
Net (Loss) Income | -800 | -786 | ||||||||||
Net income (loss) attributable to Iron Mountain Incorporated | -800 | -786 | ||||||||||
Earnings (Losses) per Share-Basic: | ||||||||||||
(Loss) Income from Continuing Operations (in dollars per share) | $0 | $0 | ||||||||||
Net Income (Loss) Attributable to Iron Mountain Incorporated (in dollars per share) | $0 | $0 | ||||||||||
Earnings (Losses) per Share-Diluted: | ||||||||||||
(Loss) Income from Continuing Operations (in dollars per share) | $0 | $0 | ||||||||||
Net Income (Loss) Attributable to Iron Mountain Incorporated (in dollars per share) | $0 | $0 | ||||||||||
Consolidated balance sheet | ||||||||||||
Deferred revenue | 10,000 | 10,000 | ||||||||||
Total Current Liabilities | 10,000 | 10,000 | ||||||||||
Deferred Income Taxes | -3,900 | -3,900 | ||||||||||
Earnings in excess of distributions (Distributions in excess of earnings) | -6,100 | -6,100 | ||||||||||
Total Iron Mountain Incorporated Stockholders' Equity | -6,100 | -6,100 | ||||||||||
Total Equity | ($6,100) | ($6,100) |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Details) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | item | item | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Forward contracts | Forward contracts |
USD ($) | USD ($) | USD ($) | Purchases | Sales | |||
Euros : U.S. dollars | Euros : U.S. dollars | ||||||
EUR (€) | USD ($) | ||||||
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 | |||||
Derivative instruments | |||||||
Notional amount of derivatives | € 206,000 | $252,745 | |||||
Net cash receipts from foreign currency forward contracts | 6,954 | ||||||
Net cash payments from foreign currency forward contracts | $21,125 | $9,116 |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities (Details 2) (Derivatives Not Designated as Hedging Instruments, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair value of derivative instruments | ||
Asset Derivatives | $72 | |
Liability Derivatives | 2,411 | 5,592 |
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 | $2,411 | $5,592 |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities (Details 3) | 12 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
USD ($) | USD ($) | USD ($) | 6 3/4% Notes | 6 3/4% Notes | 6 3/4% Notes | 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 | USD ($) | USD ($) | USD ($) | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | |||||||
Net investment | Net investment | Net investment | Net investment | USD ($) | USD ($) | USD ($) | ||||||||||
USD ($) | EUR (€) | EUR (€) | EUR (€) | |||||||||||||
Gains and losses on derivative instruments | ||||||||||||||||
Total (gain) loss recognized in income on derivatives | $18,016 | ($2,955) | $13,007 | $18,016 | ($2,955) | $13,007 | ||||||||||
Net investment hedge | ||||||||||||||||
Stated interest rate (as a percent) | 6.75% | 6.75% | 6.75% | |||||||||||||
Average notional amount of derivatives | 47,730 | 106,525 | 101,167 | |||||||||||||
Foreign exchange (losses) gains | 6,385 | -5,311 | -4,408 | |||||||||||||
Tax benefit (expense) on foreign exchange (losses) gains | -57 | 2,073 | 1,740 | |||||||||||||
Foreign exchange (losses) gains, net of tax | 6,328 | -3,238 | -2,668 | |||||||||||||
Cumulative net investment hedge gains (losses) recorded in accumulated other comprehensive items, net | $13,812 |
Debt_Details
Debt (Details) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 24, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Aug. 07, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 07, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Aug. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Aug. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2012 | Sep. 30, 2012 |
USD ($) | 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 | 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 | 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 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 | CAD Notes | CAD Notes | CAD Notes | CAD Notes | CAD Notes | CAD Notes | CAD Notes | CAD Notes | CAD Notes | GBP Notes | GBP Notes | GBP Notes | GBP Notes | GBP Notes | GBP Notes | GBP Notes | GBP Notes | GBP Notes | GBP Notes | GBP 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 | 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 | 6% Notes and Senior Subsidiary Notes | 6% Notes and Senior Subsidiary Notes | 6% Notes and Senior Subsidiary Notes | 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 | AUD | Minimum | Maximum | USD ($) | USD ($) | GBP (£) | USD ($) | USD ($) | EUR (€) | USD ($) | Redemption date 2013 | Redemption date 2014 | Redemption date 2015 | Redemption date 2016 | Redemption date 2017 | USD ($) | USD ($) | Redemption date 2014 | Redemption date 2015 | Redemption date 2016 | Redemption date 2017 | Redemption date 2018 | USD ($) | USD ($) | USD ($) | Redemption date 2013 | Redemption date 2014 | Redemption date 2015 | Redemption date 2016 | Redemption date 2017 | Redemption date 2018 | Redemption date 2019 | Redemption date 2020 | USD ($) | CAD | USD ($) | CAD | Redemption date 2016 | Redemption date 2017 | Redemption date 2018 | Redemption date 2019 | Redemption date 2020 | USD ($) | GBP (£) | USD ($) | GBP (£) | Redemption date 2016 | Redemption date 2017 | Redemption date 2018 | Redemption date 2019 | Redemption date 2020 | Redemption date 2021 | USD ($) | USD ($) | Redemption date 2017 | Redemption date 2018 | Redemption date 2019 | Redemption date 2020 | Redemption date 2021 | Redemption date 2022 | USD ($) | USD ($) | Redemption date 2016 | Redemption date 2017 | Redemption date 2018 | Redemption date 2019 | Redemption date 2020 | Redemption date 2021 | Redemption date 2022 | Redemption date 2023 | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CAD | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||
Canada Company | USD ($) | EUR (€) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Long-term Debt | $4,663,531 | $4,171,722 | $883,428 | $675,717 | $680,150 | € 64,250 | 77,200 | 71,600 | $249,375 | $247,808 | $308,616 | $350,272 | $400,000 | $400,000 | $106,030 | $411,518 | $172,420 | $187,960 | $622,960 | $1,000,000 | $1,000,000 | $320,702 | $298,447 | $5,107 | $3,704 | $241,866 | $255,124 | $73,729 | $39,619 | $600,000 | $600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less Current Portion | -52,095 | -52,583 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, net of current portion | 4,611,436 | 4,119,139 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | 883,428 | 675,717 | 249,375 | 248,117 | 309,634 | 355,071 | 429,000 | 446,000 | 110,500 | 444,470 | 175,437 | 187,960 | 639,282 | 1,005,000 | 930,000 | 320,702 | 298,447 | 625,500 | 614,820 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated interest rate (as a percent) | 7.25% | 7.25% | 7.25% | 6.75% | 6.75% | 6.75% | 6.75% | 7.75% | 7.75% | 8.38% | 8.38% | 6.13% | 6.13% | 6.13% | 6.13% | 6.13% | 6.13% | 6.00% | 6.00% | 5.75% | 5.75% | 4.50% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 additional commitments | 500,000 | 250 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal amount of notes | 250,000 | 255,000 | 400,000 | 106,250 | 200,000 | 400,000 | 400,000 | 600,000 | 1,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Frequency of Periodic Payment | quarterly | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount of quarterly installments | 625 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitment fee (as a percent) | 0.30% | 0.50% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding borrowings | 883,428 | 249,375 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Letters of credit outstanding | 10,403 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 606,169 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective interest rate (as a percent) | 2.70% | 2.80% | 2.30% | 5.10% | 2.40% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitment fees and letters of credit fees | 3,322 | 3,167 | 2,306 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt covenants | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net total lease adjusted leverage ratio | 5.4 | 5 | 6.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net secured debt lease adjusted leverage ratio | 2.6 | 2.2 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bond leverage ratio, per indentures | 5.7 | 5.1 | 6.5 | 6.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed charge coverage ratio | 2.5 | 2.5 | 1.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount outstanding | 248,000 | 150,000 | 306,000 | 137,500 | 320,000 | 200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price (as a percent) | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 103.88% | 101.94% | 100.00% | 100.00% | 100.00% | 104.19% | 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% | 104.59% | 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% | 102.90% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase price in the event of change of control, percentage of principal plus accrued and unpaid interest | 101.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average interest rate (as a percent) | 5.80% | 5.80% | 11.50% | 14.30% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Write-off of deferred financings costs | 5,544 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of series of subordinated notes | 7 | 5 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds from sales of senior notes | 642,417 | 782,307 | 642,000 | 394,000 | 782,307 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange rate of USD per GBP | 1.63 | 1.63 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Early extinguishment of debt | -16,495 | -43,724 | -10,628 | 16,495 | -38,118 | -10,628 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Expense (Income), Net | 65,187 | 75,202 | 16,062 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount of public offering | 200,000 | $600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior notes issued as a percent of par | 100.00% | 100.00% | 100.00% |
Debt_Details_2
Debt (Details 2) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Maturities of long-term debt | |
2015 | $52,095 |
2016 | 1,178,272 |
2017 | 72,629 |
2018 | 340,823 |
2019 | 422,803 |
Thereafter | 2,598,147 |
Long-Term Gross | 4,664,769 |
Net Premiums (Discounts) | -1,238 |
Total Long-term Debt (including current portion) | $4,663,531 |
Selected_Consolidated_Financia2
Selected Consolidated Financial Statements of Parent, Guarantors, Canada Company and Non-Guarantors (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Consolidating financial statements | ||||
Percentage of subsidiaries owned | 100.00% | |||
Current Assets: | ||||
Cash and Cash Equivalents | $125,933 | $120,526 | $243,415 | $179,845 |
Restricted Cash | 33,860 | 33,860 | ||
Accounts Receivable | 604,265 | 616,797 | ||
Other Current Assets | 153,661 | 162,424 | ||
Total Current Assets | 917,719 | 933,607 | ||
Property, Plant and Equipment, Net | 2,550,727 | 2,578,260 | ||
Other Assets, Net: | ||||
Goodwill | 2,423,783 | 2,463,352 | ||
Other | 678,113 | 677,786 | ||
Total Other Assets, Net | 3,101,896 | 3,141,138 | ||
Total Assets | 6,570,342 | 6,653,005 | 6,358,339 | |
Liabilities and Equity | ||||
Current Portion of Long-term Debt | 52,095 | 52,583 | ||
Total Other Current Liabilities | 804,641 | 916,518 | ||
Long-term Debt, Net of Current Portion | 4,611,436 | 4,119,139 | ||
Other Long-term Liabilities | 232,215 | 513,031 | ||
Commitments and Contingencies (see Note 10) | ||||
Total Iron Mountain Incorporated Stockholders' Equity | 856,355 | 1,041,238 | ||
Noncontrolling Interests | 13,600 | 10,496 | ||
Total Equity | 869,955 | 1,051,734 | 1,157,148 | 1,249,742 |
Total Liabilities and Equity | 6,570,342 | 6,653,005 | ||
Eliminations | ||||
Current Assets: | ||||
Intercompany Receivable | -586,725 | -763,108 | ||
Other Current Assets | -34 | -30 | ||
Total Current Assets | -586,759 | -763,138 | ||
Other Assets, Net: | ||||
Long-term Notes Receivable from Affiliates and Intercompany Receivable | -2,854,344 | -1,779,242 | ||
Investment in Subsidiaries | -1,698,153 | -2,980,158 | ||
Other | -114 | |||
Total Other Assets, Net | -4,552,497 | -4,759,514 | ||
Total Assets | -5,139,256 | -5,522,652 | ||
Liabilities and Equity | ||||
Intercompany Payable | -586,725 | -763,108 | ||
Current Portion of Long-term Debt | -34 | -30 | ||
Long-term Notes Payable to Affiliates and Intercompany Payable | -2,854,344 | -1,779,242 | ||
Other Long-term Liabilities | -114 | |||
Commitments and Contingencies (see Note 10) | ||||
Total Iron Mountain Incorporated Stockholders' Equity | -1,698,153 | -2,980,158 | ||
Total Equity | -1,698,153 | -2,980,158 | ||
Total Liabilities and Equity | -5,139,256 | -5,522,652 | ||
Parent | Reportable legal entities | ||||
Current Assets: | ||||
Cash and Cash Equivalents | 2,399 | 1,243 | 3,428 | |
Restricted Cash | 33,860 | 33,860 | ||
Intercompany Receivable | 761,501 | |||
Other Current Assets | 153 | 1,120 | ||
Total Current Assets | 36,412 | 797,724 | ||
Property, Plant and Equipment, Net | 840 | 1,019 | ||
Other Assets, Net: | ||||
Long-term Notes Receivable from Affiliates and Intercompany Receivable | 2,851,651 | 1,775,570 | ||
Investment in Subsidiaries | 917,170 | 1,564,405 | ||
Other | 31,108 | 38,862 | ||
Total Other Assets, Net | 3,799,929 | 3,378,837 | ||
Total Assets | 3,837,181 | 4,177,580 | ||
Liabilities and Equity | ||||
Intercompany Payable | 505,083 | |||
Total Other Current Liabilities | 60,097 | 125,705 | ||
Long-term Debt, Net of Current Portion | 2,414,646 | 3,009,597 | ||
Long-term Notes Payable to Affiliates and Intercompany Payable | 1,000 | 1,000 | ||
Other Long-term Liabilities | 40 | |||
Commitments and Contingencies (see Note 10) | ||||
Total Iron Mountain Incorporated Stockholders' Equity | 856,355 | 1,041,238 | ||
Total Equity | 856,355 | 1,041,238 | ||
Total Liabilities and Equity | 3,837,181 | 4,177,580 | ||
Guarantors | Reportable legal entities | ||||
Current Assets: | ||||
Cash and Cash Equivalents | 4,713 | 10,366 | 13,472 | 10,750 |
Accounts Receivable | 361,330 | 358,118 | ||
Intercompany Receivable | 586,725 | |||
Other Current Assets | 88,709 | 98,717 | ||
Total Current Assets | 1,041,477 | 467,201 | ||
Property, Plant and Equipment, Net | 1,580,337 | 1,569,248 | ||
Other Assets, Net: | ||||
Long-term Notes Receivable from Affiliates and Intercompany Receivable | 245 | 1,000 | ||
Investment in Subsidiaries | 656,877 | 1,313,835 | ||
Goodwill | 1,611,957 | 1,638,534 | ||
Other | 375,082 | 376,939 | ||
Total Other Assets, Net | 2,644,161 | 3,330,308 | ||
Total Assets | 5,265,975 | 5,366,757 | ||
Liabilities and Equity | ||||
Intercompany Payable | 581,029 | |||
Current Portion of Long-term Debt | 24,955 | 30,236 | ||
Total Other Current Liabilities | 470,122 | 540,169 | ||
Long-term Debt, Net of Current Portion | 908,431 | 508,382 | ||
Long-term Notes Payable to Affiliates and Intercompany Payable | 2,851,384 | 1,772,144 | ||
Other Long-term Liabilities | 115,789 | 388,645 | ||
Commitments and Contingencies (see Note 10) | ||||
Total Iron Mountain Incorporated Stockholders' Equity | 895,294 | 1,546,152 | ||
Total Equity | 895,294 | 1,546,152 | ||
Total Liabilities and Equity | 5,265,975 | 5,366,757 | ||
Canada Company | Reportable legal entities | ||||
Current Assets: | ||||
Cash and Cash Equivalents | 4,979 | 1,094 | 103,346 | 69,945 |
Accounts Receivable | 37,137 | 38,928 | ||
Intercompany Receivable | 1,607 | |||
Other Current Assets | 2,925 | 5,995 | ||
Total Current Assets | 45,041 | 47,624 | ||
Property, Plant and Equipment, Net | 160,977 | 172,246 | ||
Other Assets, Net: | ||||
Long-term Notes Receivable from Affiliates and Intercompany Receivable | 2,448 | 2,672 | ||
Investment in Subsidiaries | 30,751 | 31,130 | ||
Goodwill | 180,342 | 187,259 | ||
Other | 26,672 | 11,257 | ||
Total Other Assets, Net | 240,213 | 232,318 | ||
Total Assets | 446,231 | 452,188 | ||
Liabilities and Equity | ||||
Intercompany Payable | 3,564 | |||
Total Other Current Liabilities | 35,142 | 29,513 | ||
Long-term Debt, Net of Current Portion | 245,861 | 289,105 | ||
Other Long-term Liabilities | 37,558 | 31,652 | ||
Commitments and Contingencies (see Note 10) | ||||
Total Iron Mountain Incorporated Stockholders' Equity | 124,106 | 101,918 | ||
Total Equity | 124,106 | 101,918 | ||
Total Liabilities and Equity | 446,231 | 452,188 | ||
Non-Guarantors | Reportable legal entities | ||||
Current Assets: | ||||
Cash and Cash Equivalents | 113,842 | 107,823 | 126,597 | 95,722 |
Accounts Receivable | 205,798 | 219,751 | ||
Other Current Assets | 61,908 | 56,622 | ||
Total Current Assets | 381,548 | 384,196 | ||
Property, Plant and Equipment, Net | 808,573 | 835,747 | ||
Other Assets, Net: | ||||
Investment in Subsidiaries | 93,355 | 70,788 | ||
Goodwill | 631,484 | 637,559 | ||
Other | 245,251 | 250,842 | ||
Total Other Assets, Net | 970,090 | 959,189 | ||
Total Assets | 2,160,211 | 2,179,132 | ||
Liabilities and Equity | ||||
Intercompany Payable | 78,078 | 182,079 | ||
Current Portion of Long-term Debt | 27,174 | 22,377 | ||
Total Other Current Liabilities | 239,280 | 221,131 | ||
Long-term Debt, Net of Current Portion | 1,042,498 | 312,055 | ||
Long-term Notes Payable to Affiliates and Intercompany Payable | 1,960 | 6,098 | ||
Other Long-term Liabilities | 78,868 | 92,808 | ||
Commitments and Contingencies (see Note 10) | ||||
Total Iron Mountain Incorporated Stockholders' Equity | 678,753 | 1,332,088 | ||
Noncontrolling Interests | 13,600 | 10,496 | ||
Total Equity | 692,353 | 1,342,584 | ||
Total Liabilities and Equity | $2,160,211 | $2,179,132 |
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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||||||||||
Storage Rental | $1,860,243 | $1,784,721 | $1,733,138 | ||||||||
Service | 1,257,450 | 1,239,902 | 1,270,817 | ||||||||
Total Revenues | 777,978 | 782,697 | 786,892 | 770,126 | 768,207 | 755,314 | 754,396 | 746,706 | 3,117,693 | 3,024,623 | 3,003,955 |
Operating Expenses: | |||||||||||
Cost of sales (excluding depreciation and amortization) | 1,344,636 | 1,288,878 | 1,277,113 | ||||||||
Selling, general and administrative | 869,572 | 924,031 | 850,371 | ||||||||
Depreciation and amortization | 353,143 | 322,037 | 316,344 | ||||||||
Loss (Gain) on disposal/write-down of property, plant and equipment (excluding real estate), net | 1,065 | 430 | 4,661 | ||||||||
Total Operating Expenses | 2,568,416 | 2,535,376 | 2,448,489 | ||||||||
Operating Income (Loss) | 127,895 | 141,476 | 147,290 | 132,616 | 97,075 | 139,958 | 129,697 | 122,517 | 549,277 | 489,247 | 555,466 |
Interest Expense (Income), Net | 260,717 | 254,174 | 242,599 | ||||||||
Other Expense (Income), Net | 65,187 | 75,202 | 16,062 | ||||||||
Income (Loss) from Continuing Operations Before Provision (Benefit) for Income Taxes and (Gain) Loss on Sale of Real Estate | 223,373 | 159,871 | 296,805 | ||||||||
Provision (Benefit) for Income Taxes | -97,275 | 62,127 | 114,304 | ||||||||
(Gain) Loss on sale of real estate, net of tax | -8,307 | -1,417 | -206 | ||||||||
Income (Loss) from Continuing Operations | 12,674 | 858 | 272,702 | 42,721 | 48,339 | 5,330 | 27,340 | 18,152 | 328,955 | 99,161 | 182,707 |
Total income (loss) from discontinued operations | 729 | -326 | -612 | -684 | -571 | -98 | 2,184 | -209 | 831 | -6,774 | |
(Loss) Gain on Sale of Discontinued Operations, Net of Tax | -1,885 | ||||||||||
Net Income (Loss) | 13,403 | 858 | 272,376 | 42,109 | 47,655 | 4,759 | 27,242 | 20,336 | 328,746 | 99,992 | 174,048 |
Less: Net Income (Loss) Attributable to Noncontrolling Interests | 2,627 | 3,530 | 3,126 | ||||||||
Net Income (Loss) Attributable to Iron Mountain Incorporated | 12,749 | 66 | 271,637 | 41,667 | 47,059 | 3,849 | 26,366 | 19,188 | 326,119 | 96,462 | 170,922 |
Other Comprehensive Income (Loss): | |||||||||||
