Iron Mountain Inc. Files Q2 2024 10-Q

TL;DR

Iron Mountain's Q2 2024 10-Q is in: check assets, liabilities, and debt for the latest numbers.

AI Summary

Iron Mountain Inc. reported its second quarter results for the period ending June 30, 2024. The company's filing details its financial position, including assets, liabilities, and equity, with specific line items like Property, Plant, and Equipment, and Long-Term Debt. The report provides a snapshot of the company's financial health and operational performance during the quarter.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Iron Mountain Inc., crucial for understanding the company's operational health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial information.

Key Numbers

• N/A — Total Assets (Specific asset values are not detailed in the provided header information.)
• N/A — Total Liabilities (Specific liability values are not detailed in the provided header information.)
• N/A — Long-Term Debt (Specific debt values are not detailed in the provided header information.)

Key Players & Entities

• IRON MOUNTAIN INC (company) — Filer
• 20240630 (date) — Period of Report
• 20240801 (date) — Filing Date
• 0001020569-24-000210 (filing_id) — Accession Number

FAQ

Filing Documents

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—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION 1 ITEM 1. Unaudited Condensed Consolidated Financial Statements 2 Condensed Consolidated Balance Sheets at June 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the Three Months Ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Operations for the Six Months Ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2024 and 2023 6 Condensed Consolidated Statements of (Deficit) Equity for the Three and Six Months Ended June 30, 2024 7 Condensed Consolidated Statements of Equity for the Three and Six Months Ended June 30, 2023 8 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 9 Notes to Condensed Consolidated Financial Statements 29 ITEM 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 49 ITEM 4.

Controls and Procedures

Controls and Procedures

—OTHER INFORMATION

PART II—OTHER INFORMATION 51 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 51 ITEM 5. Other Information 51 ITEM 6. Exhibits 52

Signatures

Signatures Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS IRON MOUNTAIN JUNE 30, 2024 FORM 10-Q 1 Table of Contents

Financial Information

Part I. Financial Information IRON MOUNTAIN INCORPORATED CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) (UNAUDITED) JUNE 30, 2024 DECEMBER 31, 2023 ASSETS Current Assets: Cash and cash equivalents $ 144,256 $ 222,789 Accounts receivable (less allowances of $ 78,513 and $ 74,762 as of June 30, 2024 and December 31, 2023, respectively) 1,273,900 1,259,826 Prepaid expenses and other 295,583 252,930 Total Current Assets 1,713,739 1,735,545 Property, Plant and Equipment: Property, plant and equipment 10,976,919 10,373,989 Less—Accumulated depreciation ( 4,183,895 ) ( 4,059,120 ) Property, Plant and Equipment, Net 6,793,024 6,314,869 Other Assets, Net: Goodwill 5,099,772 5,017,912 Customer and supplier relationships and other intangible assets 1,284,339 1,279,800 Operating lease right-of-use assets 2,593,461 2,696,024 Other 482,599 429,652 Total Other Assets, Net 9,460,171 9,423,388 Total Assets $ 17,966,934 $ 17,473,802 LIABILITIES AND EQUITY Current Liabilities: Current portion of long-term debt $ 125,409 $ 120,670 Accounts payable 527,968 539,594 Accrued expenses and other current liabilities (includes current portion of operating lease liabilities) 1,174,979 1,250,259 Deferred revenue 329,718 325,665 Total Current Liabilities 2,158,074 2,236,188 Long-term Debt, net of current portion 12,814,166 11,812,500 Long-term Operating Lease Liabilities, net of current portion 2,453,935 2,562,394 Other Long-term Liabilities 257,497 237,590 Deferred Income Taxes 231,150 235,410 Commitments and Contingencies Redeemable Noncontrolling Interests 184,861 177,947 (Deficit) Equity: Iron Mountain Incorporated Stockholders' (Deficit) 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 293,298,465 and 292,142,739 shares as of June 30, 2024 and December 31, 2023, res

