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Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 2020
Accounting Policies [Abstract] |
Schedule of changes in the carrying value of goodwill attributable to each reportable operating segment | The changes in the carrying value of goodwill attributable to each reportable operating segment for the six months ended June 30, 2020 are as follows:
| Global RIM Business |  | Global Data Center Business |  | Corporate and Other Business |  | Total Consolidated
Goodwill balance, net of accumulated amortization as of December 31, 2019 | $ | 3,942,901 |  |  | $ | 424,568 |  |  | $ | 117,740 |  |  | $ | 4,485,209 |
Non-deductible goodwill acquired during the year | 48,775 |  |  | — |  |  | — |  |  | 48,775 |
Goodwill impairment | — |  |  | — |  |  | (23,000 | ) |  | (23,000 | )
Fair value and other adjustments(1) | (3,885 | ) |  | — |  |  | 403 |  |  | (3,482 | )
Currency effects | (85,887 | ) |  | 158 |  |  | (711 | ) |  | (86,440 | )
Goodwill balance, net accumulated amortization as of June 30, 2020 | $ | 3,901,904 |  |  | $ | 424,726 |  |  | $ | 94,432 |  |  | $ | 4,421,062 |
Accumulated Goodwill Impairment Balance as of December 31, 2019 | $ | 132,409 |  |  | $ | — |  |  | $ | 3,011 |  |  | $ | 135,420 |
Accumulated Goodwill Impairment Balance as of June 30, 2020 | $ | 132,409 |  |  | $ | — |  |  | $ | 26,011 |  |  | $ | 158,420 |
________________________________________________________________
(1) | Total fair value and other adjustments include $(3,925) in net adjustments primarily related to customer relationships and racking and cash paid for acquisitions completed in 2019 of $443.
Schedule of components of amortizable intangible assets | The gross carrying amount and accumulated amortization of our finite-lived intangible assets as of June 30, 2020 and December 31, 2019 are as follows:
| June 30, 2020 |  | December 31, 2019
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Assets: |  |  |  |  |  |  |  |  |  |  |
Customer relationship intangible assets | $ | 1,764,106 |  |  | $ | (582,954 | ) |  | $ | 1,181,152 |  |  | $ | 1,751,848 |  |  | $ | (544,721 | ) |  | $ | 1,207,127 |
Customer inducements | 54,485 |  |  | (28,706 | ) |  | 25,779 |  |  | 52,718 |  |  | (29,397 | ) |  | 23,321 |
Data center lease-based intangible assets(1) | 265,491 |  |  | (126,140 | ) |  | 139,351 |  |  | 265,945 |  |  | (103,210 | ) |  | 162,735 |
Third-party commissions asset(2) | 36,030 |  |  | (6,460 | ) |  | 29,570 |  |  | 31,708 |  |  | (4,134 | ) |  | 27,574 |
| $ | 2,120,112 |  |  | $ | (744,260 | ) |  | $ | 1,375,852 |  |  | $ | 2,102,219 |  |  | $ | (681,462 | ) |  | $ | 1,420,757 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Data center below-market leases | $ | 12,751 |  |  | $ | (4,884 | ) |  | $ | 7,867 |  |  | $ | 12,750 |  |  | $ | (3,937 | ) |  | $ | 8,813 |
_______________________________________________________________
(1) | Includes data center in-place lease intangible assets, data center tenant relationship intangible assets and data center above-market in-place lease intangible assets.
