Iron Mountain Inc. Files Q3 2024 10-Q Report

TL;DR

**IRON MOUNTAIN FILES Q3 10-Q: DEBT AND ASSETS DETAILED**

AI Summary

Iron Mountain Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial position, including assets, liabilities, and equity. Specific financial data points such as property, plant, and equipment, as well as long-term debt, are presented within this report.

Why It Matters

This filing provides investors and analysts with a detailed look at Iron Mountain's financial health and operational performance for the third quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: medium — The filing contains detailed financial information, including debt obligations and asset valuations, which are critical for assessing the company's financial risk.

Key Numbers

• 20240930 — Reporting Period End Date (Indicates the specific quarter the financial data pertains to.)
• 20241106 — Filing Date (Shows when the company submitted this report to the SEC.)

Key Players & Entities

• IRON MOUNTAIN INC (company) — Filer of the 10-Q report
• 20240930 (date) — End of the reporting period
• 20241106 (date) — Date of filing
• 85 NEW HAMPSHIRE AVENUE, SUITE 150 (address) — Company's business street address
• PORTSMOUTH, NH 03801 (address) — Company's business city, state, and zip
• 617-535-4781 (phone_number) — Company's business phone number
• 1101 ENTERPRISE DRIVE (address) — Company's mailing address
• ROYERSFORD, PA 19468 (address) — Company's mailing city, state, and zip

FAQ

Filing Documents

• irm-20240930.htm (10-Q) — 2298KB
• irm20240930-ex101.htm (EX-10.1) — 56KB
• irm20240930-ex102.htm (EX-10.2) — 6KB
• irm20240930-ex103.htm (EX-10.3) — 7KB
• irm20240930-ex104.htm (EX-10.4) — 18KB
• irm20240930-ex105.htm (EX-10.5) — 6KB
• irm20240930-ex106.htm (EX-10.6) — 12KB
• irm20240930-ex311.htm (EX-31.1) — 9KB
• irm20240930-ex312.htm (EX-31.2) — 9KB
• irm20240930-ex321.htm (EX-32.1) — 5KB
• irm20240930-ex322.htm (EX-32.2) — 4KB
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• 0001020569-24-000255.txt ( ) — 14348KB
• irm-20240930.xsd (EX-101.SCH) — 54KB
• irm-20240930_cal.xml (EX-101.CAL) — 73KB
• irm-20240930_def.xml (EX-101.DEF) — 281KB
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—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION 1 ITEM 1. Unaudited Condensed Consolidated Financial Statements 2 Condensed Consolidated Balance Sheets at September 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the Three Months Ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Operations for the Nine Months Ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2024 and 2023 6 Condensed Consolidated Statements of (Deficit) Equity for the Three and Nine Months Ended September 30, 2024 7 Condensed Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 2023 8 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 9 Notes to Condensed Consolidated Financial Statements 30 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 51 ITEM 4.

Controls and Procedures

Controls and Procedures

—OTHER INFORMATION

PART II—OTHER INFORMATION 53 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 53 ITEM 5. Other Information 53 ITEM 6. Exhibits 55

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 SEPTEMBER 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) SEPTEMBER 30, 2024 DECEMBER 31, 2023 ASSETS Current Assets: Cash and cash equivalents $ 168,515 $ 222,789 Accounts receivable (less allowances of $ 84,190 and $ 74,762 as of September 30, 2024 and December 31, 2023, respectively) 1,243,464 1,259,826 Prepaid expenses and other 306,867 252,930 Total Current Assets 1,718,846 1,735,545 Property, Plant and Equipment: Property, plant and equipment 11,549,081 10,373,989 Less—Accumulated depreciation ( 4,354,477 ) ( 4,059,120 ) Property, Plant and Equipment, Net 7,194,604 6,314,869 Other Assets, Net: Goodwill 5,198,460 5,017,912 Customer and supplier relationships and other intangible assets 1,276,963 1,279,800 Operating lease right-of-use assets 2,591,238 2,696,024 Other 489,518 429,652 Total Other Assets, Net 9,556,179 9,423,388 Total Assets $ 18,469,629 $ 17,473,802 LIABILITIES AND EQUITY Current Liabilities: Current portion of long-term debt $ 136,547 $ 120,670 Accounts payable 586,793 539,594 Accrued expenses and other current liabilities (includes current portion of operating lease liabilities) 1,288,176 1,250,259 Deferred revenue 294,545 325,665 Total Current Liabilities 2,306,061 2,236,188 Long-term Debt, net of current portion 13,245,462 11,812,500 Long-term Operating Lease Liabilities, net of current portion 2,438,905 2,562,394 Other Long-term Liabilities 277,588 237,590 Deferred Income Taxes 233,484 235,410 Commitments and Contingencies Redeemable Noncontrolling Interests 70,537 177,947 (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 293,425,265 and 292,142,739 shares as of September 30, 2024 and December