Financial Information

Part I. Financial Information IRON MOUNTAIN INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) THREE MONTHS ENDED JUNE 30, 2024 2023 Revenues: Storage rental $ 919,746 $ 830,756 Service 614,663 527,180 Total Revenues 1,534,409 1,357,936 Operating Expenses: Cost of sales (excluding depreciation and amortization) 675,971 592,644 Selling, general and administrative 344,838 311,805 Depreciation and amortization 224,501 195,367 Acquisition and Integration Costs 9,502 1,511 Restructuring and other transformation 46,513 45,588 Loss (Gain) on disposal/write-down of property, plant and equipment, net 2,790 ( 1,505 ) Total Operating Expenses 1,304,115 1,145,410 Operating Income (Loss) 230,294 212,526 Interest Expense, Net (includes Interest Income of $ 0 and $ 2,290 for the three months ended June 30, 2024 and 2023, respectively) 176,521 144,178 Other Expense (Income), Net 5,833 62,950 Net Income (Loss) Before Provision (Benefit) for Income Taxes 47,940 5,398 Provision (Benefit) for Income Taxes 13,319 4,255 Net Income (Loss) 34,621 1,143 Less: Net (Loss) Income Attributable to Noncontrolling Interests ( 1,162 ) 1,029 Net Income (Loss) Attributable to Iron Mountain Incorporated $ 35,783 $ 114 Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: Basic $ 0.12 $ 0.00 Diluted $ 0.12 $ 0.00 Weighted Average Common Shares Outstanding—Basic 293,340 291,825 Weighted Average Common Shares Outstanding—Diluted 295,838 293,527 The accompanying notes are an integral part of these condensed consolidated financial statements. IRON MOUNTAIN JUNE 30, 2024 FORM 10-Q 3 Table of Contents

Financial Information

Part I. Financial Information IRON MOUNTAIN INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) SIX MONTHS ENDED JUNE 30, 2024 2023 Revenues: Storage rental $ 1,804,588 $ 1,640,845 Service 1,206,684 1,031,440 Total Revenues 3,011,272 2,672,285 Operating Expenses: Cost of sales (excluding depreciation and amortization) 1,329,226 1,164,270 Selling, general and administrative 664,303 606,325 Depreciation and amortization 434,056 377,461 Acquisition and Integration Costs 17,311 3,106 Restructuring and other transformation 87,280 82,501 Loss (Gain) on disposal/write-down of property, plant and equipment, net 3,179 ( 14,566 ) Total Operating Expenses 2,535,355 2,219,097 Operating Income (Loss) 475,917 453,188 Interest Expense, Net (includes Interest Income of $ 3,425 and $ 5,197 for the six months ended June 30, 2024 and 2023, respectively) 341,040 281,347 Other (Income) Expense, Net ( 6,697 ) 84,150 Net Income (Loss) Before Provision (Benefit) for Income Taxes 141,574 87,691 Provision (Benefit) for Income Taxes 29,928 21,013 Net Income (Loss) 111,646 66,678 Less: Net Income (Loss) Attributable to Noncontrolling Interests 1,802 1,969 Net Income (Loss) Attributable to Iron Mountain Incorporated $ 109,844 $ 64,709 Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: Basic $ 0.37 $ 0.22 Diluted $ 0.37 $ 0.22 Weighted Average Common Shares Outstanding—Basic 293,043 291,633 Weighted Average Common Shares Outstanding—Diluted 295,529 293,288 The accompanying notes are an integral part of these condensed consolidated financial statements. IRON MOUNTAIN JUNE 30, 2024 FORM 10-Q 4 Table of Contents