(2) Third-party commissions asset is included in Other, a component of Other assets, net in the accompanying Condensed Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019. The third-party commissions asset is primarily comprised of additional payments associated with the execution of future customer contracts through the one-year anniversary of the acquisition of IO Data Centers, LLC ("IODC")
Schedule of amortization expenses | Amortization expense associated with finite-lived intangible assets, revenue reduction associated with the amortization of customer inducements and revenue reduction associated with the amortization of data center above-market leases and data center below-market leases for the three and six months ended June 30, 2020 and 2019 are as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Amortization expense included in depreciation and amortization associated with: |  |  |  |  |  |  |
Customer relationship and customer inducement intangible assets | $ | 29,966 |  |  | $ | 28,283 |  |  | $ | 56,730 |  |  | $ | 56,164 |
Data center in-place leases and tenant relationships | 10,379 |  |  | 11,372 |  |  | 21,732 |  |  | 23,981 |
Third-party commissions asset and other finite-lived intangible assets | 1,758 |  |  | 2,184 |  |  | 4,121 |  |  | 2,941 |
Revenue reduction associated with amortization of: |  |  |  |  |  |  |
Permanent withdrawal fees | $ | 2,348 |  |  | $ | 2,598 |  |  | $ | 4,813 |  |  | $ | 5,338 |
Data center above-market leases and data center below-market leases | 218 |  |  | 935 |  |  | 435 |  |  | 1,840 |
Schedule of amortization expense associated with commissions asset and Intake Costs | The costs of the initial intake of customer records into physical storage ("Intake Costs") and capitalized commissions asset (collectively, "Contract Fulfillment Costs") as of June 30, 2020 and December 31, 2019 are as follows:
|  |  |  | June 30, 2020 |  | December 31, 2019
Description |  | Location in Balance Sheet |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Intake Costs asset |  | Other (within Other Assets, Net) |  | $ | 39,798 |  |  | $ | (23,467 | ) |  | $ | 16,331 |  |  | $ | 41,224 |  |  | $ | (23,579 | ) |  | $ | 17,645 |
Capitalized commissions asset |  | Other (within Other Assets, Net) |  | 67,752 |  |  | (25,828 | ) |  | 41,924 |  |  | 68,008 |  |  | (27,178 | ) |  | 40,830 |
Amortization expense associated with the Intake Costs asset and capitalized commissions asset for the three and six months ended June 30, 2020 and 2019 are as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Intake Costs asset | $ | 2,802 |  |  | $ | 2,835 |  |  | $ | 5,581 |  |  | $ | 5,514 |
Capitalized commissions asset | 6,017 |  |  | 5,935 |  |  | 11,642 |  |  | 9,881 |
Schedule of deferred revenue liabilities | Deferred revenue liabilities are reflected in our Condensed Consolidated Balance Sheets as follows:
Description |  | Location in Balance Sheet |  | June 30, 2020 |  | December 31, 2019
Deferred revenue - Current |  | Deferred revenue |  | $ | 252,034 |  |  | $ | 274,036 |
Deferred revenue - Long-term |  | Other Long-term Liabilities |  | 34,813 |  |  | 36,029 |
Schedule of revenue | Our Global Data Center Business features storage rental provided to customers at contractually specified rates over a fixed contractual period, which are accounted for in accordance with ASU 2016-02. Since December 31, 2019, there have been no changes to our accounting policies related to the accounting for our lessor revenue as disclosed in Note 2.l. to Notes to Consolidated Financial Statements included in our Annual Report. Storage rental revenue, including revenue associated with power and connectivity, associated with our Global Data Center Business for the three and six months ended June 30, 2020 and 2019 are as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Storage rental revenue(1) | $ | 63,812 |  |  | $ | 60,582 |  |  | $ | 128,407 |  |  | $ | 120,300 |
______________________________________________________________ (1) Revenue associated with power and connectivity included within storage rental revenue was $11,540 and $22,953 for the three and six months ended June 30, 2020, respectively, and $9,912 and $19,030 for the three and six months ended June 30, 2019, respectively.
Schedule of allowance for credit loss | The rollforward of allowance for doubtful accounts and credit memo reserves for the six months ended June 30, 2020 is as follows:
|  | Allowance for Doubtful Accounts and Credit Memo Reserves
Balance at December 31, 2019 |  | $ | 42,856 |
Credit memos charged to revenue |  | 28,320 |
Allowance for bad debts charged to expense |  | 21,176 |
Deductions and other(1) |  | (38,958 | )
Balance at June 30, 2020 |  | $ | 53,394 |
______________________________________________________________ (1) Primarily consists of the issuance of credit memos, the write-off of accounts receivable and the impact associated with currency translation adjustments.