Net Income (Loss) | 13,403 | 858 | 272,376 | 42,109 | 47,655 | 4,759 | 27,242 | 20,336 | 328,746 | 99,992 | 174,048 |
Foreign Currency Translation Adjustments | -66,867 | -31,532 | 23,186 | ||||||||
Market Value Adjustments for Securities | 53 | 926 | |||||||||
Total Other Comprehensive Income (Loss) | -66,814 | -30,606 | 23,186 | ||||||||
Comprehensive Income (Loss) | 261,932 | 69,386 | 197,234 | ||||||||
Comprehensive Income (Loss) Attributable to Noncontrolling Interests | 2,184 | 1,898 | 3,795 | ||||||||
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | 259,748 | 67,488 | 193,439 | ||||||||
Eliminations | |||||||||||
Revenues: | |||||||||||
Intercompany Service | -64,794 | -32,810 | |||||||||
Total Revenues | -64,794 | -32,810 | |||||||||
Operating Expenses: | |||||||||||
Intercompany Service Cost of Sales | -64,794 | -32,810 | |||||||||
Total Operating Expenses | -64,794 | -32,810 | |||||||||
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax | 351,151 | 445,717 | 502,421 | ||||||||
Income (Loss) from Continuing Operations | -351,151 | -445,717 | -502,421 | ||||||||
Net Income (Loss) | -351,151 | -445,717 | -502,421 | ||||||||
Net Income (Loss) Attributable to Iron Mountain Incorporated | -351,151 | -445,717 | -502,421 | ||||||||
Other Comprehensive Income (Loss): | |||||||||||
Net Income (Loss) | -351,151 | -445,717 | -502,421 | ||||||||
Equity in Other Comprehensive Income (Loss) of Subsidiaries | 156,376 | 67,732 | -58,618 | ||||||||
Total Other Comprehensive Income (Loss) | 156,376 | 67,732 | -58,618 | ||||||||
Comprehensive Income (Loss) | -194,775 | -377,985 | -561,039 | ||||||||
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | -194,775 | -377,985 | -561,039 | ||||||||
Parent | Reportable legal entities | |||||||||||
Operating Expenses: | |||||||||||
Selling, general and administrative | 1,182 | 227 | 220 | ||||||||
Depreciation and amortization | 225 | 319 | 320 | ||||||||
Loss (Gain) on disposal/write-down of property, plant and equipment (excluding real estate), net | 5 | ||||||||||
Total Operating Expenses | 1,407 | 551 | 540 | ||||||||
Operating Income (Loss) | -1,407 | -551 | -540 | ||||||||
Interest Expense (Income), Net | 187,650 | 206,682 | 196,423 | ||||||||
Other Expense (Income), Net | 78 | 54,144 | 32,161 | ||||||||
Income (Loss) from Continuing Operations Before Provision (Benefit) for Income Taxes and (Gain) Loss on Sale of Real Estate | -189,135 | -261,377 | -229,124 | ||||||||
Provision (Benefit) for Income Taxes | -16 | ||||||||||
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax | -515,254 | -357,823 | -400,046 | ||||||||
Income (Loss) from Continuing Operations | 326,119 | 96,462 | 170,922 | ||||||||
Net Income (Loss) | 326,119 | 96,462 | 170,922 | ||||||||
Net Income (Loss) Attributable to Iron Mountain Incorporated | 326,119 | 96,462 | 170,922 | ||||||||
Other Comprehensive Income (Loss): | |||||||||||
Net Income (Loss) | 326,119 | 96,462 | 170,922 | ||||||||
Foreign Currency Translation Adjustments | 6,328 | -3,237 | -2,668 | ||||||||
Equity in Other Comprehensive Income (Loss) of Subsidiaries | -72,662 | -25,737 | 25,185 | ||||||||
Total Other Comprehensive Income (Loss) | -66,334 | -28,974 | 22,517 | ||||||||
Comprehensive Income (Loss) | 259,785 | 67,488 | 193,439 | ||||||||
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | 259,785 | 67,488 | 193,439 | ||||||||
Guarantors | Reportable legal entities | |||||||||||
Revenues: | |||||||||||
Storage Rental | 1,208,380 | 1,174,978 | 1,156,681 | ||||||||
Service | 749,711 | 754,090 | 782,768 | ||||||||
Total Revenues | 1,958,091 | 1,929,068 | 1,939,449 | ||||||||
Operating Expenses: | |||||||||||
Cost of sales (excluding depreciation and amortization) | 793,274 | 771,271 | 761,092 | ||||||||
Selling, general and administrative | 580,568 | 655,052 | 591,092 | ||||||||
Depreciation and amortization | 214,341 | 195,794 | 192,304 | ||||||||
Loss (Gain) on disposal/write-down of property, plant and equipment (excluding real estate), net | 829 | -100 | -1,030 | ||||||||
Total Operating Expenses | 1,589,012 | 1,622,017 | 1,543,458 | ||||||||
Operating Income (Loss) | 369,079 | 307,051 | 395,991 | ||||||||
Interest Expense (Income), Net | -23,295 | -19,731 | -17,117 | ||||||||
Other Expense (Income), Net | -203,380 | 1,283 | -3,842 | ||||||||
Income (Loss) from Continuing Operations Before Provision (Benefit) for Income Taxes and (Gain) Loss on Sale of Real Estate | 595,754 | 325,499 | 416,950 | ||||||||
Provision (Benefit) for Income Taxes | -114,947 | 33,767 | 86,060 | ||||||||
(Gain) Loss on sale of real estate, net of tax | -196 | 39 | |||||||||
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax | 196,310 | -63,775 | -73,625 | ||||||||
Income (Loss) from Continuing Operations | 514,587 | 355,507 | 404,476 | ||||||||
Total income (loss) from discontinued operations | -937 | -529 | 430 | ||||||||
Net Income (Loss) | 513,650 | 354,978 | 404,906 | ||||||||
Net Income (Loss) Attributable to Iron Mountain Incorporated | 513,650 | 354,978 | 404,906 | ||||||||
Other Comprehensive Income (Loss): | |||||||||||
Net Income (Loss) | 513,650 | 354,978 | 404,906 | ||||||||
Foreign Currency Translation Adjustments | 47 | 1,177 | -212 | ||||||||
Market Value Adjustments for Securities | 53 | 926 | |||||||||
Equity in Other Comprehensive Income (Loss) of Subsidiaries | -73,696 | -26,862 | 25,421 | ||||||||
Total Other Comprehensive Income (Loss) | -73,596 | -24,759 | 25,209 | ||||||||
Comprehensive Income (Loss) | 440,054 | 330,219 | 430,115 | ||||||||
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | 440,054 | 330,219 | 430,115 | ||||||||
Canada Company | Reportable legal entities | |||||||||||
Revenues: | |||||||||||
Storage Rental | 124,551 | 129,987 | 130,825 | ||||||||
Service | 68,669 | 35,119 | |||||||||
Total Revenues | 193,220 | 165,106 | 130,825 | ||||||||
Operating Expenses: | |||||||||||
Cost of sales (excluding depreciation and amortization) | 23,040 | 27,354 | 27,881 | ||||||||
Intercompany Service Cost of Sales | 64,794 | 32,810 | |||||||||
Selling, general and administrative | 13,304 | 15,792 | 17,741 | ||||||||
Depreciation and amortization | 11,797 | 12,383 | 12,797 | ||||||||
Loss (Gain) on disposal/write-down of property, plant and equipment (excluding real estate), net | 173 | 21 | 84 | ||||||||
Total Operating Expenses | 113,108 | 88,360 | 58,503 | ||||||||
Operating Income (Loss) | 80,112 | 76,746 | 72,322 | ||||||||
Interest Expense (Income), Net | 36,946 | 40,537 | 36,114 | ||||||||
Other Expense (Income), Net | -91 | 5,410 | -37 | ||||||||
Income (Loss) from Continuing Operations Before Provision (Benefit) for Income Taxes and (Gain) Loss on Sale of Real Estate | 43,257 | 30,799 | 36,245 | ||||||||
Provision (Benefit) for Income Taxes | 12,876 | 12,361 | 12,768 | ||||||||
(Gain) Loss on sale of real estate, net of tax | -832 | ||||||||||
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax | -992 | -5,681 | -5,273 | ||||||||
Income (Loss) from Continuing Operations | 32,205 | 24,119 | 28,750 | ||||||||
Net Income (Loss) | 32,205 | 24,119 | 28,750 | ||||||||
Net Income (Loss) Attributable to Iron Mountain Incorporated | 32,205 | 24,119 | 28,750 | ||||||||
Other Comprehensive Income (Loss): | |||||||||||
Net Income (Loss) | 32,205 | 24,119 | 28,750 | ||||||||
Foreign Currency Translation Adjustments | -10,306 | -11,096 | 8,012 | ||||||||
Equity in Other Comprehensive Income (Loss) of Subsidiaries | 288 | -4,037 | |||||||||
Total Other Comprehensive Income (Loss) | -10,018 | -15,133 | 8,012 | ||||||||
Comprehensive Income (Loss) | 22,187 | 8,986 | 36,762 | ||||||||
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | 22,187 | 8,986 | 36,762 | ||||||||
Non-Guarantors | Reportable legal entities | |||||||||||
Revenues: | |||||||||||
Storage Rental | 527,312 | 479,756 | 445,632 | ||||||||
Service | 439,070 | 450,693 | 488,049 | ||||||||
Intercompany Service | 64,794 | 32,810 | |||||||||
Total Revenues | 1,031,176 | 963,259 | 933,681 | ||||||||
Operating Expenses: | |||||||||||
Cost of sales (excluding depreciation and amortization) | 528,322 | 490,253 | 488,140 | ||||||||
Selling, general and administrative | 274,518 | 252,960 | 241,318 | ||||||||
Depreciation and amortization | 126,780 | 113,541 | 110,923 | ||||||||
Loss (Gain) on disposal/write-down of property, plant and equipment (excluding real estate), net | 63 | 504 | 5,607 | ||||||||
Total Operating Expenses | 929,683 | 857,258 | 845,988 | ||||||||
Operating Income (Loss) | 101,493 | 106,001 | 87,693 | ||||||||
Interest Expense (Income), Net | 59,416 | 26,686 | 27,179 | ||||||||
Other Expense (Income), Net | 268,580 | 14,365 | -12,220 | ||||||||
Income (Loss) from Continuing Operations Before Provision (Benefit) for Income Taxes and (Gain) Loss on Sale of Real Estate | -226,503 | 64,950 | 72,734 | ||||||||
Provision (Benefit) for Income Taxes | 4,796 | 16,015 | 15,476 | ||||||||
(Gain) Loss on sale of real estate, net of tax | -7,279 | -1,417 | -245 | ||||||||
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax | -31,215 | -18,438 | -23,477 | ||||||||
Income (Loss) from Continuing Operations | -192,805 | 68,790 | 80,980 | ||||||||
Total income (loss) from discontinued operations | 728 | 1,360 | -7,204 | ||||||||
(Loss) Gain on Sale of Discontinued Operations, Net of Tax | -1,885 | ||||||||||
Net Income (Loss) | -192,077 | 70,150 | 71,891 | ||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests | 2,627 | 3,530 | 3,126 | ||||||||
Net Income (Loss) Attributable to Iron Mountain Incorporated | -194,704 | 66,620 | 68,765 | ||||||||
Other Comprehensive Income (Loss): | |||||||||||
Net Income (Loss) | -192,077 | 70,150 | 71,891 | ||||||||
Foreign Currency Translation Adjustments | -62,936 | -18,376 | 18,054 | ||||||||
Equity in Other Comprehensive Income (Loss) of Subsidiaries | -10,306 | -11,096 | 8,012 | ||||||||
Total Other Comprehensive Income (Loss) | -73,242 | -29,472 | 26,066 | ||||||||
Comprehensive Income (Loss) | -265,319 | 40,678 | 97,957 | ||||||||
Comprehensive Income (Loss) Attributable to Noncontrolling Interests | 2,184 | 1,898 | 3,795 | ||||||||
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | ($267,503) | $38,780 | $94,162 |
Selected_Consolidated_Financia4
Selected Consolidated Financial Statements of Parent, Guarantors, Canada Company and Non-Guarantors (Details 3) (USD $) | 0 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 22, 2014 | Dec. 15, 2014 | Nov. 04, 2014 | Oct. 15, 2014 | Jul. 15, 2014 | Apr. 15, 2014 | Jan. 15, 2014 | Oct. 15, 2013 | Jul. 15, 2013 | Apr. 15, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flows from Operating Activities: | |||||||||||||
Cash Flows from Operating Activities-Continuing Operations | $472,948 | $506,593 | $443,652 | ||||||||||
Cash Flows from Operating Activities-Discontinued Operations | 953 | -10,916 | |||||||||||
Cash Flows from Operating Activities | 472,948 | 507,546 | 432,736 | ||||||||||
Cash Flows from Investing Activities: | |||||||||||||
Capital expenditures | -361,924 | -287,295 | -240,683 | ||||||||||
Cash paid for acquisitions, net of cash acquired | -128,093 | -317,100 | -125,134 | ||||||||||
Investment in restricted cash | -248 | 1,498 | |||||||||||
Additions to customer relationship and acquisition costs | -34,447 | -30,191 | -28,872 | ||||||||||
Investment in joint ventures | -2,330 | ||||||||||||
Proceeds from sales of property and equipment and other, net (including real estate) | 44,486 | 2,084 | 1,457 | ||||||||||
Cash Flows from Investing Activities-Continuing Operations | -479,978 | -632,750 | -394,064 | ||||||||||
Cash Flows from Investing Activities-Discontinued Operations | -4,937 | -6,136 | |||||||||||
Cash Flows from Investing Activities | -479,978 | -637,687 | -400,200 | ||||||||||
Cash Flows from Financing Activities: | |||||||||||||
Repayment of revolving credit and term loan facilities and other debt | -8,824,711 | -5,526,672 | -2,844,693 | ||||||||||
Proceeds from revolving credit and term loan facilities and other debt | 9,285,187 | 5,661,750 | 2,731,185 | ||||||||||
Early retirement of senior subordinated notes | -566,352 | -685,134 | -525,834 | ||||||||||
Net proceeds from sales of senior subordinated notes | 985,000 | ||||||||||||
Net proceeds from sales of senior notes | 642,417 | 782,307 | |||||||||||
Debt financing (repayment to) and equity contribution from (distribution to) noncontrolling interests, net | -14,770 | -18,236 | 480 | ||||||||||
Stock repurchases | -38,052 | ||||||||||||
Parent cash dividends | -99,617 | -53,450 | -700,000 | -91,993 | -52,033 | -51,812 | -51,683 | -51,625 | -51,597 | -51,460 | -542,298 | -206,798 | -318,845 |
Proceeds from exercise of stock options and employee stock purchase plan | 44,290 | 17,664 | 40,244 | ||||||||||
Excess tax benefits (deficiency) from stock-based compensation | -60 | 2,389 | 1,045 | ||||||||||
Payment of debt financing and stock issuance costs | -3,846 | -8,706 | -2,261 | ||||||||||
Cash Flows from Financing Activities-Continuing Operations | 19,857 | 18,564 | 28,269 | ||||||||||
Cash Flows from Financing Activities-Discontinued Operations | -39 | ||||||||||||
Cash Flows from Financing Activities | 19,857 | 18,564 | 28,230 | ||||||||||
Effect of exchange rates on cash and cash equivalents | -7,420 | -11,312 | 2,804 | ||||||||||
Increase (Decrease) in Cash and Cash Equivalents | 5,407 | -122,889 | 63,570 | ||||||||||
Cash and Cash Equivalents, Beginning of Year | 120,526 | 243,415 | 179,845 | ||||||||||
Cash and Cash Equivalents, End of Year | 125,933 | 120,526 | 243,415 | ||||||||||
Eliminations | |||||||||||||
Cash Flows from Investing Activities: | |||||||||||||
Intercompany loans to subsidiaries | -1,419,978 | -785,598 | 21,766 | ||||||||||
Investment in subsidiaries | 96,406 | 126,298 | 75,144 | ||||||||||
Cash Flows from Investing Activities-Continuing Operations | -1,323,572 | -659,300 | 96,910 | ||||||||||
Cash Flows from Investing Activities | -1,323,572 | -659,300 | 96,910 | ||||||||||
Cash Flows from Financing Activities: | |||||||||||||
Intercompany loans from parent | 1,419,978 | 785,598 | -21,766 | ||||||||||
Equity contribution from parent | -96,406 | -126,298 | -75,144 | ||||||||||
Cash Flows from Financing Activities-Continuing Operations | 1,323,572 | 659,300 | -96,910 | ||||||||||
Cash Flows from Financing Activities | 1,323,572 | 659,300 | -96,910 | ||||||||||
Parent | Reportable legal entities | |||||||||||||
Cash Flows from Operating Activities: | |||||||||||||
Cash Flows from Operating Activities-Continuing Operations | -192,058 | -195,786 | -195,478 | ||||||||||
Cash Flows from Operating Activities | -192,058 | -195,786 | -195,478 | ||||||||||
Cash Flows from Investing Activities: | |||||||||||||
Intercompany loans to subsidiaries | 1,307,133 | 387,299 | 88,376 | ||||||||||
Investment in subsidiaries | -48,203 | -63,149 | -37,572 | ||||||||||
Investment in restricted cash | -248 | 1,498 | |||||||||||
Investment in joint ventures | -2,330 | ||||||||||||
Cash Flows from Investing Activities-Continuing Operations | 1,258,930 | 323,902 | 49,972 | ||||||||||
Cash Flows from Investing Activities | 1,258,930 | 323,902 | 49,972 | ||||||||||
Cash Flows from Financing Activities: | |||||||||||||
Early retirement of senior subordinated notes | -566,352 | -514,239 | -525,834 | ||||||||||
Net proceeds from sales of senior subordinated notes | 985,000 | ||||||||||||
Net proceeds from sales of senior notes | 591,000 | ||||||||||||
Debt financing (repayment to) and equity contribution from (distribution to) noncontrolling interests, net | -14,852 | ||||||||||||
Stock repurchases | -38,052 | ||||||||||||
Parent cash dividends | -542,298 | -206,798 | -318,845 | ||||||||||
Proceeds from exercise of stock options and employee stock purchase plan | 44,290 | 17,664 | 40,244 | ||||||||||
Excess tax benefits (deficiency) from stock-based compensation | -60 | 2,389 | 1,045 | ||||||||||
Payment of debt financing and stock issuance costs | -1,296 | -2,037 | -1,480 | ||||||||||
Cash Flows from Financing Activities-Continuing Operations | -1,065,716 | -126,873 | 142,078 | ||||||||||
Cash Flows from Financing Activities | -1,065,716 | -126,873 | 142,078 | ||||||||||
Increase (Decrease) in Cash and Cash Equivalents | 1,156 | 1,243 | -3,428 | ||||||||||
Cash and Cash Equivalents, Beginning of Year | 1,243 | 3,428 | |||||||||||
Cash and Cash Equivalents, End of Year | 2,399 | 1,243 | |||||||||||
Guarantors | Reportable legal entities | |||||||||||||
Cash Flows from Operating Activities: | |||||||||||||
Cash Flows from Operating Activities-Continuing Operations | 452,577 | 528,011 | 496,542 | ||||||||||
Cash Flows from Operating Activities-Discontinued Operations | -129 | -8,814 | |||||||||||
Cash Flows from Operating Activities | 452,577 | 527,882 | 487,728 | ||||||||||
Cash Flows from Investing Activities: | |||||||||||||
Capital expenditures | -217,924 | -180,047 | -134,852 | ||||||||||
Cash paid for acquisitions, net of cash acquired | -3,371 | -212,042 | -28,126 | ||||||||||
Intercompany loans to subsidiaries | 112,845 | 398,299 | -110,142 | ||||||||||
Investment in subsidiaries | -48,203 | -63,149 | -37,572 | ||||||||||
Additions to customer relationship and acquisition costs | -26,788 | -18,083 | -23,543 | ||||||||||
Proceeds from sales of property and equipment and other, net (including real estate) | 2,641 | 54 | -1,739 | ||||||||||
Cash Flows from Investing Activities-Continuing Operations | -180,800 | -74,968 | -335,974 | ||||||||||
Cash Flows from Investing Activities-Discontinued Operations | -4,937 | -1,982 | |||||||||||
Cash Flows from Investing Activities | -180,800 | -79,905 | -337,956 | ||||||||||
Cash Flows from Financing Activities: | |||||||||||||
Repayment of revolving credit and term loan facilities and other debt | -7,949,523 | -5,077,356 | -2,774,070 | ||||||||||
Proceeds from revolving credit and term loan facilities and other debt | 8,327,608 | 4,948,691 | 2,680,107 | ||||||||||
Debt financing (repayment to) and equity contribution from (distribution to) noncontrolling interests, net | 5,716 | ||||||||||||
Intercompany loans from parent | -708,935 | -379,910 | -89,878 | ||||||||||
Equity contribution from parent | 48,203 | 63,149 | 37,572 | ||||||||||
Payment of debt financing and stock issuance costs | -499 | -5,657 | -781 | ||||||||||
Cash Flows from Financing Activities-Continuing Operations | -277,430 | -451,083 | -147,050 | ||||||||||
Cash Flows from Financing Activities | -277,430 | -451,083 | -147,050 | ||||||||||
Increase (Decrease) in Cash and Cash Equivalents | -5,653 | -3,106 | 2,722 | ||||||||||
Cash and Cash Equivalents, Beginning of Year | 10,366 | 13,472 | 10,750 | ||||||||||
Cash and Cash Equivalents, End of Year | 4,713 | 10,366 | 13,472 | ||||||||||
Canada Company | Reportable legal entities | |||||||||||||
Cash Flows from Operating Activities: | |||||||||||||
Cash Flows from Operating Activities-Continuing Operations | 55,538 | 28,580 | 37,299 | ||||||||||
Cash Flows from Operating Activities | 55,538 | 28,580 | 37,299 | ||||||||||
Cash Flows from Investing Activities: | |||||||||||||
Capital expenditures | -6,877 | -6,534 | -8,454 | ||||||||||
Cash paid for acquisitions, net of cash acquired | -29,016 | ||||||||||||
Additions to customer relationship and acquisition costs | -2,140 | -498 | -2,132 | ||||||||||
Proceeds from sales of property and equipment and other, net (including real estate) | 1,871 | -3,175 | 5 | ||||||||||
Cash Flows from Investing Activities-Continuing Operations | -36,162 | -10,207 | -10,581 | ||||||||||
Cash Flows from Investing Activities | -36,162 | -10,207 | -10,581 | ||||||||||
Cash Flows from Financing Activities: | |||||||||||||
Repayment of revolving credit and term loan facilities and other debt | -667,505 | -341,336 | -58 | ||||||||||
Proceeds from revolving credit and term loan facilities and other debt | 645,848 | 438,188 | |||||||||||
Early retirement of senior subordinated notes | -170,895 | ||||||||||||