Financial Information

Part I. Financial Information IRON MOUNTAIN INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) THREE MONTHS ENDED SEPTEMBER 30, 2024 2023 Revenues: Storage rental $ 935,701 $ 858,656 Service 621,657 529,519 Total Revenues 1,557,358 1,388,175 Operating Expenses: Cost of sales (excluding depreciation and amortization) 678,390 592,201 Selling, general and administrative 341,929 315,030 Depreciation and amortization 232,240 198,757 Acquisition and Integration Costs 11,262 9,909 Restructuring and other transformation 37,282 38,861 Loss (gain) on disposal/write-down of property, plant and equipment, net 5,091 ( 4,416 ) Total Operating Expenses 1,306,194 1,150,342 Operating Income (Loss) 251,164 237,833 Interest Expense, Net (includes Interest Income of $ 949 and $ 4,059 for the three months ended September 30, 2024 and 2023, respectively) 186,067 152,801 Other Expense (Income), Net 86,362 ( 16,271 ) Net (Loss) Income Before Provision (Benefit) for Income Taxes ( 21,265 ) 101,303 Provision (Benefit) for Income Taxes 12,400 9,912 Net (Loss) Income ( 33,665 ) 91,391 Less: Net (Loss) Income Attributable to Noncontrolling Interests ( 45 ) 348 Net (Loss) Income Attributable to Iron Mountain Incorporated $ ( 33,620 ) $ 91,043 Net (Loss) Income Per Share Attributable to Iron Mountain Incorporated: Basic $ ( 0.11 ) $ 0.31 Diluted $ ( 0.11 ) $ 0.31 Weighted Average Common Shares Outstanding—Basic 293,603 292,148 Weighted Average Common Shares Outstanding—Diluted 293,603 294,269 The accompanying notes are an integral part of these condensed consolidated financial statements. IRON MOUNTAIN SEPTEMBER 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) NINE MONTHS ENDED SEPTEMBER 30, 2024 2023 Revenues: Storage rental $ 2,740,289 $ 2,499,501 Service 1,828,341 1,560,959 Total Revenues 4,568,630 4,060,460 Operating Expenses: Cost of sales (excluding depreciation and amortization) 2,007,616 1,756,471 Selling, general and administrative 1,006,232 921,355 Depreciation and amortization 666,296 576,218 Acquisition and Integration Costs 28,573 13,015 Restructuring and other transformation 124,562 121,362 Loss (gain) on disposal/write-down of property, plant and equipment, net 8,270 ( 18,982 ) Total Operating Expenses 3,841,549 3,369,439 Operating Income (Loss) 727,081 691,021 Interest Expense, Net (includes Interest Income of $ 4,374 and $ 9,256 for the nine months ended September 30, 2024 and 2023, respectively) 527,107 434,148 Other Expense (Income), Net 79,665 67,879 Net Income (Loss) Before Provision (Benefit) for Income Taxes 120,309 188,994 Provision (Benefit) for Income Taxes 42,328 30,925 Net Income (Loss) 77,981 158,069 Less: Net Income (Loss) Attributable to Noncontrolling Interests 1,757 2,317 Net Income (Loss) Attributable to Iron Mountain Incorporated $ 76,224 $ 155,752 Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: Basic $ 0.26 $ 0.53 Diluted $ 0.26 $ 0.53 Weighted Average Common Shares Outstanding—Basic 293,229 291,805 Weighted Average Common Shares Outstanding—Diluted 295,912 293,615 The accompanying notes are an integral part of these condensed consolidated financial statements. IRON MOUNTAIN SEPTEMBER 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 SEPTEMBER 30, 2024 2023 Net (Loss) Income $ ( 33,665 ) $ 91,391 Other Comprehensive Income (Loss): Foreign Currency Translation Adjustment 107,282 ( 80,168 ) Change in Fair Value of Derivative Instruments ( 34,281 ) 6,184 Reclassifications from Accumulated Other Comprehensive Items, net — ( 2,527 ) Total Other Comprehensive Income (Loss): 73,001 ( 76,511 ) Comprehensive Income (Loss) 39,336 14,880 Comprehensive Income (Loss) Attributable to Noncontrolling Interests 376 ( 404 ) Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated $ 38,960 $ 15,284 NINE MONTHS ENDED SEPTEMBER 30, 2024 2023 Net Income (Loss) $ 77,981 $ 158,069 Other Comprehensive Income (Loss): Foreign Currency Translation Adjustment 8,434 ( 21,907 ) Change in Fair Value of Derivative Instruments ( 23,381 ) 10,638 Reclassifications from Accumulated Other Comprehensive Items, net ( 2,528 ) ( 5,054 ) Total Other Comprehensive (Loss) Income: ( 17,475 ) ( 16,323 ) Comprehensive Income (Loss) 60,506 141,746 Comprehensive Income (Loss) Attributable to Noncontrolling Interests 1,637 1,994 Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated $ 58,869 $ 139,752 The accompanying notes are an integral part of these condensed consolidated financial statements. IRON MOUNTAIN SEPTEMBER 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 SEPTEMBER 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, June 30, 2024 $ ( 132,749 ) 293,298,465 $ 2,933 $ 4,555,883 $ ( 4,230,599 ) $ ( 461,091 ) $ 125 $ 184,861 Issuance and net settlement of shares under employee stock purchase and option plans and stock-based compensation 32,928 126,800 1 32,927 — — — — Changes in equity related to redeemable noncontrolling interests ( 1,036 ) — — ( 54,446 ) — — 53,410 ( 113,964 ) Parent cash dividends declared ( 211,463 ) — — — ( 211,463 ) — — — Other comprehensive Income (loss) 72,580 — — — — 72,580 — 421 Net (loss) income ( 33,620 ) — — — ( 33,620 ) — — ( 45 ) Noncontrolling interests equity contributions and related costs 170,952 — — 67,882 — — 103,070 — Noncontrolling interests dividends — — — — — — — ( 736 ) Balance, September 30, 2024 $ ( 102,408 ) 293,425,265 $ 2,934 $ 4,602,246 $ ( 4,475,682 ) $ ( 388,511 ) $ 156,605 $ 70,537 NINE MONTHS ENDED SEPTEMBER 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 54,710 1,282,526 13 54,697 — — — — Changes in equity related to redeemable