Financial Information

Part I. Financial Information IRON MOUNTAIN INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (IN THOUSANDS) (UNAUDITED) THREE MONTHS ENDED JUNE 30, 2024 2023 Net Income (Loss) $ 34,621 $ 1,143 Other Comprehensive (Loss) Income: Foreign Currency Translation Adjustment ( 31,579 ) 18,035 Change in Fair Value of Derivative Instruments ( 488 ) 7,896 Reclassifications from Accumulated Other Comprehensive Items, net — ( 2,527 ) Total Other Comprehensive (Loss) Income: ( 32,067 ) 23,404 Comprehensive Income (Loss) 2,554 24,547 Comprehensive (Loss) Income Attributable to Noncontrolling Interests ( 935 ) 909 Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated $ 3,489 $ 23,638 SIX MONTHS ENDED JUNE 30, 2024 2023 Net Income (Loss) $ 111,646 $ 66,678 Other Comprehensive (Loss) Income: Foreign Currency Translation Adjustment ( 98,848 ) 58,261 Change in Fair Value of Derivative Instruments 10,900 4,454 Reclassifications from Accumulated Other Comprehensive Items, net ( 2,528 ) ( 2,527 ) Total Other Comprehensive (Loss) Income: ( 90,476 ) 60,188 Comprehensive Income (Loss) 21,170 126,866 Comprehensive Income (Loss) Attributable to Noncontrolling Interests 1,261 2,398 Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated $ 19,909 $ 124,468 The accompanying notes are an integral part of these condensed consolidated financial statements. IRON MOUNTAIN JUNE 30, 2024 FORM 10-Q 5 Table of Contents

Financial Information

Part I. Financial Information IRON MOUNTAIN INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF (DEFICIT) EQUITY (IN THOUSANDS, EXCEPT SHARE DATA) (UNAUDITED) THREE MONTHS ENDED JUNE 30, 2024 IRON MOUNTAIN INCORPORATED STOCKHOLDERS' (DEFICIT) EQUITY COMMON STOCK ADDITIONAL PAID-IN CAPITAL (DISTRIBUTIONS IN EXCESS OF EARNINGS) EARNINGS IN EXCESS OF DISTRIBUTIONS ACCUMULATED OTHER COMPREHENSIVE ITEMS, NET NONCONTROLLING INTERESTS REDEEMABLE NONCONTROLLING INTERESTS TOTAL SHARES AMOUNTS Balance, March 31, 2024 $ 18,660 293,085,683 $ 2,931 $ 4,518,644 $ ( 4,074,243 ) $ ( 428,797 ) $ 125 $ 179,222 Issuance and net settlement of shares under employee stock purchase and option plans and stock-based compensation 37,241 212,782 2 37,239 — — — — Changes in equity related to redeemable noncontrolling interests — — — — — — — 7,284 Parent cash dividends declared ( 192,139 ) — — — ( 192,139 ) — — — Other comprehensive (loss) income ( 32,294 ) — — — — ( 32,294 ) — 227 Net income (loss) 35,783 — — — 35,783 — — ( 1,162 ) Noncontrolling interests dividends — — — — — — — ( 710 ) Balance, June 30, 2024 $ ( 132,749 ) 293,298,465 $ 2,933 $ 4,555,883 $ ( 4,230,599 ) $ ( 461,091 ) $ 125 $ 184,861 SIX MONTHS ENDED JUNE 30, 2024 IRON MOUNTAIN INCORPORATED STOCKHOLDERS' (DEFICIT) EQUITY COMMON STOCK ADDITIONAL PAID-IN CAPITAL (DISTRIBUTIONS IN EXCESS OF EARNINGS) EARNINGS IN EXCESS OF DISTRIBUTIONS ACCUMULATED OTHER COMPREHENSIVE ITEMS, NET NONCONTROLLING INTERESTS REDEEMABLE NONCONTROLLING INTERESTS TOTAL SHARES AMOUNTS Balance, December 31, 2023 $ 211,773 292,142,739 $ 2,921 $ 4,533,691 $ ( 3,953,808 ) $ ( 371,156 ) $ 125 $ 177,947 Issuance and net settlement of shares under employee stock purchase and option plans and stock-based compensation 21,782 1,155,726 12 21,770 — — — — Changes in equity related to redeemable noncontrolling interests 422 — — 422 — — — 6,862 Parent cash dividends declared ( 386,635 ) — — — ( 386,635 ) — — — Other comprehensive (loss) i