Net proceeds from sales of senior notes | 191,307 | ||||||||||||
Intercompany loans from parent | 5,866 | -232,436 | 4,861 | ||||||||||
Payment of debt financing and stock issuance costs | -12 | -750 | |||||||||||
Cash Flows from Financing Activities-Continuing Operations | -15,803 | -115,922 | 4,803 | ||||||||||
Cash Flows from Financing Activities | -15,803 | -115,922 | 4,803 | ||||||||||
Effect of exchange rates on cash and cash equivalents | 312 | -4,703 | 1,880 | ||||||||||
Increase (Decrease) in Cash and Cash Equivalents | 3,885 | -102,252 | 33,401 | ||||||||||
Cash and Cash Equivalents, Beginning of Year | 1,094 | 103,346 | 69,945 | ||||||||||
Cash and Cash Equivalents, End of Year | 4,979 | 1,094 | 103,346 | ||||||||||
Non-Guarantors | Reportable legal entities | |||||||||||||
Cash Flows from Operating Activities: | |||||||||||||
Cash Flows from Operating Activities-Continuing Operations | 156,891 | 145,788 | 105,289 | ||||||||||
Cash Flows from Operating Activities-Discontinued Operations | 1,082 | -2,102 | |||||||||||
Cash Flows from Operating Activities | 156,891 | 146,870 | 103,187 | ||||||||||
Cash Flows from Investing Activities: | |||||||||||||
Capital expenditures | -137,123 | -100,714 | -97,377 | ||||||||||
Cash paid for acquisitions, net of cash acquired | -95,706 | -105,058 | -97,008 | ||||||||||
Additions to customer relationship and acquisition costs | -5,519 | -11,610 | -3,197 | ||||||||||
Proceeds from sales of property and equipment and other, net (including real estate) | 39,974 | 5,205 | 3,191 | ||||||||||
Cash Flows from Investing Activities-Continuing Operations | -198,374 | -212,177 | -194,391 | ||||||||||
Cash Flows from Investing Activities-Discontinued Operations | -4,154 | ||||||||||||
Cash Flows from Investing Activities | -198,374 | -212,177 | -198,545 | ||||||||||
Cash Flows from Financing Activities: | |||||||||||||
Repayment of revolving credit and term loan facilities and other debt | -207,683 | -107,980 | -70,565 | ||||||||||
Proceeds from revolving credit and term loan facilities and other debt | 311,731 | 274,871 | 51,078 | ||||||||||
Net proceeds from sales of senior notes | 642,417 | ||||||||||||
Debt financing (repayment to) and equity contribution from (distribution to) noncontrolling interests, net | -20,486 | -3,384 | 480 | ||||||||||
Intercompany loans from parent | -716,909 | -173,252 | 106,783 | ||||||||||
Equity contribution from parent | 48,203 | 63,149 | 37,572 | ||||||||||
Payment of debt financing and stock issuance costs | -2,039 | -262 | |||||||||||
Cash Flows from Financing Activities-Continuing Operations | 55,234 | 53,142 | 125,348 | ||||||||||
Cash Flows from Financing Activities-Discontinued Operations | -39 | ||||||||||||
Cash Flows from Financing Activities | 55,234 | 53,142 | 125,309 | ||||||||||
Effect of exchange rates on cash and cash equivalents | -7,732 | -6,609 | 924 | ||||||||||
Increase (Decrease) in Cash and Cash Equivalents | 6,019 | -18,774 | 30,875 | ||||||||||
Cash and Cash Equivalents, Beginning of Year | 107,823 | 126,597 | 95,722 | ||||||||||
Cash and Cash Equivalents, End of Year | $113,842 | $107,823 | $126,597 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-12 | Jun. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2012 | 31-May-13 | Jun. 30, 2013 | Sep. 30, 2013 | Oct. 31, 2013 | Jan. 31, 2014 | Feb. 28, 2014 | Mar. 31, 2014 | Oct. 31, 2014 | Dec. 31, 2014 |
item | ||||||||||||||||
Business Acquisition | ||||||||||||||||
Cash Paid for Acquisitions, Net of Cash Acquired | $128,093 | $317,100 | $125,134 | |||||||||||||
Switzerland acquisition | ||||||||||||||||
Business Acquisition | ||||||||||||||||
Purchase price | 21,600 | |||||||||||||||
Percentage of previously held ownership interest | 15.00% | |||||||||||||||
Equity method of investment | 1,700 | |||||||||||||||
Fair value of such interest on the date of acquisition | 2,700 | |||||||||||||||
Gain on the transaction to other income (expense), net | 1,000 | |||||||||||||||
Control premium paid (as a percent) | 30.00% | |||||||||||||||
Grupo Store | ||||||||||||||||
Business Acquisition | ||||||||||||||||
Purchase price | 79,000 | |||||||||||||||
Cash paid | 1,500 | |||||||||||||||
Cash Paid for Acquisitions, Net of Cash Acquired | 75,000 | |||||||||||||||
Portion of purchase price for acquisition that was deposited in escrow | 8,000 | |||||||||||||||
Number of annual installments in which any escrow amount not distributed to sellers or Company will be released to the sellers | 4 | |||||||||||||||
Storage rental and records management business in Texas | ||||||||||||||||
Business Acquisition | ||||||||||||||||
Purchase price | 25,000 | |||||||||||||||
Storage rental and records management and data protection business in Brazil | ||||||||||||||||
Business Acquisition | ||||||||||||||||
Purchase price | 29,000 | |||||||||||||||
Portion of purchase price for acquisition that was deposited in escrow | 2,900 | 2,900 | ||||||||||||||
Storage rental and records management and data protection business in Columbia | ||||||||||||||||
Business Acquisition | ||||||||||||||||
Purchase price | 54,000 | |||||||||||||||
Storage rental and records management and data protection business in Peru | ||||||||||||||||
Business Acquisition | ||||||||||||||||
Purchase price | 16,000 | |||||||||||||||
Cornerstone Records Management, LLC and its affiliates | ||||||||||||||||
Business Acquisition | ||||||||||||||||
Purchase price | 191,000 | |||||||||||||||
Portion of purchase price for acquisition that was deposited in escrow | 9,000 | |||||||||||||||
Tape Management Services Pty Ltd | ||||||||||||||||
Business Acquisition | ||||||||||||||||
Purchase price | 15,300 | |||||||||||||||
RM Arsiv Yonetim Hizmetleri Ticaret Anonim Sirketi | ||||||||||||||||
Business Acquisition | ||||||||||||||||
Purchase price | 21,200 | |||||||||||||||
Cash paid | 16,750 | |||||||||||||||
OSG Records Management (Europe) Limited | ||||||||||||||||
Business Acquisition | ||||||||||||||||
Purchase price | 13,700 | |||||||||||||||
Keepers | ||||||||||||||||
Business Acquisition | ||||||||||||||||
Purchase price | 46,200 | |||||||||||||||
Portion of purchase price for acquisition that was deposited in escrow | 5,425 | |||||||||||||||
Securit Records Management | ||||||||||||||||
Business Acquisition | ||||||||||||||||
Purchase price | 29,500 | |||||||||||||||
Portion of purchase price for acquisition that was deposited in escrow | $1,300 | $1,300 |
Acquisitions_Details_2
Acquisitions (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value of Identifiable Assets Acquired: | |||
Goodwill Initially Recorded | $2,423,783 | $2,463,352 | |
Business Acquisition | |||
Consideration paid for acquisitions | |||
Cash Paid (gross of cash acquired) | 134,301 | 321,121 | 131,972 |
Fair Value of Previously Held Equity Interests | 794 | 4,265 | |
Fair value of Noncontrolling Interest | 1,000 | ||
Total Consideration | 135,095 | 321,121 | 137,237 |
Fair Value of Identifiable Assets Acquired: | |||
Cash, Accounts Receivable, Prepaid Expenses, Deferred Income Taxes and Other | 15,098 | 28,532 | 18,998 |
Property, Plant and Equipment | 23,269 | 44,681 | 11,794 |
Customer Relationship Intangible Assets | 60,172 | 173,733 | 59,479 |
Other Assets | 3,342 | 68 | 4,620 |
Liabilities Assumed and Deferred Income Taxes | -50,903 | -67,645 | -15,947 |
Total Fair Value of Identifiable Net Assets Acquired | 50,978 | 179,369 | 78,944 |
Goodwill Initially Recorded | 84,117 | 141,752 | 58,293 |
Net cash acquired | 4,704 | ||
Contingent and other payments related to acquisitions made in previous years | ($1,504) | ($76) |
Acquisitions_Details_3
Acquisitions (Details 3) (USD $) | 12 Months Ended | 1 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 |
Consideration paid for acquisitions | ||||
Consideration paid at closing | $2,330 | |||
Customer relationship intangible assets | ||||
Acquired Finite-Lived Intangible Assets | ||||
Weighted average life of customer relationship assets associated with acquisitions | 17 years | 17 years | 22 years | |
Other International Business | Russia, Ukraine and Denmark | ||||
Consideration paid for acquisitions | ||||
Purchase price | 24,500 | |||
Consideration paid at closing | 17,900 | |||
Consideration payable at 2017 | 2,100 | |||
Consideration payable at 2020 | 4,500 | |||
Value of shares owned by joint venture partners | 11,950 | |||
Payment of outstanding loan | $5,950 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Income Taxes | ||
Period of time subject to a separate corporate income tax | 10 years | |
Deferred Tax Assets: | ||
Accrued liabilities | $22,236 | $75,731 |
Deferred rent | 3,144 | 25,624 |
Net operating loss carryforwards | 64,718 | 81,124 |
Foreign tax credits | 10,229 | |
Stock compensation | 16,745 | |
Federal benefit of unrecognized tax benefits | 14,859 | 20,263 |
Foreign currency and other adjustments | 8,620 | 23,938 |
Valuation allowance | -40,182 | -40,278 |
Deferred Tax Assets | 73,395 | 213,376 |
Deferred Tax Liabilities: | ||
Other assets, principally due to differences in amortization | -74,782 | -367,936 |
Plant and equipment principally due to differences in depreciation | -39,079 | -168,385 |
Deferred Tax Liabilities | -113,861 | -536,321 |
Revaluation Associated with REIT Conversion, Deferred Tax Assets: | ||
Accrued liabilities | -48,087 | |
Deferred rent | -25,749 | |
Net operating loss carry forwards | -34,912 | |
Foreign tax credits | -9,207 | |
Stock compensation | -17,942 | |
Foreign currency and other adjustments | -34,552 | |
Deferred tax assets | -170,449 | |
Revaluation Associated with REIT Conversion, Deferred Tax Liabilities: | ||
Other assets, principally due to differences in amortization | 273,268 | |
Plant and equipment, principally due to differences in depreciation | 109,332 | |
Deferred tax liabilities | 382,600 | |
Net Deferred Tax Asset/(Liability) | 212,151 | |
Current Year Activity, Deferred Tax Assets: | ||
Accrued liabilities | -5,408 | |
Deferred Rent | 3,269 | |
Net operating loss carry forwards | 18,506 | |
Foreign tax credits | -1,022 | |
Stock compensation | 1,197 | |
Federal benefit of unrecognized tax benefits | -5,404 | |
Foreign currency and other adjustments | 19,234 | |
Valuation allowance | 96 | |
Deferred tax asset | 30,468 | |
Current Year Activity, Deferred Tax Liabilities: | ||
Other assets, principally due to differences in amortization | 19,886 | |
Plant and equipment, principally due to differences in depreciation | 19,974 | |
Deferred tax liabilities | 39,860 | |
Net Deferred Tax Asset/(Liability) | 70,328 | |
Net deferred tax liability | -40,466 | -322,945 |
Increase in tax provision from continuing operations due to conversion to a REIT | 46,356 | |
Current and noncurrent deferred tax assets (liabilities) | ||
The amount that the tax basis of REIT assets, excluding investments in TRSs, is less than the balance sheet value | 486,000 | |
Current deferred tax assets (liabilities) | ||
Deferred tax assets | 16,655 | 65,332 |
Deferred tax liabilities | -2,463 | -47,709 |
Current deferred tax assets, net | 14,192 | 17,623 |
Noncurrent deferred tax assets (liabilities) | ||
Deferred tax assets | 56,740 | 148,044 |
Deferred tax liabilities | -111,398 | -488,612 |
Noncurrent deferred tax liabilities, net | ($54,658) | ($340,568) |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes | |||
Reclassification of long-term deferred income tax liabilities | $26,916 | ||
Tax carryforwards | |||
Net operating loss carryforwards, tax effected | 64,718 | 81,124 | |
Tax benefit | -97,275 | 62,127 | 114,304 |
Roll forward of valuation allowance: | |||
Balance at Beginning of the Year | 40,278 | ||
Balance at the End of the Year | 40,182 | 40,278 | |
Tax benefits for awards issued and incremental tax benefits in excess of compensation expense | -60 | 2,389 | 1,045 |
State | |||
Tax carryforwards | |||
Net operating loss carryforwards, before tax effect | 74,439 | ||
Net operating loss carryforwards, tax effected | 112 | ||
Foreign | |||
Tax carryforwards | |||
Net operating loss carryforwards, tax effected | 64,606 | ||
Net operating loss carryforwards subject to valuation allowance (as a percent) | 62.00% | ||
Federal | |||
Tax carryforwards | |||
Net operating loss carryforwards, before tax effect | 88,090 | ||
Net operating loss carryforwards, tax effected | 0 | ||
Tax benefit | 0 | ||
Valuation Allowance of Deferred Tax Assets | |||
Roll forward of valuation allowance: | |||
Balance at Beginning of the Year | 40,278 | 76,050 | 72,239 |
Charged (Credited) to Expense | 9,404 | -27,186 | 2,274 |
Other Additions | 1,537 | ||
Other Deductions | -9,500 | -8,586 | |
Balance at the End of the Year | $40,182 | $40,278 | $76,050 |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Components of income (loss) before provision (benefit) for income taxes and (gain) loss on disposition of real estate: | |||
United States | $202,067 | $63,930 | $189,939 |
Canada | 46,191 | 39,038 | 44,358 |
Other Foreign | -24,885 | 56,903 | 62,508 |
Income (Loss) from Continuing Operations Before Provision (Benefit) for Income Taxes and (Gain) Loss on Sale of Real Estate | 223,373 | 159,871 | 296,805 |
Provision (benefit) for income taxes: | |||
Federal-current | 118,314 | 92,237 | 133,824 |
Federal-deferred | -214,132 | -64,441 | -57,166 |
State-current | 28,034 | 10,152 | 25,384 |
State-deferred | -47,814 | -8,056 | -15,134 |
Foreign-current | 27,167 | 59,170 | 32,297 |
Foreign-deferred | -8,844 | -26,935 | -4,901 |
Income Tax Expense (Benefit), Total | -97,275 | 62,127 | 114,304 |
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 | 78,181 | 55,955 | 103,882 |
Changes in income taxes resulting from: | |||
Tax adjustment relating to REIT | -63,333 | ||
Deferred tax adjustment and other taxes due to REIT conversion | -182,853 | ||
State taxes (net of federal tax benefit) | 2,207 | 4,384 | 6,923 |
Increase in valuation allowance (net operating losses) | 9,404 | 2,832 | 9,045 |
Decrease in valuation allowance (foreign tax credits) | -30,018 | -6,771 | |
Foreign repatriation | 46,356 | 44,751 | |
Foreign restructuring | 17,691 | ||
Impairment of assets and other transaction costs | 2,869 | 6,576 | 3,045 |
Reserve accrual (reversal) and audit settlements (net of federal tax benefit) | 3,175 | -16,322 | 8,266 |
Foreign tax rate differential | -9,496 | -33,852 | -30,798 |
Disallowed foreign interest, Subpart F income, and other foreign taxes | 12,502 | 9,708 | 15,242 |
Other, net | 3,713 | 422 | 5,470 |
Overall effective tax rate (as a percent) | -43.50% | 38.90% | 38.50% |
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 | ||
Net tax (expenses) benefit for the revaluation of certain current and deferred tax assets and liabilities associated REIT conversion | 212,151 | ||
Increase in tax provision due to certain amended tax returns to reflect tax accounting method changes consistent with REIT conversion | 29,298 | ||
Foreign repatriation | 46,356 | 44,751 | |
Increase (decrease) in gross interest and penalties recorded | 1,462 | 1,459 | 1,257 |
Accrued interest and penalties recorded | $5,884 | $4,874 |
Income_Taxes_Details_4
Income Taxes (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes | |||
Normal statute of limitation Period, federal tax purpose | 3 years | ||
Reconciliation of unrecognized tax benefits: | |||
Gross tax contingencies - beginning of the period | $51,146 | $37,563 | $31,408 |
Gross additions based on tax positions related to the current year | 3,984 | 5,985 | 6,598 |
Gross additions for tax positions of prior years | 13,717 | 20,275 | 3,912 |
Gross reductions for tax positions of prior years | -2,699 | -1,370 | -427 |
Lapses of statutes | -5,350 | -1,312 | -2,829 |
Settlements | -4,847 | -9,995 | -1,099 |
Gross tax contingencies - end of the period | 55,951 | 51,146 | 37,563 |
Unrecognized tax benefits included in other long-term liabilities | 53,078 | ||
Unrecognized tax benefit included in deferred income taxes | 2,873 | ||
Unrecognized tax benefits, net of federal tax benefit | 41,990 | ||
Unrecognized tax position, if recognized, that would affect the effective tax rate | $6,560 | ||
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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Results of Operations (Unaudited) | |||||||||||
Total Revenues | $777,978 | $782,697 | $786,892 | $770,126 | $768,207 | $755,314 | $754,396 | $746,706 | $3,117,693 | $3,024,623 | $3,003,955 |
Operating income (loss) | 127,895 | 141,476 | 147,290 | 132,616 | 97,075 | 139,958 | 129,697 | 122,517 | 549,277 | 489,247 | 555,466 |
Income (loss) from continuing operations | 12,674 | 858 | 272,702 | 42,721 | 48,339 | 5,330 | 27,340 | 18,152 | 328,955 | 99,161 | 182,707 |
Total income (loss) from discontinued operations | 729 | -326 | -612 | -684 | -571 | -98 | 2,184 | -209 | 831 | -6,774 | |
Net Income (Loss) | 13,403 | 858 | 272,376 | 42,109 | 47,655 | 4,759 | 27,242 | 20,336 | 328,746 | 99,992 | 174,048 |
Net income (loss) attributable to Iron Mountain Incorporated | 12,749 | 66 | 271,637 | 41,667 | 47,059 | 3,849 | 26,366 | 19,188 | 326,119 | 96,462 | 170,922 |
Earnings (Losses) per Share-Basic: | |||||||||||
Income (Loss) from Continuing Operations (in dollars per share) | $0.06 | $1.42 | $0.22 | $0.25 | $0.03 | $0.14 | $0.10 | $1.68 | $0.52 | $1.05 | |
Total (Loss) Income from Discontinued Operations (in dollars per share) | $0.01 | ($0.05) | |||||||||
Net Income (Loss) Attributable to Iron Mountain Incorporated (in dollars per share) | $0.06 | $1.41 | $0.22 | $0.25 | $0.02 | $0.14 | $0.10 | $1.67 | $0.51 | $0.98 | |
Earnings (Losses) per Share-Diluted: | |||||||||||
Income (Loss) from Continuing Operations (in dollars per share) | $0.06 | $1.41 | $0.22 | $0.25 | $0.03 | $0.14 | $0.09 | $1.67 | $0.52 | $1.04 | |
Total (Loss) Income from Discontinued Operations (in dollars per share) | $0.01 | ($0.05) | |||||||||
Net Income (Loss) Attributable to Iron Mountain Incorporated ( in dollars per share) | $0.06 | $1.40 | $0.22 | $0.24 | $0.02 | $0.14 | $0.10 | $1.66 | $0.50 | $0.98 | |
Change in net income (loss) | |||||||||||
Change in net income (loss) attributable to Iron Mountain Incorporated due to decrease in operating income | 13,600 | 42,900 | |||||||||
Decrease in operating income attributable to increase (decrease) in REIT conversion | -7,100 | ||||||||||
Change in net income (loss) attributable to Iron Mountain Incorporated due to increase in interest expense | 9,800 | ||||||||||
Offsetting the decrease in operating income and the increase in interest expense by reduction in other expenses, net | 34,700 | ||||||||||
Change in net income (loss) attributable to reduction in the provision for income taxes | 54,000 | 50,200 | |||||||||
Change in other expenses attributable to reduction in debt extinguishment charges | 16,500 | 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 | ||||||||||
Decrease in operating income attributable to professional fees and charitable contributions | 8,300 | ||||||||||
Change in revenue due to unfavorable changes in foreign exchange rates | 4,700 | ||||||||||
Quarterly Results of Operations | |||||||||||
Decrease in operating income attributable to increase in sales, marketing and account management costs within North American Business Records and Information Management Business and North American Data Management Business segments | 3,000 | ||||||||||
North American Records and Information Management Business | |||||||||||
Quarterly Results of Operations (Unaudited) | |||||||||||
Total Revenues | 1,795,361 | 1,769,233 | 1,780,299 | ||||||||
North American Data Management | |||||||||||
Quarterly Results of Operations (Unaudited) | |||||||||||
Total Revenues | $390,207 | $396,519 | $404,253 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2015 |
segment | item | |||||||||||
Segment Information | ||||||||||||
Number of operating segments | 5 | |||||||||||
Segment information | ||||||||||||