Schedule of operating and financing lease right-of-use assets and lease liabilities | Operating and financing lease right-of-use assets and lease liabilities as of June 30, 2020 and December 31, 2019 are as follows:
Description |  | Location in Balance Sheet |  | June 30, 2020 |  | December 31, 2019
Assets: |  |  |  |  |  |
Operating lease right-of-use assets(1) |  | Operating lease right-of-use assets |  | $ | 1,947,665 |  |  | $ | 1,869,101 |
Financing lease right-of-use assets, net of accumulated depreciation(2) |  | Property, Plant and Equipment, Net |  | 310,964 |  |  | 327,215 |
Total |  |  |  | $ | 2,258,629 |  |  | $ | 2,196,316 |
Liabilities: |  |  |  |  |  |
Current |  |  |  |  |  |
Operating lease liabilities |  | Accrued expenses and other current liabilities |  | $ | 232,926 |  |  | $ | 223,249 |
Financing lease liabilities |  | Current portion of long-term debt |  | 43,582 |  |  | 46,582 |
Total current lease liabilities |  |  |  | 276,508 |  |  | 269,831 |
Long-term |  |  |  |  |  |
Operating lease liabilities |  | Long-term Operating Lease Liabilities, net of current portion |  | 1,802,494 |  |  | 1,728,686 |
Financing lease liabilities |  | Long-term Debt, net of current portion |  | 313,418 |  |  | 320,600 |
Total long-term lease liabilities |  |  |  | 2,115,912 |  |  | 2,049,286 |
Total |  |  |  | $ | 2,392,420 |  |  | $ | 2,319,117 |
_______________________________________________________________
(1) | At June 30, 2020 and December 31, 2019, these assets are comprised of approximately 99% real estate related assets (which include land, buildings and racking) and 1% non-real estate related assets (which include warehouse equipment, vehicles, furniture and fixtures and computer hardware and software).
(2) At June 30, 2020, these assets are comprised of approximately 70% real estate related assets and 30% non-real estate related assets. At December 31, 2019, these assets are comprised of approximately 69% real estate related assets and 31% non-real estate related assets.
Schedule of lease, cost | Supplemental cash flow information relating to our leases for the six months ended June 30, 2020 and 2019 is as follows:
|  | Six Months Ended June 30,
Cash paid for amounts included in measurement of lease liabilities: |  | 2020 |  | 2019
Operating cash flows used in operating leases |  | $ | 178,011 |  |  | $ | 167,426 |
Operating cash flows used in financing leases (interest) |  | 9,773 |  |  | 11,067 |
Financing cash flows used in financing leases |  | 23,953 |  |  | 31,146 |
Non-cash items: |  |  |  |
Operating lease modifications and reassessments |  | $ | 76,764 |  |  | $ | 14,024 |
New operating leases (including acquisitions) |  | 123,860 |  |  | 87,482 |
New financing leases, modifications and reassessments |  | 26,546 |  |  | 13,662 |
The components of the lease expense for the three and six months ended June 30, 2020 and 2019 are as follows:
|  |  |  | Three Months Ended June 30, |  | Six Months Ended June 30,
Description |  | Location in Statement of Operations |  | 2020 |  | 2019 |  | 2020 |  | 2019
Operating lease cost: |  | Cost of sales |  | $ | 116,448 |  |  | $ | 110,441 |  |  | $ | 236,763 |  |  | $ | 216,335 |
|  | Selling, general and administrative |  | 2,829 |  |  | 2,951 |  |  | 5,803 |  |  | 6,236 |
Total operating lease cost(1) |  |  |  | $ | 119,277 |  |  | $ | 113,392 |  |  | $ | 242,566 |  |  | $ | 222,571 |
Financing lease cost: |  |  |  |  |  |  |  |  |  |
Depreciation of financing lease right-of-use assets |  | Depreciation and amortization |  | $ | 12,567 |  |  | $ | 14,942 |  |  | $ | 25,522 |  |  | $ | 31,271 |
Interest expense for financing lease liabilities |  | Interest Expense, Net |  | 4,929 |  |  | 4,925 |  |  | 9,773 |  |  | 11,067 |
Total financing lease cost |  |  |  | $ | 17,496 |  |  | $ | 19,867 |  |  | $ | 35,295 |  |  | $ | 42,338 |
_______________________________________________________________ (1) Total operating lease cost includes variable lease costs of $26,996 and $54,801 for the three and six months ended June 30, 2020, respectively, and $23,847 and $46,610 for the three and six months ended June 30, 2019, respectively.