Financial Information

Part I. Financial Information IRON MOUNTAIN INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (IN THOUSANDS, EXCEPT SHARE DATA) (UNAUDITED) THREE MONTHS ENDED SEPTEMBER 30, 2023 IRON MOUNTAIN INCORPORATED STOCKHOLDERS' EQUITY COMMON 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, June 30, 2023 $ 416,343 291,824,958 $ 2,918 $ 4,488,492 $ ( 3,692,948 ) $ ( 382,244 ) $ 125 $ 104,059 Issuance and net settlement of shares under employee stock purchase and option plans and stock-based compensation 20,293 102,449 1 20,292 — — — — Changes in equity related to redeemable noncontrolling interests ( 400 ) — — ( 400 ) — — — — Parent cash dividends declared ( 188,889 ) — — — ( 188,889 ) — — — Other comprehensive (loss) income ( 75,759 ) — — — — ( 75,759 ) — ( 752 ) Net income (loss) 91,043 — — — 91,043 — — 348 Noncontrolling interests dividends — — — — — — — ( 905 ) Purchase of noncontrolling interests — — — — — — — 60,520 Balance, September 30, 2023 $ 262,631 291,927,407 $ 2,919 $ 4,508,384 $ ( 3,790,794 ) $ ( 458,003 ) $ 125 $ 163,270 NINE MONTHS ENDED SEPTEMBER 30, 2023 IRON MOUNTAIN INCORPORATED STOCKHOLDERS' EQUITY COMMON 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 39,393 1,097,111 11 39,382 — — — — Changes in equity related to redeemable noncontrolling interests 967 — — 967 — — — ( 1,367 ) Parent cash dividends declared ( 554,274 ) —