Total Revenues | $777,978 | $782,697 | $786,892 | $770,126 | $768,207 | $755,314 | $754,396 | $746,706 | $3,117,693 | $3,024,623 | $3,003,955 | |
Depreciation and Amortization | 353,143 | 322,037 | 316,344 | |||||||||
Depreciation | 304,557 | 282,856 | 280,598 | |||||||||
Amortization | 48,586 | 39,181 | 35,746 | |||||||||
Adjusted OIBDA | 925,797 | 894,581 | 910,917 | |||||||||
Total Assets | 6,570,342 | 6,653,005 | 6,570,342 | 6,653,005 | 6,358,339 | |||||||
Expenditures for Segment Assets | 524,464 | 634,586 | 394,689 | |||||||||
Capital Expenditures | 361,924 | 287,295 | 240,683 | |||||||||
Cash Paid for Acquisitions, Net of Cash Acquired | 128,093 | 317,100 | 125,134 | |||||||||
Additions to Customer Relationship and Acquisition Costs | 34,447 | 30,191 | 28,872 | |||||||||
North American Records and Information Management Business | ||||||||||||
Segment information | ||||||||||||
Total Revenues | 1,795,361 | 1,769,233 | 1,780,299 | |||||||||
Depreciation and Amortization | 177,097 | 165,097 | 163,375 | |||||||||
Depreciation | 158,122 | 150,557 | 151,471 | |||||||||
Amortization | 18,975 | 14,540 | 11,904 | |||||||||
Adjusted OIBDA | 698,719 | 652,575 | 670,355 | |||||||||
Total Assets | 3,657,366 | 3,687,865 | 3,657,366 | 3,687,865 | 3,543,166 | |||||||
Expenditures for Segment Assets | 198,651 | 319,419 | 138,837 | |||||||||
Capital Expenditures | 145,199 | 96,545 | 98,169 | |||||||||
Cash Paid for Acquisitions, Net of Cash Acquired | 26,450 | 205,251 | 21,770 | |||||||||
Additions to Customer Relationship and Acquisition Costs | 27,002 | 17,623 | 18,898 | |||||||||
North American Data Management | ||||||||||||
Segment information | ||||||||||||
Total Revenues | 390,207 | 396,519 | 404,253 | |||||||||
Depreciation and Amortization | 21,770 | 19,956 | 17,841 | |||||||||
Depreciation | 21,458 | 19,652 | 17,034 | |||||||||
Amortization | 312 | 304 | 807 | |||||||||
Adjusted OIBDA | 226,396 | 237,380 | 245,208 | |||||||||
Total Assets | 653,275 | 690,507 | 653,275 | 690,507 | 644,952 | |||||||
Expenditures for Segment Assets | 24,387 | 20,678 | 26,243 | |||||||||
Capital Expenditures | 18,076 | 12,929 | 13,106 | |||||||||
Cash Paid for Acquisitions, Net of Cash Acquired | 5,863 | 6,791 | 6,356 | |||||||||
Additions to Customer Relationship and Acquisition Costs | 448 | 958 | 6,781 | |||||||||
Western European Business | ||||||||||||
Segment information | ||||||||||||
Total Revenues | 460,535 | 448,542 | 454,347 | |||||||||
Depreciation and Amortization | 55,028 | 55,238 | 58,603 | |||||||||
Depreciation | 46,341 | 45,799 | 48,933 | |||||||||
Amortization | 8,687 | 9,439 | 9,670 | |||||||||
Adjusted OIBDA | 134,775 | 123,939 | 102,324 | |||||||||
Total Assets | 988,084 | 1,093,105 | 988,084 | 1,093,105 | 1,079,972 | |||||||
Expenditures for Segment Assets | 48,564 | 42,191 | 54,904 | |||||||||
Capital Expenditures | 39,915 | 32,478 | 34,341 | |||||||||
Cash Paid for Acquisitions, Net of Cash Acquired | 4,864 | 3,028 | 19,405 | |||||||||
Additions to Customer Relationship and Acquisition Costs | 3,785 | 6,685 | 1,158 | |||||||||
Other International Business | ||||||||||||
Segment information | ||||||||||||
Total Revenues | 458,010 | 397,057 | 352,345 | |||||||||
Depreciation and Amortization | 64,657 | 50,247 | 44,790 | |||||||||
Depreciation | 44,063 | 35,480 | 31,560 | |||||||||
Amortization | 20,594 | 14,767 | 13,230 | |||||||||
Adjusted OIBDA | 80,116 | 82,064 | 71,296 | |||||||||
Total Assets | 1,001,558 | 922,307 | 1,001,558 | 922,307 | 774,078 | |||||||
Expenditures for Segment Assets | 185,203 | 176,712 | 136,456 | |||||||||
Capital Expenditures | 92,553 | 69,757 | 56,818 | |||||||||
Cash Paid for Acquisitions, Net of Cash Acquired | 90,916 | 102,030 | 77,603 | |||||||||
Additions to Customer Relationship and Acquisition Costs | 1,734 | 4,925 | 2,035 | |||||||||
International Business | ||||||||||||
Segment information | ||||||||||||
Number of unique reportable segments the former reporting segment has been separated into | 2 | |||||||||||
Corporate and Other Business | ||||||||||||
Segment information | ||||||||||||
Total Revenues | 13,580 | 13,272 | 12,711 | |||||||||
Depreciation and Amortization | 34,591 | 31,499 | 31,735 | |||||||||
Depreciation | 34,573 | 31,368 | 31,600 | |||||||||
Amortization | 18 | 131 | 135 | |||||||||
Adjusted OIBDA | -214,209 | -201,377 | -178,266 | |||||||||
Total Assets | 270,059 | 259,221 | 270,059 | 259,221 | 316,171 | |||||||
Expenditures for Segment Assets | 67,659 | 75,586 | 38,249 | |||||||||
Capital Expenditures | 66,181 | 75,586 | 38,249 | |||||||||
Additions to Customer Relationship and Acquisition Costs | $1,478 |
Segment_Information_Details_2
Segment Information (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Adjusted OIBDA to income from continuing operations before provision (benefit) for income taxes on a consolidated basis | |||||||||||
Adjusted OIBDA | $925,797 | $894,581 | $910,917 | ||||||||
Less: Depreciation and Amortization | 353,143 | 322,037 | 316,344 | ||||||||
(Gain) Loss on Disposal/Write-down of Property, Plant and Equipment (Excluding Real Estate), Net | 1,065 | 430 | 4,661 | ||||||||
REIT Costs | 22,312 | 82,867 | 34,446 | ||||||||
Interest Expense, Net | 260,717 | 254,174 | 242,599 | ||||||||
Other Expense (Income), Net | 65,187 | 75,202 | 16,062 | ||||||||
Income (Loss) from Continuing Operations Before Provision (Benefit) for Income Taxes and (Gain) Loss on Sale of Real Estate | 223,373 | 159,871 | 296,805 | ||||||||
Operations in different geographical areas | |||||||||||
Total Revenues | 777,978 | 782,697 | 786,892 | 770,126 | 768,207 | 755,314 | 754,396 | 746,706 | 3,117,693 | 3,024,623 | 3,003,955 |
Total Long-Lived Assets | 5,652,623 | 5,719,398 | 5,652,623 | 5,719,398 | 5,334,247 | ||||||
United States | |||||||||||
Operations in different geographical areas | |||||||||||
Total Revenues | 1,967,169 | 1,938,307 | 1,948,679 | ||||||||
Total Long-Lived Assets | 3,619,396 | 3,645,211 | 3,619,396 | 3,645,211 | 3,359,560 | ||||||
United Kingdom | |||||||||||
Operations in different geographical areas | |||||||||||
Total Revenues | 280,020 | 275,343 | 290,044 | ||||||||
Total Long-Lived Assets | 474,748 | 520,255 | 474,748 | 520,255 | 529,336 | ||||||
Canada | |||||||||||
Operations in different geographical areas | |||||||||||
Total Revenues | 231,979 | 240,716 | 248,583 | ||||||||
Total Long-Lived Assets | 409,278 | 413,821 | 409,278 | 413,821 | 445,699 | ||||||
Other International | |||||||||||
Operations in different geographical areas | |||||||||||
Total Revenues | 638,525 | 570,257 | 516,649 | ||||||||
Total Long-Lived Assets | $1,149,201 | $1,140,111 | $1,149,201 | $1,140,111 | $999,652 |
Segment_Information_Details_3
Segment Information (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues by product and service lines | |||||||||||
Total Revenues | $777,978 | $782,697 | $786,892 | $770,126 | $768,207 | $755,314 | $754,396 | $746,706 | $3,117,693 | $3,024,623 | $3,003,955 |
Records Management | |||||||||||
Revenues by product and service lines | |||||||||||
Total Revenues | 2,329,546 | 2,244,494 | 2,211,101 | ||||||||
Data Management | |||||||||||
Revenues by product and service lines | |||||||||||
Total Revenues | 531,516 | 527,091 | 524,627 | ||||||||
Information Destruction | |||||||||||
Revenues by product and service lines | |||||||||||
Total Revenues | $256,631 | $253,038 | $268,227 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
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 | $255,193 | $244,390 | $250,986 |
Operating Lease Payment | |||
Operating Lease Payment, 2015 | 233,428 | ||
Operating Lease Payment, 2016 | 220,328 | ||
Operating Lease Payment, 2017 | 207,027 | ||
Operating Lease Payment, 2018 | 190,906 | ||
Operating Lease Payment, 2019 | 178,728 | ||
Operating Lease Payment, Thereafter | 1,216,193 | ||
Operating Lease Payment, Total minimum lease payments | 2,246,610 | ||
Sublease Income | |||
Sublease Income, 2015 | -5,657 | ||
Sublease Income, 2016 | -4,458 | ||
Sublease Income, 2017 | -3,478 | ||
Sublease Income, 2018 | -1,361 | ||
Sublease Income, 2019 | -729 | ||
Sublease Income, Thereafter | -986 | ||
Sublease Income, Total minimum lease payments | -16,669 | ||
Capital Leases | |||
Capital Leases, 2015 | 52,531 | ||
Capital Leases, 2016 | 52,685 | ||
Capital Leases, 2017 | 40,539 | ||
Capital Leases, 2018 | 34,414 | ||
Capital Leases, 2019 | 25,827 | ||
Capital Leases, Thereafter | 152,799 | ||
Capital Leases, Total minimum lease payments | 358,795 | ||
Less amounts representing interest | -116,929 | ||
Present value of capital lease obligations | 241,866 | ||
Contractual obligations related to purchase commitments, 2015 | 43,908 | ||
Contractual obligations related to purchase commitments, 2016 | 19,615 | ||
Contractual obligations related to purchase commitments, 2017 | 11,943 | ||
Contractual obligations related to purchase commitments, 2018 | 2,188 | ||
Contractual obligations related to purchase commitments, 2019 | 1,811 | ||
Contractual obligations related to purchase commitments, thereafter | 2,310 | ||
Contractual Obligation, Total | $81,775 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details 2) (USD $) | 12 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 1 Months Ended | 0 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 27, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Feb. 28, 2015 | Nov. 30, 2011 | Feb. 05, 2014 | Dec. 31, 2013 |
item | |||||||||
Self-Insurance Liabilities | |||||||||
Self Insurance Reserve, Current | $33,381 | $33,381 | $32,850 | ||||||
Litigation | |||||||||
Commitments and Contingencies | |||||||||
Loss contingencies, reasonably possible loss exposure in excess of the amount currently accrued | 4,500 | ||||||||
Government Contract Billing Matter | California | |||||||||
Commitments and Contingencies | |||||||||
Settlement amount paid | 1,250 | ||||||||
Government Contract Billing Matter | United States | |||||||||
Commitments and Contingencies | |||||||||
Settlement amount paid | 44,500 | ||||||||
Commonwealth of Massachusetts Assessment | |||||||||
Commitments and Contingencies | |||||||||
Aggregate amount of assessed tax including tax, interest and penalties | 1,503 | 4,120 | 8,191 | ||||||
Commonwealth of Massachusetts Assessment | Forecast | |||||||||
Commitments and Contingencies | |||||||||
Payment of income tax assessments | $6,000 | ||||||||
Italy Fire | |||||||||
Commitments and Contingencies | |||||||||
Number of customer lawsuits | 4 | ||||||||
Number of customer lawsuits settled | 3 | ||||||||
Argentina Fire | |||||||||
Commitments and Contingencies | |||||||||
Maximum facility revenue as a percentage of consolidated revenues | 0.50% |
Related_Party_Transactions_Det
Related Party Transactions (Details) (Evercore, USD $) | 5 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 |
Related party transactions | ||
Engagement and other fees incurred | $2,750 | $250 |
Maximum | ||
Related party transactions | ||
Engagement Fees | $3,000 |
401k_Plans_Details
401(k) Plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
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) | $18,306 | $19,999 | $18,026 |
Stockholders_Equity_Matters_De
Stockholders' Equity Matters (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 22, 2014 | Dec. 15, 2014 | Nov. 17, 2014 | Nov. 04, 2014 | Oct. 15, 2014 | Sep. 15, 2014 | Jul. 15, 2014 | 28-May-14 | Apr. 15, 2014 | Mar. 14, 2014 | Jan. 15, 2014 | Dec. 16, 2013 | Oct. 15, 2013 | Sep. 11, 2013 | Jul. 15, 2013 | Jun. 06, 2013 | Apr. 15, 2013 | Mar. 14, 2013 | Dec. 31, 2013 | Nov. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 04, 2014 |
Stockholders' Equity Note | ||||||||||||||||||||||||
Dividends declared (in dollars per share) | $0.48 | $0.48 | $0.27 | $0.27 | $0.27 | $0.27 | $0.27 | $0.27 | $5.37 | $1.08 | $5.12 | |||||||||||||
Special distribution declared (in dollars per share) | $3.61 | |||||||||||||||||||||||
Catch-up distribution declared (in dollars per share) | $0.26 | |||||||||||||||||||||||
Dividends declared | $99,617 | $91,993 | $52,033 | $51,812 | $51,683 | $51,625 | $51,597 | $51,460 | $493,513 | $208,900 | $328,707 | |||||||||||||
Special distribution declared | 700,000 | |||||||||||||||||||||||
Catch-up distribution declared | 53,450 | |||||||||||||||||||||||
Dividends paid ( in dollars per share) | $0.48 | $0.26 | $0.48 | $0.27 | $0.27 | $0.27 | $0.27 | $0.27 | $0.27 | |||||||||||||||
Special distribution paid ( in dollars per share) | $3.61 | $4.07 | ||||||||||||||||||||||
Dividends paid | 99,617 | 53,450 | 700,000 | 91,993 | 52,033 | 51,812 | 51,683 | 51,625 | 51,597 | 51,460 | 542,298 | 206,798 | 318,845 | |||||||||||
Special distribution paid | 700,000 | |||||||||||||||||||||||
Amount of declared distributions | 1,048,905 | 206,365 | 886,896 | |||||||||||||||||||||
Number of preferred stock purchase right entitled for each share of common stock | 1 | |||||||||||||||||||||||
Maximum amount the special distribution can be in cash | 140,000 | |||||||||||||||||||||||
Maximum amount the special distribution can be in cash as a percent of the total special distribution | 20.00% | |||||||||||||||||||||||
Number of trading days used for value of special dividend | 3 days | |||||||||||||||||||||||
Cash portion of special distribution | $140,000 | |||||||||||||||||||||||
Common stock value for special dividend (in dollars per share) | $35.55 | $35.55 | ||||||||||||||||||||||
Common stock issued in special dividend (in shares) | 15,750,000 | |||||||||||||||||||||||
Percent of dividends paid | 100.00% | 100.00% | 100.00% | |||||||||||||||||||||
Nonqualified ordinary dividends | ||||||||||||||||||||||||
Stockholders' Equity Note | ||||||||||||||||||||||||
Percent of dividends paid | 26.40% | 0.00% | 0.00% | |||||||||||||||||||||
Qualified ordinary dividends | ||||||||||||||||||||||||
Stockholders' Equity Note | ||||||||||||||||||||||||
Percent of dividends paid | 56.40% | 100.00% | 100.00% | |||||||||||||||||||||
Return of capital | ||||||||||||||||||||||||
Stockholders' Equity Note | ||||||||||||||||||||||||
Percent of dividends paid | 17.20% | 0.00% | 0.00% |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Summarized results of operations | ||||||||||
Income (Loss) from Discontinued Operations, Net of Tax | $729 | ($326) | ($612) | ($684) | ($571) | ($98) | $2,184 | ($209) | $831 | ($6,774) |
(Loss) Gain on Sale of Discontinued Operations, Net of Tax | -1,885 | |||||||||
Total (Loss) Income from Discontinued Operations and Sale, Net of Tax | -209 | 831 | -8,659 | |||||||
Digital Operations | ||||||||||
Summarized results of operations | ||||||||||
(Loss) Income Before Provision (Benefit) for Income Taxes of Discontinued Operations | -960 | -958 | -75 | |||||||
(Benefit) Provision for Income Taxes | -429 | -505 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax | -960 | -529 | 430 | |||||||
New Zealand Operations | ||||||||||
Summarized results of operations | ||||||||||
(Loss) Income Before Provision (Benefit) for Income Taxes of Discontinued Operations | -88 | |||||||||
(Benefit) Provision for Income Taxes | -34 | |||||||||
Income (Loss) from Discontinued Operations, Net of Tax | -54 | |||||||||
Italian Operations | ||||||||||
Summarized results of operations | ||||||||||
Total Revenues | 2,138 | |||||||||
(Loss) Income Before Provision (Benefit) for Income Taxes of Discontinued Operations | 751 | 2,290 | -8,692 | |||||||
(Benefit) Provision for Income Taxes | 930 | -1,542 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax | 751 | 1,360 | -7,150 | |||||||
(Loss) Gain on Sale of Discontinued Operations, Net of Tax | -1,885 | |||||||||
Total (Loss) Income from Discontinued Operations and Sale, Net of Tax | $751 | $1,360 | ($9,035) |
Restructuring_Details
Restructuring (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Restructuring | ||
Restructuring costs | $3,475 | $23,400 |
Cost of sales (excluding depreciation and amortization) | ||
Restructuring | ||
Restructuring costs | 1,228 | 3,400 |
Selling, general and administrative expenses | ||
Restructuring | ||
Restructuring costs | 2,247 | 20,000 |
North American Records and Information Management Business | ||
Restructuring | ||
Restructuring costs | 1,560 | 12,600 |
North American Data Management | ||
Restructuring | ||
Restructuring costs | 340 | 2,100 |
Western European Business | ||
Restructuring | ||
Restructuring costs | 33 | 2,300 |
Other International Business | ||
Restructuring | ||
Restructuring costs | 1,400 | |
Corporate and Other Business | ||
Restructuring | ||
Restructuring costs | $1,542 | $5,000 |
Divestitures_Details
Divestitures (Details) (USD $) | 12 Months Ended | 1 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Significant Acquisitions and Disposals | |||
Goodwill | $2,423,783 | $2,423,783 | $2,463,352 |
Goodwill allocated to divested operations | 7,750 | ||
Western European Business and Other International Business | International Shredding Operations | |||
Significant Acquisitions and Disposals | |||
Proceeds received from sale of assets | 26,200 | 26,200 | |
Portion of sales price being held in escrow | 1,500 | 1,500 | |
Pretax gain on sale of assets, recorded in other (income) expense | 6,900 | ||
Net of tax gain on sale of assets | 10,200 | ||
Maximum facility revenue as a percentage of consolidated revenues | 1.00% | ||
Goodwill allocated to divested operations | $7,750 |
SCHEDULE_III_SCHEDULE_OF_REAL_1
SCHEDULE III - SCHEDULE OF REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
facility | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 255 | |
Encumbrances | $4,824 | |
Initial cost to Company | 1,079,215 | |
Cost capitalized subsequent to acquisition | 940,370 | |
Gross amount carried at close of current period (1) (2) | 2,019,585 | 1,949,073 |
Accumulated depreciation at close of current period (1) (2) | 648,734 | 592,329 |
Number of facilities leased | 839 | |
Number of sites exceeding 5% of aggregate gross amount of assets | 0 | |
Aggregate gross amount of assets at close of period | 5.00% | |
North America | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 177 | |
Initial cost to Company | 835,804 | |
Cost capitalized subsequent to acquisition | 750,555 | |
Gross amount carried at close of current period (1) (2) | 1,586,359 | |
Accumulated depreciation at close of current period (1) (2) | 531,769 | |
United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 162 | |
Initial cost to Company | 767,030 | |
Cost capitalized subsequent to acquisition | 672,245 | |
Gross amount carried at close of current period (1) (2) | 1,439,275 | |
Accumulated depreciation at close of current period (1) (2) | 486,109 | |
Canada | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 15 | |
Initial cost to Company | 68,774 | |
Cost capitalized subsequent to acquisition | 78,310 | |
Gross amount carried at close of current period (1) (2) | 147,084 | |
Accumulated depreciation at close of current period (1) (2) | 45,660 | |
Europe | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 49 | |
Encumbrances | 2,235 | |
Initial cost to Company | 166,482 | |
Cost capitalized subsequent to acquisition | 113,857 | |
Gross amount carried at close of current period (1) (2) | 280,339 | |
Accumulated depreciation at close of current period (1) (2) | 94,097 | |
Latin America | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 27 | |
Encumbrances | 2,589 | |
Initial cost to Company | 74,718 | |
Cost capitalized subsequent to acquisition | 71,490 | |
Gross amount carried at close of current period (1) (2) | 146,208 | |
Accumulated depreciation at close of current period (1) (2) | 22,157 | |
Asia Pacific | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 2 | |
Initial cost to Company | 2,211 | |
Cost capitalized subsequent to acquisition | 4,468 | |
Gross amount carried at close of current period (1) (2) | 6,679 | |
Accumulated depreciation at close of current period (1) (2) | 711 | |