Schedule of stock-based compensation expense | Stock-based compensation expense for Employee Stock-Based Awards for the three and six months ended June 30, 2020 and 2019 is as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Stock-based compensation expense | $ | 20,145 |  |  | $ | 12,501 |  |  | $ | 26,672 |  |  | $ | 21,020 |
Stock-based compensation expense, after tax | $ | 18,716 |  |  | $ | 11,649 |  |  | $ | 24,781 |  |  | $ | 19,585 |
Stock-based compensation expense, after tax (per basic share) | $ | 0.06 |  |  | $ | 0.04 |  |  | $ | 0.09 |  |  | $ | 0.07 |
Stock-based compensation expense, after tax (per diluted share) | $ | 0.06 |  |  | $ | 0.04 |  |  | $ | 0.09 |  |  | $ | 0.07 |
Schedule of stock option activity | A summary of stock option activity for the six months ended June 30, 2020 is as follows:
| Stock Options
Outstanding at December 31, 2019 | 4,835,721 |
Granted | 589,993 |
Exercised | (199,627 | )
Forfeited | (127,266 | )
Expired | (185,677 | )
Outstanding at June 30, 2020 | 4,913,144 |
Options exercisable at June 30, 2020 | 3,579,301 |
Options expected to vest | 1,275,624 |
Schedule of vested and expected to vest | The fair value of RSUs vested during the three and six months ended June 30, 2020 and 2019 is as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Fair value of RSUs vested | $ | 3,266 |  |  | $ | 2,375 |  |  | $ | 21,645 |  |  | $ | 17,710 |
Schedule of restricted stock and RSU activity | A summary of RSU activity for the six months ended June 30, 2020 is as follows:
| RSUs
Non-vested at December 31, 2019 | 1,203,599 |
Granted | 1,017,849 |
Vested | (648,321 | )
Forfeited | (123,680 | )
Non-vested at June 30, 2020 | 1,449,447 |
RSUs expected to vest | 1,439,946 |
Schedule of performance units | The fair value of earned PUs that vested during the three and six months ended June 30, 2020 and 2019 is as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Fair value of earned PUs that vested | $ | 161 |  |  | $ | — |  |  | $ | 11,051 |  |  | $ | 6,503 |
Schedule of Performance Unit (PU) activity | A summary of PU activity for the six months ended June 30, 2020 is as follows:
| Original PU Awards |  | PU Adjustment(1) |  | Total PU Awards
Non-vested at December 31, 2019 | 1,113,691 |  |  | (314,798 | ) |  | 798,893 |
Granted | 425,777 |  |  | — |  |  | 425,777 |
Vested | (275,972 | ) |  | — |  |  | (275,972 | )
Forfeited/Performance or Market Conditions Not Achieved | (113,867 | ) |  | (4,710 | ) |  | (118,577 | )
Non-vested at June 30, 2020 | 1,149,629 |  |  | (319,508 | ) |  | 830,121 |
________________________________________________________________ (1) Represents an increase or decrease in the number of original PUs awarded based on either the final performance criteria or market condition achievement at the end of the performance period of such PUs.