Financial Information

Part I. Financial Information IRON MOUNTAIN INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (IN THOUSANDS, EXCEPT SHARE DATA) (UNAUDITED) THREE MONTHS ENDED JUNE 30, 2023 IRON MOUNTAIN INCORPORATED STOCKHOLDERS' EQUITY COMMON STOCK ADDITIONAL PAID-IN CAPITAL (DISTRIBUTIONS IN EXCESS OF EARNINGS) EARNINGS IN EXCESS OF DISTRIBUTIONS ACCUMULATED OTHER COMPREHENSIVE ITEMS, NET NONCONTROLLING INTERESTS REDEEMABLE NONCONTROLLING INTERESTS TOTAL SHARES AMOUNTS Balance, March 31, 2023 $ 545,589 291,584,999 $ 2,916 $ 4,459,265 $ ( 3,510,949 ) $ ( 405,768 ) $ 125 $ 95,630 Issuance and net settlement of shares under employee stock purchase and option plans and stock-based compensation 27,862 239,959 2 27,860 — — — — Changes in equity related to redeemable noncontrolling interests 1,367 — — 1,367 — — — ( 1,367 ) Parent cash dividends declared ( 182,113 ) — — — ( 182,113 ) — — — Other comprehensive income (loss) 23,524 — — — — 23,524 — ( 120 ) Net Income (Loss) 114 — — — 114 — — 1,029 Noncontrolling interests equity contributions — — — — — — — 9,900 Noncontrolling interests dividends — — — — — — — ( 1,013 ) Balance, June 30, 2023 $ 416,343 291,824,958 $ 2,918 $ 4,488,492 $ ( 3,692,948 ) $ ( 382,244 ) $ 125 $ 104,059 SIX MONTHS ENDED JUNE 30, 2023 IRON MOUNTAIN INCORPORATED STOCKHOLDERS' EQUITY COMMON STOCK ADDITIONAL PAID-IN CAPITAL (DISTRIBUTIONS IN EXCESS OF EARNINGS) EARNINGS IN EXCESS OF DISTRIBUTIONS ACCUMULATED OTHER COMPREHENSIVE ITEMS, NET NONCONTROLLING INTERESTS REDEEMABLE NONCONTROLLING INTERESTS TOTAL SHARES AMOUNTS Balance, December 31, 2022 $ 636,793 290,830,296 $ 2,908 $ 4,468,035 $ ( 3,392,272 ) $ ( 442,003 ) $ 125 $ 95,160 Issuance and net settlement of shares under employee stock purchase and option plans and stock-based compensation 19,100 994,662 10 19,090 — — — — Changes in equity related to redeemable noncontrolling interests 1,367 — — 1,367 — — — ( 1,367 ) Parent cash dividends declared ( 365,385 ) — — — ( 365,385 ) —