140 Oxmoor Ct, Birmingham, Alabama | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 1,322 | |
Cost capitalized subsequent to acquisition | 800 | |
Gross amount carried at close of current period (1) (2) | 2,122 | |
Accumulated depreciation at close of current period (1) (2) | 737 | |
140 Oxmoor Ct, Birmingham, Alabama | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
1420 North Fiesta Blvd, Gilbert, Arizona | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 1,637 | |
Cost capitalized subsequent to acquisition | 2,539 | |
Gross amount carried at close of current period (1) (2) | 4,176 | |
Accumulated depreciation at close of current period (1) (2) | 1,082 | |
1420 North Fiesta Blvd, Gilbert, Arizona | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
2955 S. 18th Place, Phoenix, Arizona | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 12,178 | |
Cost capitalized subsequent to acquisition | 2,546 | |
Gross amount carried at close of current period (1) (2) | 14,724 | |
Accumulated depreciation at close of current period (1) (2) | 2,762 | |
2955 S. 18th Place, Phoenix, Arizona | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
4449 South 36th St, Phoenix, Arizona | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 7,305 | |
Cost capitalized subsequent to acquisition | 514 | |
Gross amount carried at close of current period (1) (2) | 7,819 | |
Accumulated depreciation at close of current period (1) (2) | 3,774 | |
4449 South 36th St, Phoenix, Arizona | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
3381 East Global Loop, Tucson, Arizona | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 1,622 | |
Cost capitalized subsequent to acquisition | 3,322 | |
Gross amount carried at close of current period (1) (2) | 4,944 | |
Accumulated depreciation at close of current period (1) (2) | 1,993 | |
3381 East Global Loop, Tucson, Arizona | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
200 Madrone Way, Felton, California | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 760 | |
Cost capitalized subsequent to acquisition | 633 | |
Gross amount carried at close of current period (1) (2) | 1,393 | |
Accumulated depreciation at close of current period (1) (2) | 471 | |
200 Madrone Way, Felton, California | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
13379 Jurupa Ave, Fontana, California | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 10,472 | |
Cost capitalized subsequent to acquisition | 7,200 | |
Gross amount carried at close of current period (1) (2) | 17,672 | |
Accumulated depreciation at close of current period (1) (2) | 6,604 | |
13379 Jurupa Ave, Fontana, California | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
600 Burning Tree Rd, Fullerton, California | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 4,762 | |
Cost capitalized subsequent to acquisition | 1,558 | |
Gross amount carried at close of current period (1) (2) | 6,320 | |
Accumulated depreciation at close of current period (1) (2) | 2,183 | |
600 Burning Tree Rd, Fullerton, California | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
5086 4th St, Irwindale, California | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 6,800 | |
Cost capitalized subsequent to acquisition | 2,091 | |
Gross amount carried at close of current period (1) (2) | 8,891 | |
Accumulated depreciation at close of current period (1) (2) | 2,470 | |
5086 4th St, Irwindale, California | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
6933 Preston Ave, Livermore, California | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 14,585 | |
Cost capitalized subsequent to acquisition | 12,497 | |
Gross amount carried at close of current period (1) (2) | 27,082 | |
Accumulated depreciation at close of current period (1) (2) | 5,694 | |
6933 Preston Ave, Livermore, California | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
1006 North Mansfield, Los Angeles, California | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 749 | |
Gross amount carried at close of current period (1) (2) | 749 | |
Accumulated depreciation at close of current period (1) (2) | 16 | |
1006 North Mansfield, Los Angeles, California | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
1025 North Highland Ave, Los Angeles, California | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 10,168 | |
Cost capitalized subsequent to acquisition | 17,842 | |
Gross amount carried at close of current period (1) (2) | 28,010 | |
Accumulated depreciation at close of current period (1) (2) | 9,174 | |
1025 North Highland Ave, Los Angeles, California | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
1350 West Grand Ave, Oakland, California | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 15,172 | |
Cost capitalized subsequent to acquisition | 4,629 | |
Gross amount carried at close of current period (1) (2) | 19,801 | |
Accumulated depreciation at close of current period (1) (2) | 12,476 | |
1350 West Grand Ave, Oakland, California | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
1760 North Saint Thomas Circle, Orange, California | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 4,576 | |
Gross amount carried at close of current period (1) (2) | 4,576 | |
Accumulated depreciation at close of current period (1) (2) | 1,286 | |
1760 North Saint Thomas Circle, Orange, California | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
8700 Mercury Lane, Pico Rivera, California | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 27,957 | |
Cost capitalized subsequent to acquisition | 67 | |
Gross amount carried at close of current period (1) (2) | 28,024 | |
Accumulated depreciation at close of current period (1) (2) | 5,811 | |
8700 Mercury Lane, Pico Rivera, California | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
8661 Kerns St, San Diego, California | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 10,512 | |
Cost capitalized subsequent to acquisition | 6,641 | |
Gross amount carried at close of current period (1) (2) | 17,153 | |
Accumulated depreciation at close of current period (1) (2) | 4,747 | |
8661 Kerns St, San Diego, California | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
1915 South Grand Ave, Santa Ana, California | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 3,420 | |
Cost capitalized subsequent to acquisition | 1,095 | |
Gross amount carried at close of current period (1) (2) | 4,515 | |
Accumulated depreciation at close of current period (1) (2) | 1,459 | |
1915 South Grand Ave, Santa Ana, California | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
2680 Sequoia Dr, South Gate, California | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 6,329 | |
Cost capitalized subsequent to acquisition | 2,104 | |
Gross amount carried at close of current period (1) (2) | 8,433 | |
Accumulated depreciation at close of current period (1) (2) | 3,222 | |
2680 Sequoia Dr, South Gate, California | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
111 Uranium Drive, Sunnyvale, California | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 9,645 | |
Cost capitalized subsequent to acquisition | 4,919 | |
Gross amount carried at close of current period (1) (2) | 14,564 | |
Accumulated depreciation at close of current period (1) (2) | 3,102 | |
111 Uranium Drive, Sunnyvale, California | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
25250 South Schulte Rd, Tracy, California | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 3,049 | |
Cost capitalized subsequent to acquisition | 1,615 | |
Gross amount carried at close of current period (1) (2) | 4,664 | |
Accumulated depreciation at close of current period (1) (2) | 1,354 | |
25250 South Schulte Rd, Tracy, California | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
3576 N. Moline, Aurora, Colorado | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 1,583 | |
Cost capitalized subsequent to acquisition | 1,827 | |
Gross amount carried at close of current period (1) (2) | 3,410 | |
Accumulated depreciation at close of current period (1) (2) | 1,066 | |
3576 N. Moline, Aurora, Colorado | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
North Stone Ave, Colorado Springs, Colorado | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 2 | |
Initial cost to Company | 761 | |
Cost capitalized subsequent to acquisition | 2,671 | |
Gross amount carried at close of current period (1) (2) | 3,432 | |
Accumulated depreciation at close of current period (1) (2) | 1,174 | |
North Stone Ave, Colorado Springs, Colorado | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
11333 E 53rd Ave, Denver, Colorado | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 7,403 | |
Cost capitalized subsequent to acquisition | 9,807 | |
Gross amount carried at close of current period (1) (2) | 17,210 | |
Accumulated depreciation at close of current period (1) (2) | 6,187 | |
11333 E 53rd Ave, Denver, Colorado | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
5151 E. 46th Ave, Denver, Colorado | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 6,312 | |
Gross amount carried at close of current period (1) (2) | 6,312 | |
Accumulated depreciation at close of current period (1) (2) | 569 | |
5151 E. 46th Ave, Denver, Colorado | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
20 Eastern Park Rd, East Hartford, Connecticut | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 7,417 | |
Cost capitalized subsequent to acquisition | 1,180 | |
Gross amount carried at close of current period (1) (2) | 8,597 | |
Accumulated depreciation at close of current period (1) (2) | 5,044 | |
20 Eastern Park Rd, East Hartford, Connecticut | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Bennett Rd, Suffield, Connecticut | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 2 | |
Initial cost to Company | 1,768 | |
Cost capitalized subsequent to acquisition | 672 | |
Gross amount carried at close of current period (1) (2) | 2,440 | |
Accumulated depreciation at close of current period (1) (2) | 967 | |
Bennett Rd, Suffield, Connecticut | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Kennedy Road, Windsor, Connecticut | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 2 | |
Initial cost to Company | 10,447 | |
Cost capitalized subsequent to acquisition | 29,062 | |
Gross amount carried at close of current period (1) (2) | 39,509 | |
Accumulated depreciation at close of current period (1) (2) | 12,790 | |
Kennedy Road, Windsor, Connecticut | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
293 Ella Grasso Rd, Windsor Locks, Connecticut | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 4,021 | |
Cost capitalized subsequent to acquisition | 1,274 | |
Gross amount carried at close of current period (1) (2) | 5,295 | |
Accumulated depreciation at close of current period (1) (2) | 2,120 | |
293 Ella Grasso Rd, Windsor Locks, Connecticut | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
150-200 Todds Ln, Wilmington, Delaware | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 7,226 | |
Cost capitalized subsequent to acquisition | 843 | |
Gross amount carried at close of current period (1) (2) | 8,069 | |
Accumulated depreciation at close of current period (1) (2) | 4,157 | |
150-200 Todds Ln, Wilmington, Delaware | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
13280 Vantage Way, Jacksonville, Florida | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 1,853 | |
Cost capitalized subsequent to acquisition | 192 | |
Gross amount carried at close of current period (1) (2) | 2,045 | |
Accumulated depreciation at close of current period (1) (2) | 619 | |
13280 Vantage Way, Jacksonville, Florida | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
12855 Starkey Rd, Largo, Florida | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 3,293 | |
Cost capitalized subsequent to acquisition | 2,392 | |
Gross amount carried at close of current period (1) (2) | 5,685 | |
Accumulated depreciation at close of current period (1) (2) | 2,192 | |
12855 Starkey Rd, Largo, Florida | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
10002 Satellite Blvd, Orlando, Florida | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 1,927 | |
Cost capitalized subsequent to acquisition | 245 | |
Gross amount carried at close of current period (1) (2) | 2,172 | |
Accumulated depreciation at close of current period (1) (2) | 631 | |
10002 Satellite Blvd, Orlando, Florida | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
3501 Electronics Way, West Palm Beach, Florida | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 4,201 | |
Cost capitalized subsequent to acquisition | 12,708 | |
Gross amount carried at close of current period (1) (2) | 16,909 | |
Accumulated depreciation at close of current period (1) (2) | 3,978 | |
3501 Electronics Way, West Palm Beach, Florida | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
1890 MacArthur Blvd, Atlanta, Georgia | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 1,786 | |
Cost capitalized subsequent to acquisition | 620 | |
Gross amount carried at close of current period (1) (2) | 2,406 | |
Accumulated depreciation at close of current period (1) (2) | 778 | |
1890 MacArthur Blvd, Atlanta, Georgia | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
3881 Old Gordon Rd, Atlanta, Georgia | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 1,185 | |
Cost capitalized subsequent to acquisition | 291 | |
Gross amount carried at close of current period (1) (2) | 1,476 | |
Accumulated depreciation at close of current period (1) (2) | 677 | |
3881 Old Gordon Rd, Atlanta, Georgia | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
5319 Tulane Drive SW, Atlanta, Georgia | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 2,808 | |
Cost capitalized subsequent to acquisition | 3,131 | |
Gross amount carried at close of current period (1) (2) | 5,939 | |
Accumulated depreciation at close of current period (1) (2) | 1,846 | |
5319 Tulane Drive SW, Atlanta, Georgia | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
3150 Nifda Dr, Smyrna, Georgia | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 463 | |
Cost capitalized subsequent to acquisition | 640 | |
Gross amount carried at close of current period (1) (2) | 1,103 | |
Accumulated depreciation at close of current period (1) (2) | 551 | |
3150 Nifda Dr, Smyrna, Georgia | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
1301 S. Rockwell St, Chicago, Illinois | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 7,947 | |
Cost capitalized subsequent to acquisition | 18,461 | |
Gross amount carried at close of current period (1) (2) | 26,408 | |
Accumulated depreciation at close of current period (1) (2) | 11,484 | |
1301 S. Rockwell St, Chicago, Illinois | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
2211 W. Pershing Rd, Chicago, Illinois | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 4,264 | |
Cost capitalized subsequent to acquisition | 12,850 | |
Gross amount carried at close of current period (1) (2) | 17,114 | |
Accumulated depreciation at close of current period (1) (2) | 5,639 | |
2211 W. Pershing Rd, Chicago, Illinois | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
2425 South Halsted St, Chicago, Illinois | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 7,470 | |
Cost capitalized subsequent to acquisition | 925 | |
Gross amount carried at close of current period (1) (2) | 8,395 | |
Accumulated depreciation at close of current period (1) (2) | 3,098 | |
2425 South Halsted St, Chicago, Illinois | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
2604 West 13th St, Chicago, Illinois | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 404 | |
Cost capitalized subsequent to acquisition | 2,670 | |
Gross amount carried at close of current period (1) (2) | 3,074 | |
Accumulated depreciation at close of current period (1) (2) | 2,111 | |
2604 West 13th St, Chicago, Illinois | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
2255 Pratt Blvd, Elk Grove, Illinois | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 1,989 | |
Cost capitalized subsequent to acquisition | 3,622 | |
Gross amount carried at close of current period (1) (2) | 5,611 | |
Accumulated depreciation at close of current period (1) (2) | 741 | |
2255 Pratt Blvd, Elk Grove, Illinois | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
4175 Chandler Dr Opus No. Corp, Hanover Park, Illinois | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 22,048 | |
Cost capitalized subsequent to acquisition | 17 | |
Gross amount carried at close of current period (1) (2) | 22,065 | |
Accumulated depreciation at close of current period (1) (2) | 5,838 | |
4175 Chandler Dr Opus No. Corp, Hanover Park, Illinois | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
6120 Churchman Bypass, Indianapolis, Indiana | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 4,827 | |
Cost capitalized subsequent to acquisition | 7,761 | |
Gross amount carried at close of current period (1) (2) | 12,588 | |
Accumulated depreciation at close of current period (1) (2) | 4,013 | |
6120 Churchman Bypass, Indianapolis, Indiana | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
6090 NE 14th Street, Des Moines, Iowa | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 622 | |
Cost capitalized subsequent to acquisition | 313 | |
Gross amount carried at close of current period (1) (2) | 935 | |
Accumulated depreciation at close of current period (1) (2) | 247 | |
6090 NE 14th Street, Des Moines, Iowa | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
South 7th St, Louisville, Kentucky | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 4 | |
Initial cost to Company | 709 | |
Cost capitalized subsequent to acquisition | 8,166 | |
Gross amount carried at close of current period (1) (2) | 8,875 | |
Accumulated depreciation at close of current period (1) (2) | 2,760 | |
South 7th St, Louisville, Kentucky | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
900 Distributors Row, New Orleans, Louisiana | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 7,607 | |
Cost capitalized subsequent to acquisition | 816 | |
Gross amount carried at close of current period (1) (2) | 8,423 | |
Accumulated depreciation at close of current period (1) (2) | 4,794 | |
900 Distributors Row, New Orleans, Louisiana | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
1274 Commercial Drive, Port Allen, Louisiana | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 2,680 | |
Cost capitalized subsequent to acquisition | 3,133 | |
Gross amount carried at close of current period (1) (2) | 5,813 | |
Accumulated depreciation at close of current period (1) (2) | 1,866 | |
1274 Commercial Drive, Port Allen, Louisiana | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
8928 McGaw Ct, Columbia, Maryland | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 2,198 | |
Cost capitalized subsequent to acquisition | 5,511 | |
Gross amount carried at close of current period (1) (2) | 7,709 | |
Accumulated depreciation at close of current period (1) (2) | 2,130 | |
8928 McGaw Ct, Columbia, Maryland | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
10641 Iron Bridge Rd, Jessup, Maryland | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 3,782 | |
Cost capitalized subsequent to acquisition | 689 | |
Gross amount carried at close of current period (1) (2) | 4,471 | |
Accumulated depreciation at close of current period (1) (2) | 1,831 | |
10641 Iron Bridge Rd, Jessup, Maryland | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
8275 Patuxent Range Rd, Jessup, Maryland | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 10,105 | |
Cost capitalized subsequent to acquisition | 7,181 | |
Gross amount carried at close of current period (1) (2) | 17,286 | |
Accumulated depreciation at close of current period (1) (2) | 7,003 | |
