IRM · 10-Q · 2026Q2 · Full report

FX / Currency Impact

IRON MOUNTAIN INC · 2026-08-05 · Importance 63 · Surprise 64 · In source text

Foreign-currency transaction gains were $38.4 million for the six months ended June 30, 2026, compared with $116.8 million of losses in the prior-year period, producing a $155.2 million year-over-year improvement. The six-month 2026 gain primarily reflected changes in the Euro-U.S. dollar exchange rate on intercompany balances involving certain subsidiaries. For the three months ended June 30, 2026, the company recorded a $13.9 million foreign-currency gain versus an $87.2 million loss in the prior-year quarter.

Key facts

• We have designated these cross-currency swap agreements as hedges of net investments in our Euro and Canadian dollar denominated subsidiaries and they require an exchange of the notional amounts at maturity. source
• As of June 30, 2026 our cross-currency swap agreements have maturity dates ranging from November 2026 through February 2029. source
• As of June 30, 2026 the notional value of our Euro cross-currency swaps is $504,559 (in thousands) and as of December 31, 2025 it was $509,187 (in thousands). source
• As of June 30, 2026 the total notional value of our cross-currency swaps was $854,559 (in thousands) and as of December 31, 2025 it was $859,187 (in thousands). source
• As of June 30, 2026 the notional value of our Canadian dollar cross-currency swaps is 350,000 (in thousands) and it was 350,000 (in thousands) as of December 31, 2025. source
• Other expense (income), net for the three months ended June 30, 2026 included foreign currency transaction gains of $(13,901) thousand and other, net of $43,079 thousand resulting in Other Expense (Income), Net of $29,178 thousand. source
• The three month foreign currency transaction gains for 2026 primarily consist of impact of changes in exchange rate of the Euro against the US dollar on intercompany balances. source
• We utilize cross-currency swaps to hedge the variability of exchange rate impacts between the United States dollar and certain of our foreign functional currencies, including the Euro and the Canadian dollar. source

Impact estimates