Schedule of calculation of basic and diluted net income (loss) per share attributable to the entity | The calculation of basic and diluted income (loss) per share for the three and six months ended June 30, 2020 and 2019 are as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
(Loss) income from continuing operations | $ | (7,113 | ) |  | $ | 92,347 |  |  | $ | 57,779 |  |  | $ | 122,823 |
Less: Net (loss) income attributable to noncontrolling interests | (27 | ) |  | 34 |  |  | 890 |  |  | 925 |
(Loss) income from continuing operations (utilized in numerator of Earnings Per Share calculation) | (7,086 | ) |  | 92,313 |  |  | 56,889 |  |  | 121,898 |
Income (loss) from discontinued operations, net of tax | — |  |  | 128 |  |  | — |  |  | 104 |
Net (loss) income attributable to Iron Mountain Incorporated | $ | (7,086 | ) |  | $ | 92,441 |  |  | $ | 56,889 |  |  | $ | 122,002 |
Weighted-average shares—basic | 288,071,000 |  |  | 286,925,000 |  |  | 287,955,000 |  |  | 286,727,000 |
Effect of dilutive potential stock options | — |  |  | 148,629 |  |  | 35,706 |  |  | 190,016 |
Effect of dilutive potential RSUs and PUs | — |  |  | 407,659 |  |  | 309,911 |  |  | 570,040 |
Weighted-average shares—diluted | 288,071,000 |  |  | 287,481,288 |  |  | 288,300,617 |  |  | 287,487,056 |
(Losses) earnings per share—basic: |  |  |  |  |  |  |  |  |  |  |
(Loss) income from continuing operations | $ | (0.02 | ) |  | $ | 0.32 |  |  | $ | 0.20 |  |  | $ | 0.43 |
Income (loss) from discontinued operations, net of tax | — |  |  | — |  |  | — |  |  | — |
Net (loss) income attributable to Iron Mountain Incorporated(1) | $ | (0.02 | ) |  | $ | 0.32 |  |  | $ | 0.20 |  |  | $ | 0.43 |
(Losses) earnings per share—diluted: |  |  |  |  |  |  |  |  |
(Loss) income from continuing operations | $ | (0.02 | ) |  | $ | 0.32 |  |  | $ | 0.20 |  |  | $ | 0.42 |
Income (loss) from discontinued operations, net of tax | — |  |  | — |  |  | — |  |  | — |
Net (loss) income attributable to Iron Mountain Incorporated(1) | $ | (0.02 | ) |  | $ | 0.32 |  |  | $ | 0.20 |  |  | $ | 0.42 |
Antidilutive stock options, RSUs and PUs, excluded from the calculation | 6,836,239 |  |  | 5,004,112 |  |  | 6,174,977 |  |  | 4,494,637 |
_______________________________________________________________ (1) Columns may not foot due to rounding.
Schedule of income taxes | Our effective tax rates for the three and six months ended June 30, 2020 and 2019 are as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2020(1) |  | 2019(2) |  | 2020(2) |  | 2019(2)
Effective Tax Rate | — | % |  | 10.3 | % |  | 25.1 | % |  | 14.7 | %
_______________________________________________________________
(1) | For the three months ended June 30, 2020, we had a provision for income taxes of $9,683 and income from continuing operations before provision for income taxes of $2,570; as such, our effective tax rate is not meaningful.
(2) The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate for the six months ended June 30, 2020 and for the three and six months ended June 30, 2019 were the benefit derived from the dividends paid deduction and the impact of differences in the tax rates at which our foreign earnings are subject, including foreign exchange gains and losses in different jurisdictions with different tax rates.