8275 Patuxent Range Rd, Jessup, Maryland | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
96 High St, Billerica, Massachusetts | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 3,221 | |
Cost capitalized subsequent to acquisition | 3,776 | |
Gross amount carried at close of current period (1) (2) | 6,997 | |
Accumulated depreciation at close of current period (1) (2) | 2,705 | |
96 High St, Billerica, Massachusetts | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
120 Hampden St, Boston, Massachusetts | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 164 | |
Cost capitalized subsequent to acquisition | 420 | |
Gross amount carried at close of current period (1) (2) | 584 | |
Accumulated depreciation at close of current period (1) (2) | 388 | |
120 Hampden St, Boston, Massachusetts | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
32 George St, Boston, Massachusetts | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 1,820 | |
Cost capitalized subsequent to acquisition | 5,067 | |
Gross amount carried at close of current period (1) (2) | 6,887 | |
Accumulated depreciation at close of current period (1) (2) | 4,451 | |
32 George St, Boston, Massachusetts | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
3435 Sharps Lot Rd, Dighton, Massachusetts | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 1,911 | |
Cost capitalized subsequent to acquisition | 514 | |
Gross amount carried at close of current period (1) (2) | 2,425 | |
Accumulated depreciation at close of current period (1) (2) | 1,728 | |
3435 Sharps Lot Rd, Dighton, Massachusetts | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
77 Constitution Boulevard, Franklin, Massachusetts | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 5,413 | |
Cost capitalized subsequent to acquisition | 48 | |
Gross amount carried at close of current period (1) (2) | 5,461 | |
Accumulated depreciation at close of current period (1) (2) | 43 | |
77 Constitution Boulevard, Franklin, Massachusetts | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
216 Canal St, Lawrence, Massachusetts | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 1,298 | |
Cost capitalized subsequent to acquisition | 975 | |
Gross amount carried at close of current period (1) (2) | 2,273 | |
Accumulated depreciation at close of current period (1) (2) | 902 | |
216 Canal St, Lawrence, Massachusetts | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Bearfoot Road, Northboro, Massachusetts | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 2 | |
Initial cost to Company | 55,923 | |
Cost capitalized subsequent to acquisition | 18,343 | |
Gross amount carried at close of current period (1) (2) | 74,266 | |
Accumulated depreciation at close of current period (1) (2) | 27,786 | |
Bearfoot Road, Northboro, Massachusetts | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
6601 Sterling Dr South, Sterling Heights, Michigan | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 1,294 | |
Cost capitalized subsequent to acquisition | 1,048 | |
Gross amount carried at close of current period (1) (2) | 2,342 | |
Accumulated depreciation at close of current period (1) (2) | 925 | |
6601 Sterling Dr South, Sterling Heights, Michigan | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
1985 Bart Ave, Warren, Michigan | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 1,802 | |
Cost capitalized subsequent to acquisition | 314 | |
Gross amount carried at close of current period (1) (2) | 2,116 | |
Accumulated depreciation at close of current period (1) (2) | 784 | |
1985 Bart Ave, Warren, Michigan | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Wahl Court, Warren, Michigan | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 2 | |
Initial cost to Company | 3,426 | |
Cost capitalized subsequent to acquisition | 2,253 | |
Gross amount carried at close of current period (1) (2) | 5,679 | |
Accumulated depreciation at close of current period (1) (2) | 2,876 | |
Wahl Court, Warren, Michigan | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
31155 Wixom Rd, Wixom, Michigan | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 4,000 | |
Cost capitalized subsequent to acquisition | 1,142 | |
Gross amount carried at close of current period (1) (2) | 5,142 | |
Accumulated depreciation at close of current period (1) (2) | 1,906 | |
31155 Wixom Rd, Wixom, Michigan | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
3140 Ryder Trail South, Earth City, Missouri | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 3,072 | |
Cost capitalized subsequent to acquisition | 2,796 | |
Gross amount carried at close of current period (1) (2) | 5,868 | |
Accumulated depreciation at close of current period (1) (2) | 1,414 | |
3140 Ryder Trail South, Earth City, Missouri | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Leavenworth St/18th St, Omaha, Nebraska | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 3 | |
Initial cost to Company | 2,924 | |
Cost capitalized subsequent to acquisition | 10,273 | |
Gross amount carried at close of current period (1) (2) | 13,197 | |
Accumulated depreciation at close of current period (1) (2) | 3,945 | |
Leavenworth St/18th St, Omaha, Nebraska | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
4105 North Lamb Blvd, Las Vegas, Nevada | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 3,430 | |
Cost capitalized subsequent to acquisition | 8,614 | |
Gross amount carried at close of current period (1) (2) | 12,044 | |
Accumulated depreciation at close of current period (1) (2) | 3,773 | |
4105 North Lamb Blvd, Las Vegas, Nevada | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
17 Hydro Plant Rd, Milton, New Hampshire | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 6,179 | |
Cost capitalized subsequent to acquisition | 4,015 | |
Gross amount carried at close of current period (1) (2) | 10,194 | |
Accumulated depreciation at close of current period (1) (2) | 4,739 | |
17 Hydro Plant Rd, Milton, New Hampshire | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Kimberly Rd, East Brunsick, New Jersey | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 3 | |
Initial cost to Company | 22,105 | |
Cost capitalized subsequent to acquisition | 5,094 | |
Gross amount carried at close of current period (1) (2) | 27,199 | |
Accumulated depreciation at close of current period (1) (2) | 10,184 | |
Kimberly Rd, East Brunsick, New Jersey | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
1189 Magnolia Ave, Elizabeth, New Jersey | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 1,278 | |
Cost capitalized subsequent to acquisition | 2,102 | |
Gross amount carried at close of current period (1) (2) | 3,380 | |
Accumulated depreciation at close of current period (1) (2) | 1,310 | |
1189 Magnolia Ave, Elizabeth, New Jersey | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
811 Route 33, Freehold, New Jersey | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 3 | |
Initial cost to Company | 38,697 | |
Cost capitalized subsequent to acquisition | 49,849 | |
Gross amount carried at close of current period (1) (2) | 88,546 | |
Accumulated depreciation at close of current period (1) (2) | 34,649 | |
811 Route 33, Freehold, New Jersey | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
650 Howard Avenue, Somerset, New Jersey | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 3,585 | |
Cost capitalized subsequent to acquisition | 11,303 | |
Gross amount carried at close of current period (1) (2) | 14,888 | |
Accumulated depreciation at close of current period (1) (2) | 3,291 | |
650 Howard Avenue, Somerset, New Jersey | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
555 Gallatin Place, Albuquerque, New Mexico | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 4,083 | |
Cost capitalized subsequent to acquisition | 377 | |
Gross amount carried at close of current period (1) (2) | 4,460 | |
Accumulated depreciation at close of current period (1) (2) | 1,773 | |
555 Gallatin Place, Albuquerque, New Mexico | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
7500 Los Volcanes Rd NW, Albuquerque, New Mexico | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 2,801 | |
Cost capitalized subsequent to acquisition | 1,791 | |
Gross amount carried at close of current period (1) (2) | 4,592 | |
Accumulated depreciation at close of current period (1) (2) | 1,944 | |
7500 Los Volcanes Rd NW, Albuquerque, New Mexico | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
100 Bailey Ave, Buffalo, New York | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 1,324 | |
Cost capitalized subsequent to acquisition | 9,528 | |
Gross amount carried at close of current period (1) (2) | 10,852 | |
Accumulated depreciation at close of current period (1) (2) | 4,252 | |
100 Bailey Ave, Buffalo, New York | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
64 Leone Ln, Chester, New York | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 5,086 | |
Cost capitalized subsequent to acquisition | 1,047 | |
Gross amount carried at close of current period (1) (2) | 6,133 | |
Accumulated depreciation at close of current period (1) (2) | 2,771 | |
64 Leone Ln, Chester, New York | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
1368 County Rd 8, Farmington, New York | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 2,611 | |
Cost capitalized subsequent to acquisition | 4,411 | |
Gross amount carried at close of current period (1) (2) | 7,022 | |
Accumulated depreciation at close of current period (1) (2) | 3,240 | |
1368 County Rd 8, Farmington, New York | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
County Rd 10, Linlithgo, New York | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 2 | |
Initial cost to Company | 102 | |
Cost capitalized subsequent to acquisition | 2,878 | |
Gross amount carried at close of current period (1) (2) | 2,980 | |
Accumulated depreciation at close of current period (1) (2) | 899 | |
County Rd 10, Linlithgo, New York | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
77 Seaview Blvd, N. Hempstead, New York | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 5,719 | |
Cost capitalized subsequent to acquisition | 1,294 | |
Gross amount carried at close of current period (1) (2) | 7,013 | |
Accumulated depreciation at close of current period (1) (2) | 1,648 | |
77 Seaview Blvd, N. Hempstead, New York | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
37 Hurds Corner Road, Pawling, New York | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 4,323 | |
Cost capitalized subsequent to acquisition | 443 | |
Gross amount carried at close of current period (1) (2) | 4,766 | |
Accumulated depreciation at close of current period (1) (2) | 1,383 | |
37 Hurds Corner Road, Pawling, New York | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Ulster Ave/Route 9W, Port Ewen, New York | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 3 | |
Initial cost to Company | 23,137 | |
Cost capitalized subsequent to acquisition | 7,222 | |
Gross amount carried at close of current period (1) (2) | 30,359 | |
Accumulated depreciation at close of current period (1) (2) | 17,537 | |
Ulster Ave/Route 9W, Port Ewen, New York | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Binnewater Rd, Rosendale, New York | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 2 | |
Initial cost to Company | 5,142 | |
Cost capitalized subsequent to acquisition | 9,291 | |
Gross amount carried at close of current period (1) (2) | 14,433 | |
Accumulated depreciation at close of current period (1) (2) | 3,861 | |
Binnewater Rd, Rosendale, New York | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
220 Wavel St, Syracuse, New York | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 2,929 | |
Cost capitalized subsequent to acquisition | 1,983 | |
Gross amount carried at close of current period (1) (2) | 4,912 | |
Accumulated depreciation at close of current period (1) (2) | 2,153 | |
220 Wavel St, Syracuse, New York | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
14500 Weston Pkwy, Cary, North Carolina | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 1,880 | |
Cost capitalized subsequent to acquisition | 1,619 | |
Gross amount carried at close of current period (1) (2) | 3,499 | |
Accumulated depreciation at close of current period (1) (2) | 1,205 | |
14500 Weston Pkwy, Cary, North Carolina | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
1034 Hulbert Ave, Cincinnati, Ohio | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 786 | |
Cost capitalized subsequent to acquisition | 794 | |
Gross amount carried at close of current period (1) (2) | 1,580 | |
Accumulated depreciation at close of current period (1) (2) | 659 | |
1034 Hulbert Ave, Cincinnati, Ohio | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
1275 East 40th, Cleveland, Ohio | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 3,129 | |
Cost capitalized subsequent to acquisition | 354 | |
Gross amount carried at close of current period (1) (2) | 3,483 | |
Accumulated depreciation at close of current period (1) (2) | 1,487 | |
1275 East 40th, Cleveland, Ohio | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
7208 Euclid Avenue, Cleveland, Ohio | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 3,336 | |
Cost capitalized subsequent to acquisition | 2,404 | |
Gross amount carried at close of current period (1) (2) | 5,740 | |
Accumulated depreciation at close of current period (1) (2) | 2,002 | |
7208 Euclid Avenue, Cleveland, Ohio | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
4260 Tuller Ridge Rd, Dublin, Ohio | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 1,030 | |
Cost capitalized subsequent to acquisition | 1,538 | |
Gross amount carried at close of current period (1) (2) | 2,568 | |
Accumulated depreciation at close of current period (1) (2) | 1,123 | |
4260 Tuller Ridge Rd, Dublin, Ohio | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
2120 Buzick Drive, Obetz, Ohio | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 4,317 | |
Cost capitalized subsequent to acquisition | 12,715 | |
Gross amount carried at close of current period (1) (2) | 17,032 | |
Accumulated depreciation at close of current period (1) (2) | 4,534 | |
2120 Buzick Drive, Obetz, Ohio | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
302 South Byrne Rd, Toledo, Ohio | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 602 | |
Cost capitalized subsequent to acquisition | 804 | |
Gross amount carried at close of current period (1) (2) | 1,406 | |
Accumulated depreciation at close of current period (1) (2) | 431 | |
302 South Byrne Rd, Toledo, Ohio | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
7530 N. Leadbetter Road, Portland, Oregon | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 5,187 | |
Cost capitalized subsequent to acquisition | 1,813 | |
Gross amount carried at close of current period (1) (2) | 7,000 | |
Accumulated depreciation at close of current period (1) (2) | 3,214 | |
7530 N. Leadbetter Road, Portland, Oregon | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Branchton Rd, Boyers, Pennsylvania | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 2 | |
Initial cost to Company | 21,166 | |
Cost capitalized subsequent to acquisition | 122,202 | |
Gross amount carried at close of current period (1) (2) | 143,368 | |
Accumulated depreciation at close of current period (1) (2) | 26,668 | |
Branchton Rd, Boyers, Pennsylvania | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
1201 Freedom Rd, Cranberry Township, Pennsylvania | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 1,057 | |
Cost capitalized subsequent to acquisition | 11,953 | |
Gross amount carried at close of current period (1) (2) | 13,010 | |
Accumulated depreciation at close of current period (1) (2) | 4,698 | |
1201 Freedom Rd, Cranberry Township, Pennsylvania | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
800 Carpenters Crossings, Folcroft, Pennsylvania | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 2,457 | |
Cost capitalized subsequent to acquisition | 853 | |
Gross amount carried at close of current period (1) (2) | 3,310 | |
Accumulated depreciation at close of current period (1) (2) | 1,513 | |
800 Carpenters Crossings, Folcroft, Pennsylvania | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
36 Great Valley Pkwy, Malvern, Pennsylvania | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 2,397 | |
Cost capitalized subsequent to acquisition | 6,421 | |
Gross amount carried at close of current period (1) (2) | 8,818 | |
Accumulated depreciation at close of current period (1) (2) | 2,641 | |
36 Great Valley Pkwy, Malvern, Pennsylvania | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Henderson Dr/Elmwood Ave, Sharon Hill, Pennsylvania | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 3 | |
Initial cost to Company | 24,153 | |
Cost capitalized subsequent to acquisition | 9,562 | |
Gross amount carried at close of current period (1) (2) | 33,715 | |
Accumulated depreciation at close of current period (1) (2) | 12,690 | |
Henderson Dr/Elmwood Ave, Sharon Hill, Pennsylvania | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Las Flores Industrial Park, Rio Grande, Puerto Rico | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 4,185 | |
Cost capitalized subsequent to acquisition | 3,225 | |
Gross amount carried at close of current period (1) (2) | 7,410 | |
Accumulated depreciation at close of current period (1) (2) | 2,986 | |
Las Flores Industrial Park, Rio Grande, Puerto Rico | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
24 Snake Hill Road, Chepachet, Rhode Island | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 2,659 | |
Cost capitalized subsequent to acquisition | 1,995 | |
Gross amount carried at close of current period (1) (2) | 4,654 | |
Accumulated depreciation at close of current period (1) (2) | 1,955 | |
24 Snake Hill Road, Chepachet, Rhode Island | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Mitchell Street, Knoxville, Tennessee | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 2 | |
Initial cost to Company | 718 | |
Cost capitalized subsequent to acquisition | 3,752 | |
Gross amount carried at close of current period (1) (2) | 4,470 | |
Accumulated depreciation at close of current period (1) (2) | 1,053 | |
Mitchell Street, Knoxville, Tennessee | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
415 Brick Church Park Dr, Nashville, Tennessee | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 2,312 | |
Cost capitalized subsequent to acquisition | 3,681 | |
Gross amount carried at close of current period (1) (2) | 5,993 | |
Accumulated depreciation at close of current period (1) (2) | 2,691 | |
415 Brick Church Park Dr, Nashville, Tennessee | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
6005 Dana Way, Nashville, Tennessee | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 2 | |
Initial cost to Company | 1,827 | |
Cost capitalized subsequent to acquisition | 1,802 | |
Gross amount carried at close of current period (1) (2) | 3,629 | |
Accumulated depreciation at close of current period (1) (2) | 1,142 | |
6005 Dana Way, Nashville, Tennessee | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
11406 Metric Blvd, Austin, Texas | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 5,489 | |
Cost capitalized subsequent to acquisition | 1,725 | |
Gross amount carried at close of current period (1) (2) | 7,214 | |
Accumulated depreciation at close of current period (1) (2) | 3,025 | |
11406 Metric Blvd, Austin, Texas | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
6600 Metropolis Drive, Austin, Texas | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 4,519 | |
Cost capitalized subsequent to acquisition | 242 | |
Gross amount carried at close of current period (1) (2) | 4,761 | |