Financial Information

Part I. Financial Information IRON MOUNTAIN INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS) (UNAUDITED) NINE MONTHS ENDED SEPTEMBER 30, 2024 2023 Cash Flows from Operating Activities: Net income (loss) $ 77,981 $ 158,069 Adjustments to reconcile net income (loss) to cash flows from operating activities: Depreciation 466,905 387,327 Amortization (includes amortization of deferred financing costs and discounts of $ 18,909 and $ 13,580 for the nine months ended September 30, 2024 and 2023, respectively) 218,300 202,471 Revenue reduction associated with amortization of customer inducements and above- and below-market leases 4,117 5,206 Stock-based compensation expense 73,491 53,195 (Benefit) provision for deferred income taxes ( 9,012 ) ( 7,727 ) Loss on early extinguishment of debt 5,417 — Loss (gain) on disposal/write-down of property, plant and equipment, net 8,270 ( 18,982 ) Loss associated with the Clutter Acquisition — 38,000 Foreign currency transactions and other, net 100,436 55,768 (Increase) decrease in assets ( 45,677 ) ( 6,889 ) (Decrease) increase in liabilities ( 135,100 ) ( 200,064 ) Cash Flows from Operating Activities 765,128 666,374 Cash Flows from Investing Activities: Capital expenditures ( 1,173,968 ) ( 962,294 ) Cash paid for acquisitions, net of cash acquired ( 174,445 ) ( 33,932 ) Acquisition of customer intangibles ( 5,820 ) ( 5,799 ) Contract costs ( 84,112 ) ( 61,960 ) Investments in joint ventures and other investments, net ( 9,834 ) ( 15,830 ) Proceeds from sales of property and equipment and other, net 6,350 44,732 Cash Flows from Investing Activities ( 1,441,829 ) ( 1,035,083 ) Cash Flows from Financing Activities: Repayment of revolving credit facility, term loan facilities and other debt ( 8,974,574 ) ( 13,654,869 ) Proceeds from revolving credit facility, term loan facilities and other debt 10,247,884 13,630,522 Net proceeds from sale of senior note — 990,000 Deb

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 September 30, 2024 and December 31, 2023 are as follows: DESCRIPTION SEPTEMBER 30, 2024 DECEMBER 31, 2023 Assets: Operating lease right-of-use assets $ 2,591,238 $ 2,696,024 Financing lease right-of-use assets, net of accumulated depreciation (1) 367,500 304,600 Liabilities: Current Operating lease liabilities $ 315,093 $ 291,795 Financing lease liabilities (1) 50,455 39,089 Long-term Operating lease liabilities $ 2,438,905 $ 2,562,394 Financing lease liabilities (1) 363,155 310,776 (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 nine months ended September 30, 2024 and 2023 are as follows: THREE MONTHS ENDED SEPTEMBER 30, NINE MONTHS ENDED SEPTEMBER 30, DESCRIPTION 2024 2023 2024 2023 Operating lease cost (1) $ 168,308 $ 172,040 $ 512,789 $ 489,153 Financing lease cost: Depreciation of financing lease right-of-use assets $ 13,907 $ 11,004 $ 36,929 $ 31,214 Interest expense for financing lease liabilities 5,593 4,843 16,031 13,600 (1) Operating lease cost, the majority of which is included in Cost of sales, includes variable lease costs of $ 42,785 and $ 120,473 for the three and nine months ended September 30, 2024, respectively, and $

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 nine months ended September 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 Non-tax deductible goodwill acquired during the period — — 36,499 36,499 Fair value and other adjustments 984 ( 186 ) ( 186 ) 612 Currency effects 9,686 1,062 899 11,647 Goodwill balance, net of accumulated amortization, as of September 30, 2024 $ 3,922,615 $ 479,806 $ 796,039 $ 5,198,460 Accumulated goodwill impairment balance as of September 30, 2024 $ 132,409 $ — $ 26,011 $ 158,420 IRON MOUNTAIN SEPTEMBER 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 September 30, 2024 and December 31, 2023 are as follows: FAIR VALUE MEASUREMENTS AT SEPTEMBER 30, 2024 USING DESCRIPTION TOTAL CARRYING VALUE AT SEPTEMBER 30, 2024 QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1) SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) (2) Money Market Funds $ 17,581 $ — $ 17,581 $ — Time Deposits 30,462 — 30,462 — Trading Securities 8,013 6,283 1,730 — Derivative Liabilities 29,824 — 29,824 — Deferred Purchase Obligations (1) 117,050 — — 117,050 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 September 30, 2024: Balance as of December 31, 2023 $ 208,265 Additions 63,700 Payments ( 158,677 ) Other changes, including accretion 3,762 Balance as of September 30, 2024 $ 117,050 The level 3 valuations of the deferred pu

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