Schedule of assets and liabilities carried at fair value measured on a recurring basis | The assets and liabilities carried at fair value measured on a recurring basis as of June 30, 2020 and December 31, 2019 are as follows:
|  |  |  | Fair Value Measurements at June 30, 2020 Using
Description |  | Total Carrying Value at June 30, 2020 |  | Quoted prices in active markets (Level 1) |  | Significant other observable inputs (Level 2) |  | Significant unobservable inputs (Level 3)
Money Market Funds(1) |  | $ | 763,780 |  |  | $ | — |  |  | $ | 763,780 |  |  | $ | — |
Trading Securities |  | 10,988 |  |  | 10,504 |  | (2) | 484 |  | (3) | — |
Derivative Assets(4) |  | 3,326 |  |  | — |  |  | 3,326 |  |  | — |
Derivative Liabilities(4) |  | 24,404 |  |  | — |  |  | 24,404 |  |  | — |
|  |  |  | Fair Value Measurements at December 31, 2019 Using
Description |  | Total Carrying Value at December 31, 2019 |  | Quoted prices in active markets (Level 1) |  | Significant other observable inputs (Level 2) |  | Significant unobservable inputs (Level 3)
Money Market Funds(1) |  | $ | 13,653 |  |  | $ | — |  |  | $ | 13,653 |  |  | $ | — |
Trading Securities |  | 10,732 |  |  | 10,168 |  | (2) | 564 |  | (3) | — |
Derivative Liabilities(4) |  | 9,756 |  |  | — |  |  | 9,756 |  |  | — |
________________________________________________________________
(1) | Money market funds are measured based on quoted prices for similar assets and/or subsequent transactions. See Note 5 for additional information regarding our temporary investment in money market funds as of June 30, 2020.
(2) | These trading securities are measured at fair value using unadjusted quoted market prices in active markets for identical assets that we have the ability to access at the measurement date.
(3) | These trading securities are measured based on inputs that are observable, other than quoted market prices.
(4) Derivative assets and liabilities include (i) interest rate swap agreements, including forward-starting interest rate swap agreements, to limit our exposure to changes in interest rates on a portion of our floating rate indebtedness and (ii) cross-currency swap agreements to hedge the variability of exchange rates impacts between the United States dollar and the Euro and certain of our Euro denominated subsidiaries. Our derivative financial instruments are measured using industry standard valuation models using market-based observable inputs, including interest rate curves, forward and spot prices for currencies and implied volatilities. Credit risk is also factored into the determination of the fair value of our derivative financial instruments. See Note 3 for additional information on our derivative financial instruments.
Schedule of changes in accumulated other comprehensive items, net | The changes in accumulated other comprehensive items, net for the three and six months ended June 30, 2020 and 2019 are as follows:
| Three Months Ended June 30, 2020 |  | Six Months Ended June 30, 2020
| Foreign Currency Translation Adjustments |  | Change in Fair Value of Derivative Instruments |  | Total |  | Foreign Currency Translation Adjustments |  | Change in Fair Value of Derivative Instruments |  | Total
Beginning of Period | $ | (475,130 | ) |  | $ | (18,118 | ) |  | $ | (493,248 | ) |  | $ | (252,825 | ) |  | $ | (9,756 | ) |  | $ | (262,581 | )
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment | 68,686 |  |  | — |  |  | 68,686 |  |  | (153,619 | ) |  | — |  |  | (153,619 | )
Change in fair value of derivative instruments | — |  |  | (2,961 | ) |  | (2,961 | ) |  | — |  |  | (11,323 | ) |  | (11,323 | )
Total other comprehensive income (loss) | 68,686 |  |  | (2,961 | ) |  | 65,725 |  |  | (153,619 | ) |  | (11,323 | ) |  | (164,942 | )
End of Period | $ | (406,444 | ) |  | $ | (21,079 | ) |  | $ | (427,523 | ) |  | $ | (406,444 | ) |  | $ | (21,079 | ) |  | $ | (427,523 | )
| Three Months Ended June 30, 2019 |  | Six Months Ended June 30, 2019