Accumulated depreciation at close of current period (1) (2) | 531 | |
6600 Metropolis Drive, Austin, Texas | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
1800 Columbian Club Dr, Carrollton, Texas | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 19,673 | |
Cost capitalized subsequent to acquisition | 64 | |
Gross amount carried at close of current period (1) (2) | 19,737 | |
Accumulated depreciation at close of current period (1) (2) | 6,020 | |
1800 Columbian Club Dr, Carrollton, Texas | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
1905 John Connally Dr, Carrollton, Texas | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 2,174 | |
Cost capitalized subsequent to acquisition | 394 | |
Gross amount carried at close of current period (1) (2) | 2,568 | |
Accumulated depreciation at close of current period (1) (2) | 960 | |
1905 John Connally Dr, Carrollton, Texas | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Alma St, Dallas, Texas | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 2 | |
Initial cost to Company | 3,431 | |
Cost capitalized subsequent to acquisition | 1,297 | |
Gross amount carried at close of current period (1) (2) | 4,728 | |
Accumulated depreciation at close of current period (1) (2) | 2,020 | |
Alma St, Dallas, Texas | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
13425 Branchview Ln, Dallas, Texas | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 3,518 | |
Cost capitalized subsequent to acquisition | 3,237 | |
Gross amount carried at close of current period (1) (2) | 6,755 | |
Accumulated depreciation at close of current period (1) (2) | 3,099 | |
13425 Branchview Ln, Dallas, Texas | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Cockrell Ave, Dallas, Texas | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 2 | |
Initial cost to Company | 3,950 | |
Cost capitalized subsequent to acquisition | 1,914 | |
Gross amount carried at close of current period (1) (2) | 5,864 | |
Accumulated depreciation at close of current period (1) (2) | 2,652 | |
Cockrell Ave, Dallas, Texas | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
1819 S. Lamar St, Dallas, Texas | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 3,215 | |
Cost capitalized subsequent to acquisition | 596 | |
Gross amount carried at close of current period (1) (2) | 3,811 | |
Accumulated depreciation at close of current period (1) (2) | 1,849 | |
1819 S. Lamar St, Dallas, Texas | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
2000 Robotics Place Suite B, Fort Worth, Texas | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 5,328 | |
Cost capitalized subsequent to acquisition | 450 | |
Gross amount carried at close of current period (1) (2) | 5,778 | |
Accumulated depreciation at close of current period (1) (2) | 2,051 | |
2000 Robotics Place Suite B, Fort Worth, Texas | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
1202 Ave R, Grand Prairie, Texas | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 8,354 | |
Cost capitalized subsequent to acquisition | 1,660 | |
Gross amount carried at close of current period (1) (2) | 10,014 | |
Accumulated depreciation at close of current period (1) (2) | 4,245 | |
1202 Ave R, Grand Prairie, Texas | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
15333 Hempstead Hwy, Houston, Texas | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 3 | |
Initial cost to Company | 6,327 | |
Cost capitalized subsequent to acquisition | 33,410 | |
Gross amount carried at close of current period (1) (2) | 39,737 | |
Accumulated depreciation at close of current period (1) (2) | 5,615 | |
15333 Hempstead Hwy, Houston, Texas | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
2600 Center Street, Houston, Texas | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 2,840 | |
Cost capitalized subsequent to acquisition | 1,335 | |
Gross amount carried at close of current period (1) (2) | 4,175 | |
Accumulated depreciation at close of current period (1) (2) | 1,870 | |
2600 Center Street, Houston, Texas | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
3502 Bissonnet St, Houston, Texas | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 7,687 | |
Cost capitalized subsequent to acquisition | 178 | |
Gross amount carried at close of current period (1) (2) | 7,865 | |
Accumulated depreciation at close of current period (1) (2) | 5,062 | |
3502 Bissonnet St, Houston, Texas | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
5249 Glenmont Ave, Houston, Texas | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 3,467 | |
Cost capitalized subsequent to acquisition | 1,775 | |
Gross amount carried at close of current period (1) (2) | 5,242 | |
Accumulated depreciation at close of current period (1) (2) | 1,786 | |
5249 Glenmont Ave, Houston, Texas | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
5707 Chimney Rock, Houston, Texas | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 1,032 | |
Cost capitalized subsequent to acquisition | 916 | |
Gross amount carried at close of current period (1) (2) | 1,948 | |
Accumulated depreciation at close of current period (1) (2) | 746 | |
5707 Chimney Rock, Houston, Texas | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
5757 Royalton Dr, Houston, Texas | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 1,795 | |
Cost capitalized subsequent to acquisition | 863 | |
Gross amount carried at close of current period (1) (2) | 2,658 | |
Accumulated depreciation at close of current period (1) (2) | 864 | |
5757 Royalton Dr, Houston, Texas | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
6203 Bingle Rd, Houston, Texas | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 3,188 | |
Cost capitalized subsequent to acquisition | 10,845 | |
Gross amount carried at close of current period (1) (2) | 14,033 | |
Accumulated depreciation at close of current period (1) (2) | 6,609 | |
6203 Bingle Rd, Houston, Texas | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
9601 West Tidwell, Houston, Texas | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 1,680 | |
Cost capitalized subsequent to acquisition | 486 | |
Gross amount carried at close of current period (1) (2) | 2,166 | |
Accumulated depreciation at close of current period (1) (2) | 756 | |
9601 West Tidwell, Houston, Texas | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
1235 North Union Bower, Irving, Texas | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 1,574 | |
Cost capitalized subsequent to acquisition | 960 | |
Gross amount carried at close of current period (1) (2) | 2,534 | |
Accumulated depreciation at close of current period (1) (2) | 944 | |
1235 North Union Bower, Irving, Texas | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
15300 FM 1825, Pflugerville, Texas | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 2 | |
Initial cost to Company | 3,811 | |
Cost capitalized subsequent to acquisition | 7,381 | |
Gross amount carried at close of current period (1) (2) | 11,192 | |
Accumulated depreciation at close of current period (1) (2) | 2,991 | |
15300 FM 1825, Pflugerville, Texas | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
929 South Medina St, San Antonio, Texas | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 3,883 | |
Cost capitalized subsequent to acquisition | 1,079 | |
Gross amount carried at close of current period (1) (2) | 4,962 | |
Accumulated depreciation at close of current period (1) (2) | 1,901 | |
929 South Medina St, San Antonio, Texas | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
930 Avenue B, San Antonio, Texas | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 393 | |
Cost capitalized subsequent to acquisition | 171 | |
Gross amount carried at close of current period (1) (2) | 564 | |
Accumulated depreciation at close of current period (1) (2) | 153 | |
930 Avenue B, San Antonio, Texas | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
931 North Broadway, San Antonio, Texas | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 3,526 | |
Cost capitalized subsequent to acquisition | 759 | |
Gross amount carried at close of current period (1) (2) | 4,285 | |
Accumulated depreciation at close of current period (1) (2) | 2,142 | |
931 North Broadway, San Antonio, Texas | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
1665 S. 5350 West, Salt Lake City, Utah | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 6,239 | |
Cost capitalized subsequent to acquisition | 2,361 | |
Gross amount carried at close of current period (1) (2) | 8,600 | |
Accumulated depreciation at close of current period (1) (2) | 3,524 | |
1665 S. 5350 West, Salt Lake City, Utah | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
11052 Lakeridge Pkwy, Ashland, Virginia | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 1,709 | |
Cost capitalized subsequent to acquisition | 1,813 | |
Gross amount carried at close of current period (1) (2) | 3,522 | |
Accumulated depreciation at close of current period (1) (2) | 1,197 | |
11052 Lakeridge Pkwy, Ashland, Virginia | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
4555 Progress Road, Norfolk, Virginia | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 6,527 | |
Cost capitalized subsequent to acquisition | 209 | |
Gross amount carried at close of current period (1) (2) | 6,736 | |
Accumulated depreciation at close of current period (1) (2) | 1,922 | |
4555 Progress Road, Norfolk, Virginia | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
7700-7730 Southern Dr, Springfield, Virginia | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 14,167 | |
Cost capitalized subsequent to acquisition | 1,813 | |
Gross amount carried at close of current period (1) (2) | 15,980 | |
Accumulated depreciation at close of current period (1) (2) | 7,835 | |
7700-7730 Southern Dr, Springfield, Virginia | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
8001 Research Way, Springfield, Virginia | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 5,230 | |
Cost capitalized subsequent to acquisition | 2,309 | |
Gross amount carried at close of current period (1) (2) | 7,539 | |
Accumulated depreciation at close of current period (1) (2) | 2,119 | |
8001 Research Way, Springfield, Virginia | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
22445 Randolph Dr, Sterling, Virginia | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 7,598 | |
Cost capitalized subsequent to acquisition | 3,647 | |
Gross amount carried at close of current period (1) (2) | 11,245 | |
Accumulated depreciation at close of current period (1) (2) | 4,324 | |
22445 Randolph Dr, Sterling, Virginia | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
307 South 140th St, Burien, Washington | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 2,078 | |
Cost capitalized subsequent to acquisition | 2,062 | |
Gross amount carried at close of current period (1) (2) | 4,140 | |
Accumulated depreciation at close of current period (1) (2) | 1,653 | |
307 South 140th St, Burien, Washington | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
8908 W. Hallett Rd, Cheney, Washington | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 510 | |
Cost capitalized subsequent to acquisition | 3,915 | |
Gross amount carried at close of current period (1) (2) | 4,425 | |
Accumulated depreciation at close of current period (1) (2) | 1,177 | |
8908 W. Hallett Rd, Cheney, Washington | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
6600 Hardeson Rd, Everett, Washington | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 5,399 | |
Cost capitalized subsequent to acquisition | 3,190 | |
Gross amount carried at close of current period (1) (2) | 8,589 | |
Accumulated depreciation at close of current period (1) (2) | 2,428 | |
6600 Hardeson Rd, Everett, Washington | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
19826 Russell Rd South, Kent, Washington | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 14,793 | |
Cost capitalized subsequent to acquisition | 8,047 | |
Gross amount carried at close of current period (1) (2) | 22,840 | |
Accumulated depreciation at close of current period (1) (2) | 7,270 | |
19826 Russell Rd South, Kent, Washington | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
1201 N. 96th St, Seattle, Washington | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 4,496 | |
Cost capitalized subsequent to acquisition | 1,122 | |
Gross amount carried at close of current period (1) (2) | 5,618 | |
Accumulated depreciation at close of current period (1) (2) | 2,557 | |
1201 N. 96th St, Seattle, Washington | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
12021 West Bluemound Rd, Wauwatosa, Wisconsin | United States | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 1,307 | |
Cost capitalized subsequent to acquisition | 2,040 | |
Gross amount carried at close of current period (1) (2) | 3,347 | |
Accumulated depreciation at close of current period (1) (2) | 942 | |
12021 West Bluemound Rd, Wauwatosa, Wisconsin | United States | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
One Command Court, Bedford | Canada | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 3,847 | |
Cost capitalized subsequent to acquisition | 4,809 | |
Gross amount carried at close of current period (1) (2) | 8,656 | |
Accumulated depreciation at close of current period (1) (2) | 2,941 | |
One Command Court, Bedford | Canada | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
195 Summerlea Road, Brampton | Canada | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 5,403 | |
Cost capitalized subsequent to acquisition | 5,737 | |
Gross amount carried at close of current period (1) (2) | 11,140 | |
Accumulated depreciation at close of current period (1) (2) | 3,878 | |
195 Summerlea Road, Brampton | Canada | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
10 Tilbury Court, Brampton | Canada | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 5,007 | |
Cost capitalized subsequent to acquisition | 16,195 | |
Gross amount carried at close of current period (1) (2) | 21,202 | |
Accumulated depreciation at close of current period (1) (2) | 4,284 | |
10 Tilbury Court, Brampton | Canada | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
8825 Northbrook Court, Burnaby | Canada | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 8,091 | |
Cost capitalized subsequent to acquisition | 1,448 | |
Gross amount carried at close of current period (1) (2) | 9,539 | |
Accumulated depreciation at close of current period (1) (2) | 3,560 | |
8825 Northbrook Court, Burnaby | Canada | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
8088 Glenwood Drive, Burnaby | Canada | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 4,326 | |
Cost capitalized subsequent to acquisition | 8,040 | |
Gross amount carried at close of current period (1) (2) | 12,366 | |
Accumulated depreciation at close of current period (1) (2) | 3,170 | |
8088 Glenwood Drive, Burnaby | Canada | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
5811 26th Street S.E., Calgary | Canada | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 14,658 | |
Cost capitalized subsequent to acquisition | 10,383 | |
Gross amount carried at close of current period (1) (2) | 25,041 | |
Accumulated depreciation at close of current period (1) (2) | 8,384 | |
5811 26th Street S.E., Calgary | Canada | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
3905 - 101 Street, Edmonton | Canada | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 2,020 | |
Cost capitalized subsequent to acquisition | 829 | |
Gross amount carried at close of current period (1) (2) | 2,849 | |
Accumulated depreciation at close of current period (1) (2) | 1,223 | |
3905 - 101 Street, Edmonton | Canada | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
3005 Boul. Jean-Baptiste Deschamps, Lachine | Canada | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 2,751 | |
Cost capitalized subsequent to acquisition | 453 | |
Gross amount carried at close of current period (1) (2) | 3,204 | |
Accumulated depreciation at close of current period (1) (2) | 1,097 | |
3005 Boul. Jean-Baptiste Deschamps, Lachine | Canada | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
1655 Fleetwood, Laval | Canada | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 8,196 | |
Cost capitalized subsequent to acquisition | 16,495 | |
Gross amount carried at close of current period (1) (2) | 24,691 | |
Accumulated depreciation at close of current period (1) (2) | 9,062 | |
1655 Fleetwood, Laval | Canada | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
4005 Richelieu, Montreal | Canada | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 1,800 | |
Cost capitalized subsequent to acquisition | 1,343 | |
Gross amount carried at close of current period (1) (2) | 3,143 | |
Accumulated depreciation at close of current period (1) (2) | 1,183 | |
4005 Richelieu, Montreal | Canada | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
1209 Algoma Rd, Ottawa | Canada | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 1,059 | |
Cost capitalized subsequent to acquisition | 6,759 | |
Gross amount carried at close of current period (1) (2) | 7,818 | |
Accumulated depreciation at close of current period (1) (2) | 2,836 | |
1209 Algoma Rd, Ottawa | Canada | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
1650 Comstock Rd, Ottawa | Canada | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 7,691 | |
Cost capitalized subsequent to acquisition | 2,697 | |
Gross amount carried at close of current period (1) (2) | 10,388 | |
Accumulated depreciation at close of current period (1) (2) | 2,113 | |
1650 Comstock Rd, Ottawa | Canada | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
235 Edson Street, Saskatoon | Canada | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 829 | |
Cost capitalized subsequent to acquisition | 1,562 | |
Gross amount carried at close of current period (1) (2) | 2,391 | |
Accumulated depreciation at close of current period (1) (2) | 549 | |
235 Edson Street, Saskatoon | Canada | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
640 Coronation Drive, Scarborough | Canada | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 1,853 | |
Cost capitalized subsequent to acquisition | 1,023 | |
Gross amount carried at close of current period (1) (2) | 2,876 | |
Accumulated depreciation at close of current period (1) (2) | 964 | |
640 Coronation Drive, Scarborough | Canada | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
610 Sprucewood Ave, Windsor | Canada | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 1,243 | |
Cost capitalized subsequent to acquisition | 537 | |
Gross amount carried at close of current period (1) (2) | 1,780 | |
Accumulated depreciation at close of current period (1) (2) | 416 | |
610 Sprucewood Ave, Windsor | Canada | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Gewerbeparkstr. 3, Vienna, Austria | Europe | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 6,542 | |
Cost capitalized subsequent to acquisition | 1,777 | |
Gross amount carried at close of current period (1) (2) | 8,319 | |
Accumulated depreciation at close of current period (1) (2) | 1,260 | |
Gewerbeparkstr. 3, Vienna, Austria | Europe | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Woluwelaan 147, Diegem, Belgium | Europe | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 2,541 | |
Cost capitalized subsequent to acquisition | 4,975 | |
Gross amount carried at close of current period (1) (2) | 7,516 | |
Accumulated depreciation at close of current period (1) (2) | 2,504 | |
Woluwelaan 147, Diegem, Belgium | Europe | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Jeumont-Schneider, Champagne Sur Seine, France | Europe | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 3 | |
Initial cost to Company | 1,750 | |
Cost capitalized subsequent to acquisition | 1,551 | |