Financial Information

Part I. Financial Information IRON MOUNTAIN INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS) (UNAUDITED) SIX MONTHS ENDED JUNE 30, 2024 2023 Cash Flows from Operating Activities: Net income (loss) $ 111,646 $ 66,678 Adjustments to reconcile net income (loss) to cash flows from operating activities: Depreciation 302,562 254,395 Amortization (includes amortization of deferred financing costs and discounts of $ 12,243 and $ 8,095 for the six months ended June 30, 2024 and 2023, respectively) 143,737 131,161 Revenue reduction associated with amortization of customer inducements and above- and below-market leases 2,798 3,491 Stock-based compensation expense 43,928 34,882 (Benefit) provision for deferred income taxes ( 442 ) 2,799 Loss (gain) on disposal/write-down of property, plant and equipment, net 3,179 ( 14,566 ) Loss associated with the Clutter Acquisition — 38,000 Foreign currency transactions and other, net 12,655 69,183 (Increase) decrease in assets ( 86,117 ) ( 31,071 ) (Decrease) increase in liabilities ( 21,731 ) ( 108,858 ) Cash Flows from Operating Activities 512,215 446,094 Cash Flows from Investing Activities: Capital expenditures ( 777,901 ) ( 600,758 ) Cash paid for acquisitions, net of cash acquired ( 123,323 ) ( 21,465 ) Customer inducements ( 3,457 ) ( 2,630 ) Contract costs ( 50,800 ) ( 39,989 ) Investments in joint ventures and other investments, net ( 10,190 ) ( 15,830 ) Proceeds from sales of property and equipment and other, net 5,923 35,390 Cash Flows from Investing Activities ( 959,748 ) ( 645,282 ) Cash Flows from Financing Activities: Repayment of revolving credit facility, term loan facilities and other debt ( 4,896,450 ) ( 10,087,033 ) Proceeds from revolving credit facility, term loan facilities and other debt 5,843,362 9,683,880 Net proceeds from sale of senior note — 990,000 Debt financing and equity contribution from noncontrolling interests — 9,900 Equity distri

Financial Information

Part I. Financial Information IRON MOUNTAIN INCORPORATED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (In thousands, except share and per share data) (Unaudited) 1. GENERAL The unaudited condensed consolidated financial statements of Iron Mountain Incorporated, a Delaware corporation, and its subsidiaries ("we" or "us"), have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the "SEC"). Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to those rules and regulations, but we believe that the disclosures included herein are adequate to make the information presented not misleading. The interim condensed consolidated financial statements are presented herein and, in the opinion of management, reflect all adjustments of a normal recurring nature necessary for a fair presentation. Interim results are not necessarily indicative of results for a full year. The Condensed Consolidated Financial Statements and Notes thereto, which are included herein, should be read in conjunction with the Consolidated Financial Statements and Notes thereto for the year ended December 31, 2023 included in our Annual Report on Form 10-K filed with the SEC on February 22, 2024 (our "Annual Report"). In September 2022, we announced a global program designed to accelerate the growth of our business ("Project Matterhorn"). See Note 11. We have been organized and have operated as a real estate investment trust for United States federal income tax purposes beginning with our taxable year ended December 31, 2014. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash on hand and cash invested in highly liquid short-term securities, which have remaining maturities at the date of purchase o

Financial Information

Part I. Financial Information IRON MOUNTAIN INCORPORATED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (In thousands, except share and per share data) (Unaudited) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) C. LEASES We lease facilities for certain warehouses, data centers and office space. We also have land leases, including those on which certain facilities are located. Operating and financing lease right-of-use assets and lease liabilities as of June 30, 2024 and December 31, 2023 are as follows: DESCRIPTION JUNE 30, 2024 DECEMBER 31, 2023 Assets: Operating lease right-of-use assets $ 2,593,461 $ 2,696,024 Financing lease right-of-use assets, net of accumulated depreciation (1) 340,842 304,600 Liabilities: Current Operating lease liabilities $ 302,234 $ 291,795 Financing lease liabilities (1) 42,260 39,089 Long-term Operating lease liabilities $ 2,453,935 $ 2,562,394 Financing lease liabilities (1) 336,653 310,776 (1) Financing lease right-of-use assets, current financing lease liabilities and long-term financing lease liabilities are included within Property, plant and equipment, net, Current portion of long-term debt and Long-term debt, net of current portion, respectively, within our Condensed Consolidated Balance Sheets. The components of the lease expense for the three and six months ended June 30, 2024 and 2023 are as follows: THREE MONTHS ENDED JUNE 30, SIX MONTHS ENDED JUNE 30, DESCRIPTION 2024 2023 2024 2023 Operating lease cost (1) $ 172,735 $ 161,241 $ 344,481 $ 317,114 Financing lease cost: Depreciation of financing lease right-of-use assets $ 12,078 $ 10,202 $ 23,022 $ 20,210 Interest expense for financing lease liabilities 5,217 4,416 10,438 8,757 (1) Operating lease cost, the majority of which is included in Cost of sales, includes variable lease costs of $ 39,594 and $ 77,688 for the three and six months ended June 30, 2024, respectively, and $ 34,418 and $ 65,998 for the three