| Foreign Currency Translation Adjustments |  | Change in Fair Value of Derivative Instruments |  | Total |  | Foreign Currency Translation Adjustments |  | Change in Fair Value of Derivative Instruments |  | Total
Beginning of Period | $ | (247,313 | ) |  | $ | (3,647 | ) |  | $ | (250,960 | ) |  | $ | (264,691 | ) |  | $ | (973 | ) |  | $ | (265,664 | )
Other comprehensive (loss) income: |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment | (5,930 | ) |  | — |  |  | (5,930 | ) |  | 11,448 |  |  | — |  |  | 11,448 |
Change in fair value of derivative instruments | — |  |  | (4,931 | ) |  | (4,931 | ) |  | — |  |  | (7,605 | ) |  | (7,605 | )
Total other comprehensive (loss) income | (5,930 | ) |  | (4,931 | ) |  | (10,861 | ) |  | 11,448 |  |  | (7,605 | ) |  | 3,843 |
End of Period | $ | (253,243 | ) |  | $ | (8,578 | ) |  | $ | (261,821 | ) |  | $ | (253,243 | ) |  | $ | (8,578 | ) |  | $ | (261,821 | )
Schedule of other expense (income), net | Other expense (income), net for the three and six months ended June 30, 2020 and 2019 consists of the following:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Foreign currency transaction losses (gains), net(1) | $ | 1,471 |  |  | $ | (19,331 | ) |  | $ | (35,928 | ) |  | $ | (1,634 | )
Debt extinguishment expense(2) | 17,040 |  |  | — |  |  | 17,040 |  |  | — |
Other, net(3) | 7,189 |  |  | 4,139 |  |  | 1,862 |  |  | 1,652 |
Other Expense (Income), Net | $ | 25,700 |  |  | $ | (15,192 | ) |  | $ | (17,026 | ) |  | $ | 18 |
_______________________________________________________________
(1) | 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, includes gains or losses related to (i) borrowings in certain foreign currencies under our Revolving Credit Facility (as defined and discussed more fully in Note 5), (ii) our Euro Notes (as defined in Note 5) and (iii) certain foreign currency denominated intercompany obligations of our foreign subsidiaries to us and between our foreign subsidiaries, which are not considered permanently invested (as more fully discussed in Note 3).
(2) | Debt extinguishment expense relates to the call premium associated with the early redemption of the 6% Notes due 2023, as well as the write-off of unamortized deferred financing costs associated with the early redemption of the 4 3/8% Notes and the 6% Notes due 2023 (both as defined and described in Note 5).
(3) Other, net for the six months ended June 30, 2020 is primarily comprised of losses on certain of our equity method investments, partially offset by a gain on our previously held 25% equity investment in OSG Records Management (Europe) Limited ("OSG"), as more fully discussed in Note 4.
Schedule of immaterial restatement | The following table sets forth the effect of the change in presentation of Significant Acquisition Costs to certain line items of our Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2019:
| Three Months Ended June 30, 2019 |  | Six Months Ended June 30, 2019
Cost of sales (excluding depreciation and amortization) | $ | (1,293 | ) |  | $ | (2,191 | )
Selling, general and administrative | $ | (608 | ) |  | $ | (2,456 | )
Significant Acquisition Costs | $ | 1,901 |  |  | $ | 4,647 |
There were no Significant Acquisition Costs for the three and six months ended June 30, 2020 as all of the costs associated with the Recall Transaction and IODC were incurred as of December 31, 2019. Significant Acquisition Costs included in the accompanying Condensed Consolidated Statements of Operations by segment for the three and six months ended June 30, 2019 is as follows:
| Three Months Ended June 30, 2019 |  | Six Months Ended June 30, 2019
Global RIM Business | $ | 1,032 |  |  | $ | 1,912 |
Global Data Center Business | 124 |  |  | 267 |
Corporate and Other Business | 745 |  |  | 2,468 |
Total Significant Acquisition Costs | $ | 1,901 |  |  | $ | 4,647 |

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