Gross amount carried at close of current period (1) (2) | 3,301 | |
Accumulated depreciation at close of current period (1) (2) | 1,231 | |
Jeumont-Schneider, Champagne Sur Seine, France | Europe | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
ZI des Sables, Morangis, France | Europe | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Encumbrances | 2,235 | |
Initial cost to Company | 12,407 | |
Gross amount carried at close of current period (1) (2) | 12,407 | |
Accumulated depreciation at close of current period (1) (2) | 5,830 | |
ZI des Sables, Morangis, France | Europe | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Brommer Weg 1, Wipshausen, Germany | Europe | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 3,220 | |
Gross amount carried at close of current period (1) (2) | 3,220 | |
Accumulated depreciation at close of current period (1) (2) | 1,697 | |
Brommer Weg 1, Wipshausen, Germany | Europe | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Warehouse and Offices 4 Springhill, Cork, Ireland | Europe | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 9,040 | |
Cost capitalized subsequent to acquisition | 1,653 | |
Gross amount carried at close of current period (1) (2) | 10,693 | |
Accumulated depreciation at close of current period (1) (2) | 2,754 | |
Warehouse and Offices 4 Springhill, Cork, Ireland | Europe | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
17 Crag Terrace, Dublin, Ireland | Europe | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 2,818 | |
Cost capitalized subsequent to acquisition | 996 | |
Gross amount carried at close of current period (1) (2) | 3,814 | |
Accumulated depreciation at close of current period (1) (2) | 960 | |
17 Crag Terrace, Dublin, Ireland | Europe | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Damastown Industrial Park, Dublin, Ireland | Europe | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 16,034 | |
Cost capitalized subsequent to acquisition | 5,781 | |
Gross amount carried at close of current period (1) (2) | 21,815 | |
Accumulated depreciation at close of current period (1) (2) | 4,210 | |
Damastown Industrial Park, Dublin, Ireland | Europe | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Howemoss Drive, Aberdeen, Scotland | Europe | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 2 | |
Initial cost to Company | 6,970 | |
Cost capitalized subsequent to acquisition | 7,559 | |
Gross amount carried at close of current period (1) (2) | 14,529 | |
Accumulated depreciation at close of current period (1) (2) | 3,084 | |
Howemoss Drive, Aberdeen, Scotland | Europe | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Traquair Road, Innerleithen, Scotland | Europe | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 113 | |
Cost capitalized subsequent to acquisition | 2,497 | |
Gross amount carried at close of current period (1) (2) | 2,610 | |
Accumulated depreciation at close of current period (1) (2) | 794 | |
Traquair Road, Innerleithen, Scotland | Europe | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Nettlehill Road, Houston Industrial Estate, Livingston, Scotland | Europe | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 11,517 | |
Cost capitalized subsequent to acquisition | 29,434 | |
Gross amount carried at close of current period (1) (2) | 40,951 | |
Accumulated depreciation at close of current period (1) (2) | 14,604 | |
Nettlehill Road, Houston Industrial Estate, Livingston, Scotland | Europe | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Av Madrid s/n Poligono Industrial Matillas, Alcala de Henares, Spain | Europe | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 186 | |
Gross amount carried at close of current period (1) (2) | 186 | |
Av Madrid s/n Poligono Industrial Matillas, Alcala de Henares, Spain | Europe | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Calle Bronce, 37, Chiloeches, Spain | Europe | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 11,011 | |
Cost capitalized subsequent to acquisition | 2,808 | |
Gross amount carried at close of current period (1) (2) | 13,819 | |
Accumulated depreciation at close of current period (1) (2) | 1,552 | |
Calle Bronce, 37, Chiloeches, Spain | Europe | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Ctra M.118 , Km.3 Parcela 3, Madrid, Spain | Europe | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 3,981 | |
Cost capitalized subsequent to acquisition | 6,054 | |
Gross amount carried at close of current period (1) (2) | 10,035 | |
Accumulated depreciation at close of current period (1) (2) | 4,703 | |
Ctra M.118 , Km.3 Parcela 3, Madrid, Spain | Europe | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Fundicion 8, Rivas-Vaciamadrid, Spain | Europe | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 1,022 | |
Cost capitalized subsequent to acquisition | 2,594 | |
Gross amount carried at close of current period (1) (2) | 3,616 | |
Accumulated depreciation at close of current period (1) (2) | 1,221 | |
Fundicion 8, Rivas-Vaciamadrid, Spain | Europe | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Abanto Ciervava, Spain | Europe | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 2 | |
Initial cost to Company | 1,053 | |
Gross amount carried at close of current period (1) (2) | 1,053 | |
Accumulated depreciation at close of current period (1) (2) | 412 | |
Abanto Ciervava, Spain | Europe | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
628 Western Avenue, Acton, United Kingdom | Europe | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 2,070 | |
Cost capitalized subsequent to acquisition | 87 | |
Gross amount carried at close of current period (1) (2) | 2,157 | |
Accumulated depreciation at close of current period (1) (2) | 766 | |
628 Western Avenue, Acton, United Kingdom | Europe | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
65 Egerton Road, Birmingham, United Kingdom | Europe | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 6,980 | |
Cost capitalized subsequent to acquisition | 2,897 | |
Gross amount carried at close of current period (1) (2) | 9,877 | |
Accumulated depreciation at close of current period (1) (2) | 4,355 | |
65 Egerton Road, Birmingham, United Kingdom | Europe | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Otterham Quay Lane, Gillingham, United Kingdom | Europe | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 13 | |
Initial cost to Company | 7,418 | |
Cost capitalized subsequent to acquisition | 4,874 | |
Gross amount carried at close of current period (1) (2) | 12,292 | |
Accumulated depreciation at close of current period (1) (2) | 4,730 | |
Otterham Quay Lane, Gillingham, United Kingdom | Europe | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Pennine Way, Hemel Hempstead, United Kingdom | Europe | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 10,847 | |
Cost capitalized subsequent to acquisition | 7,482 | |
Gross amount carried at close of current period (1) (2) | 18,329 | |
Accumulated depreciation at close of current period (1) (2) | 6,356 | |
Pennine Way, Hemel Hempstead, United Kingdom | Europe | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Kemble Industrial Park, Kemble, United Kingdom | Europe | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 2 | |
Initial cost to Company | 5,277 | |
Cost capitalized subsequent to acquisition | 8,926 | |
Gross amount carried at close of current period (1) (2) | 14,203 | |
Accumulated depreciation at close of current period (1) (2) | 8,157 | |
Kemble Industrial Park, Kemble, United Kingdom | Europe | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Gayton Road, Kings Lynn, United Kingdom | Europe | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 3 | |
Initial cost to Company | 3,119 | |
Cost capitalized subsequent to acquisition | 1,872 | |
Gross amount carried at close of current period (1) (2) | 4,991 | |
Accumulated depreciation at close of current period (1) (2) | 2,783 | |
Gayton Road, Kings Lynn, United Kingdom | Europe | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
24/26 Gillender Street, London, United Kingdom | Europe | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 4,666 | |
Cost capitalized subsequent to acquisition | 2,910 | |
Gross amount carried at close of current period (1) (2) | 7,576 | |
Accumulated depreciation at close of current period (1) (2) | 2,390 | |
24/26 Gillender Street, London, United Kingdom | Europe | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Cody Road, London, United Kingdom | Europe | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 2 | |
Initial cost to Company | 20,307 | |
Cost capitalized subsequent to acquisition | 9,204 | |
Gross amount carried at close of current period (1) (2) | 29,511 | |
Accumulated depreciation at close of current period (1) (2) | 9,212 | |
Cody Road, London, United Kingdom | Europe | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Unit 10 High Cross Centre, London, United Kingdom | Europe | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 3,598 | |
Cost capitalized subsequent to acquisition | 1,104 | |
Gross amount carried at close of current period (1) (2) | 4,702 | |
Accumulated depreciation at close of current period (1) (2) | 1,153 | |
Unit 10 High Cross Centre, London, United Kingdom | Europe | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Old Poplar Bus Garage, London, United Kingdom | Europe | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 4,639 | |
Cost capitalized subsequent to acquisition | 2,923 | |
Gross amount carried at close of current period (1) (2) | 7,562 | |
Accumulated depreciation at close of current period (1) (2) | 3,237 | |
Old Poplar Bus Garage, London, United Kingdom | Europe | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
17 Broadgate, Oldham, United Kingdom | Europe | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 4,039 | |
Cost capitalized subsequent to acquisition | 1,076 | |
Gross amount carried at close of current period (1) (2) | 5,115 | |
Accumulated depreciation at close of current period (1) (2) | 2,074 | |
17 Broadgate, Oldham, United Kingdom | Europe | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Harpway Lane, Sopley, United Kingdom | Europe | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 681 | |
Cost capitalized subsequent to acquisition | 1,781 | |
Gross amount carried at close of current period (1) (2) | 2,462 | |
Accumulated depreciation at close of current period (1) (2) | 1,208 | |
Harpway Lane, Sopley, United Kingdom | Europe | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Unit 1A Broadmoor Road, Swindom, United Kingdom | Europe | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 2,636 | |
Cost capitalized subsequent to acquisition | 1,042 | |
Gross amount carried at close of current period (1) (2) | 3,678 | |
Accumulated depreciation at close of current period (1) (2) | 860 | |
Unit 1A Broadmoor Road, Swindom, United Kingdom | Europe | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Amancio Alcorta 2396, Buenos Aires, Argentina | Latin America | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 2 | |
Initial cost to Company | 655 | |
Cost capitalized subsequent to acquisition | 2,113 | |
Gross amount carried at close of current period (1) (2) | 2,768 | |
Accumulated depreciation at close of current period (1) (2) | 813 | |
Amancio Alcorta 2396, Buenos Aires, Argentina | Latin America | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Azara 1245, Buenos Aires, Argentina | Latin America | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 166 | |
Cost capitalized subsequent to acquisition | 168 | |
Gross amount carried at close of current period (1) (2) | 334 | |
Accumulated depreciation at close of current period (1) (2) | 113 | |
Azara 1245, Buenos Aires, Argentina | Latin America | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Saraza 6135, Buenos Aires, Argentina | Latin America | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 144 | |
Cost capitalized subsequent to acquisition | 272 | |
Gross amount carried at close of current period (1) (2) | 416 | |
Accumulated depreciation at close of current period (1) (2) | 118 | |
Saraza 6135, Buenos Aires, Argentina | Latin America | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Spegazzini, Ezeiza Buenos Aires, Argentina | Latin America | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 12,773 | |
Cost capitalized subsequent to acquisition | 5,020 | |
Gross amount carried at close of current period (1) (2) | 17,793 | |
Accumulated depreciation at close of current period (1) (2) | 2,483 | |
Spegazzini, Ezeiza Buenos Aires, Argentina | Latin America | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Francisco de Souza e Melo, Rio de Janerio, Brazil | Latin America | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 2 | |
Initial cost to Company | 1,868 | |
Cost capitalized subsequent to acquisition | 563 | |
Gross amount carried at close of current period (1) (2) | 2,431 | |
Accumulated depreciation at close of current period (1) (2) | 83 | |
Francisco de Souza e Melo, Rio de Janerio, Brazil | Latin America | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Hortolandia, Sao Paulo, Brazil | Latin America | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 24,078 | |
Cost capitalized subsequent to acquisition | 5,518 | |
Gross amount carried at close of current period (1) (2) | 29,596 | |
Accumulated depreciation at close of current period (1) (2) | 1,160 | |
Hortolandia, Sao Paulo, Brazil | Latin America | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
El Taqueral 99, Santiago, Chile | Latin America | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 2,629 | |
Cost capitalized subsequent to acquisition | 35,628 | |
Gross amount carried at close of current period (1) (2) | 38,257 | |
Accumulated depreciation at close of current period (1) (2) | 7,834 | |
El Taqueral 99, Santiago, Chile | Latin America | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Panamericana Norte 18900, Santiago, Chile | Latin America | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 4 | |
Initial cost to Company | 4,001 | |
Cost capitalized subsequent to acquisition | 10,507 | |
Gross amount carried at close of current period (1) (2) | 14,508 | |
Accumulated depreciation at close of current period (1) (2) | 1,588 | |
Panamericana Norte 18900, Santiago, Chile | Latin America | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Avenida Prolongacion del Colli 1104, Guadalajara, Mexico | Latin America | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 374 | |
Cost capitalized subsequent to acquisition | 139 | |
Gross amount carried at close of current period (1) (2) | 513 | |
Accumulated depreciation at close of current period (1) (2) | 79 | |
Avenida Prolongacion del Colli 1104, Guadalajara, Mexico | Latin America | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Privada Las Flores No. 25 (G3), Guadalajara, Mexico | Latin America | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 905 | |
Cost capitalized subsequent to acquisition | 333 | |
Gross amount carried at close of current period (1) (2) | 1,238 | |
Accumulated depreciation at close of current period (1) (2) | 194 | |
Privada Las Flores No. 25 (G3), Guadalajara, Mexico | Latin America | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Carretera Pesqueria Km2.5(M3), Monterrey, Mexico | Latin America | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 2 | |
Initial cost to Company | 3,537 | |
Cost capitalized subsequent to acquisition | 1,085 | |
Gross amount carried at close of current period (1) (2) | 4,622 | |
Accumulated depreciation at close of current period (1) (2) | 831 | |
Carretera Pesqueria Km2.5(M3), Monterrey, Mexico | Latin America | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Lote 2, Manzana A, (T2& T3), Toluca, Mexico | Latin America | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 2,204 | |
Cost capitalized subsequent to acquisition | 707 | |
Gross amount carried at close of current period (1) (2) | 2,911 | |
Accumulated depreciation at close of current period (1) (2) | 507 | |
Lote 2, Manzana A, (T2& T3), Toluca, Mexico | Latin America | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Prolongacion de la Calle 7 (T4), Toluca, Mexico | Latin America | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 7,544 | |
Cost capitalized subsequent to acquisition | 2,580 | |
Gross amount carried at close of current period (1) (2) | 10,124 | |
Accumulated depreciation at close of current period (1) (2) | 1,692 | |
Prolongacion de la Calle 7 (T4), Toluca, Mexico | Latin America | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Panamericana Sur, KM 57.5, Lima, Peru | Latin America | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 5 | |
Encumbrances | 2,589 | |
Initial cost to Company | 1,549 | |
Cost capitalized subsequent to acquisition | 947 | |
Gross amount carried at close of current period (1) (2) | 2,496 | |
Accumulated depreciation at close of current period (1) (2) | 402 | |
Panamericana Sur, KM 57.5, Lima, Peru | Latin America | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Av. Elmer Faucett 3462, Lima, Peru | Latin America | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 2 | |
Initial cost to Company | 4,112 | |
Cost capitalized subsequent to acquisition | 2,296 | |
Gross amount carried at close of current period (1) (2) | 6,408 | |
Accumulated depreciation at close of current period (1) (2) | 1,212 | |
Av. Elmer Faucett 3462, Lima, Peru | Latin America | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Calle Los Claveles-Seccion 3, Lima, Peru | Latin America | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 8,179 | |
Cost capitalized subsequent to acquisition | 3,614 | |
Gross amount carried at close of current period (1) (2) | 11,793 | |
Accumulated depreciation at close of current period (1) (2) | 3,048 | |
Calle Los Claveles-Seccion 3, Lima, Peru | Latin America | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
8 Whitestone Drive, Austins Ferry, Australia | Asia Pacific | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 681 | |
Cost capitalized subsequent to acquisition | 3,438 | |
Gross amount carried at close of current period (1) (2) | 4,119 | |
Accumulated depreciation at close of current period (1) (2) | 619 | |
8 Whitestone Drive, Austins Ferry, Australia | Asia Pacific | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years | |
Warehouse No 4, Shanghai, China | Asia Pacific | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Facilities (1) | 1 | |
Initial cost to Company | 1,530 | |
Cost capitalized subsequent to acquisition | 1,030 | |
Gross amount carried at close of current period (1) (2) | 2,560 | |
Accumulated depreciation at close of current period (1) (2) | $92 | |
Warehouse No 4, Shanghai, China | Asia Pacific | Maximum | ||
REAL ESTATE AND RELATED DEPRECIATION | ||
Life on which depreciation in latest income statement is computed | 40 years |
SCHEDULE_III_SCHEDULE_OF_REAL_2
SCHEDULE III - SCHEDULE OF REAL ESTATE AND ACCUMULATED DEPRECIATION (Details 2) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Activity in Real Estate | |
Gross amount at beginning of year | $1,949,073 |
Additions during period: | |
Discretionary capital projects | 119,654 |
Other (2) | -36,324 |
Total additions | 83,330 |
Deductions during period: | |
Cost of real estate sold or disposed | -12,818 |
Gross amount at end of year | 2,019,585 |
Aggregate cost for federal tax purposes | 1,848,000 |
Change in accumulated depreciation | |
Gross amount of accumulation depreciation at beginning of year: | 592,329 |
Additions during period: | |
Depreciation | 66,617 |
Other | -6,547 |
Total additions | 60,070 |
Deductions during period | |
Amount of accumulated depreciation for real estate assets sold or disposed | -3,665 |
Gross amount of end of period | $648,734 |