Financial Information

Part I. Financial Information IRON MOUNTAIN INCORPORATED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (In thousands, except share and per share data) (Unaudited) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) D. GOODWILL Our reporting units as of December 31, 2023 are described in detail in Note 2.l. to Notes to Consolidated Financial Statements included in our Annual Report. The changes in the carrying value of goodwill attributable to each reportable segment and Corporate and Other (as defined in Note 9) for the six months ended June 30, 2024 are as follows: GLOBAL RIM BUSINESS GLOBAL DATA CENTER BUSINESS CORPORATE AND OTHER TOTAL CONSOLIDATED Goodwill balance, net of accumulated amortization, as of December 31, 2023 $ 3,911,945 $ 478,930 $ 627,037 $ 5,017,912 Tax deductible goodwill acquired during the period — — 131,790 131,790 Fair value and other adjustments 963 ( 186 ) ( 186 ) 591 Currency effects ( 45,888 ) ( 3,928 ) ( 705 ) ( 50,521 ) Goodwill balance, net of accumulated amortization, as of June 30, 2024 $ 3,867,020 $ 474,816 $ 757,936 $ 5,099,772 Accumulated goodwill impairment balance as of June 30, 2024 $ 132,409 $ — $ 26,011 $ 158,420 IRON MOUNTAIN JUNE 30, 2024 FORM 10-Q 11 Table of Contents

Financial Information

Part I. Financial Information IRON MOUNTAIN INCORPORATED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (In thousands, except share and per share data) (Unaudited) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) E. FAIR VALUE MEASUREMENTS The assets and liabilities carried at fair value measured on a recurring basis as of June 30, 2024 and December 31, 2023 are as follows: FAIR VALUE MEASUREMENTS AT JUNE 30, 2024 USING DESCRIPTION TOTAL CARRYING VALUE AT JUNE 30, 2024 QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1) SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) (2) Money Market Funds $ 10,218 $ — $ 10,218 $ — Time Deposits 20,762 — 20,762 — Trading Securities 8,841 7,166 1,675 — Derivative Assets 25,607 — 25,607 — Derivative Liabilities 2,670 — 2,670 — Deferred Purchase Obligations (1) 114,703 — — 114,703 FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2023 USING DESCRIPTION TOTAL CARRYING VALUE AT DECEMBER 31, 2023 QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1) SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) (2) Money Market Funds $ 66,008 $ — $ 66,008 $ — Time Deposits 15,913 — 15,913 — Trading Securities 9,952 6,149 3,803 — Derivative Assets 6,359 — 6,359 — Derivative Liabilities 5,769 — 5,769 — Deferred Purchase Obligations (1) 208,265 — — 208,265 (1) Primarily relates to the fair values of the deferred purchase obligations associated with the ITRenew Transaction (as defined in Note 3 to Notes to Consolidated Financial Statements included in our Annual Report) and the Regency Transaction (as defined in Note 3). (2) The following is a rollforward of the Level 3 liabilities presented above for December 31, 2023 through June 30, 2024: Balance as of December 31, 2023 $ 208,265 Additions 63,700 Payments ( 158,677 ) Other changes, including accretion 1,415 Balance as of June 30, 2024 $ 114,703 The level 3 valuations of the de

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