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Acquisitions | 6 Months Ended
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Jun. 30, 2020
Business Combinations [Abstract] |
Acquisitions | We account for acquisitions using the acquisition method of accounting, and, accordingly, the assets and liabilities acquired are 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. Prior to January 9, 2020, we owned a 25% equity interest in OSG. On January 9, 2020, we acquired the remaining 75% equity interest in OSG for cash consideration of approximately $95,500 (the "OSG Acquisition"). The OSG Acquisition enabled us to extend our Global RIM Business in Russia, Ukraine, Kazakhstan, Belarus, and Armenia. The results of OSG are fully consolidated within our condensed consolidated financial statements from the closing date of the OSG Acquisition. In connection with the OSG Acquisition, our previously held 25% equity investment in OSG was remeasured to fair value at the closing date of the OSG Acquisition which resulted in us recording a gain of approximately $10,000 during the first quarter of 2020, which is included as a component of Other (income) expense, net on our Condensed Consolidated Statements of Operations. The fair value of the 25% equity investment in OSG was determined based on the purchase price of the OSG Acquisition. On February 17, 2020, in order to enhance our existing operations in the United Arab Emirates, we acquired Glenbeigh Records Management DWC-LLC, a storage and records management company, for total cash consideration of 107,000 United Arab Emirates dirham (or approximately $29,100, based upon the exchange rate between the United Arab Emirates dirham and the United States dollar on the closing date of the acquisition). Purchase Price Allocation A summary of the cumulative consideration paid and the preliminary allocation of the purchase price paid for all of our 2020 acquisitions through June 30, 2020 is as follows:
| Six Months Ended June 30, 2020
Cash Paid (gross of cash acquired)(1) | $ | 124,614 |
Fair Value of Investments Applied to Acquisitions | 27,276 |
Total Consideration | 151,890 |
Fair Value of Identifiable Assets Acquired: |
Cash | 6,545 |
Accounts Receivable, Prepaid Expenses and Other Assets | 16,815 |
Property, Plant and Equipment(2) | 45,095 |
Customer Relationship Intangible Assets | 60,846 |
Operating Lease Right-of-Use Assets | 111,251 |
Debt Assumed | (11,479 | )
Accounts Payable, Accrued Expenses and Other Liabilities | (8,343 | )
Operating Lease Liabilities | (111,251 | )
Deferred Income Taxes | (6,364 | )
Total Fair Value of Identifiable Net Assets Acquired | 103,115 |
Goodwill Initially Recorded(3) | $ | 48,775 |
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(1) | Included in cash paid for acquisitions in our Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2020 is net cash acquired of $6,545 and contingent and other payments of $443 related to acquisitions completed in 2019.
(2) | Consists primarily of leasehold improvements, racking structures and warehouse equipment. These assets are depreciated using the straight-line method with the useful lives as noted in Note 2.f. to Notes to Consolidated Financial Statements included in our Annual Report.
(3) | The goodwill associated with acquisitions is primarily attributable to the assembled workforce, expanded market opportunities and costs and other operating synergies anticipated upon the integration of the operations of us and the acquired businesses.
See Note 6 to Notes to Consolidated Financial Statements included in our Annual Report for additional information regarding our allocations of the purchase price for acquisitions. The preliminary purchase price allocations that are not finalized as of June 30, 2020 primarily relate to the final assessment of the fair values of intangible assets (primarily customer relationship intangible assets), property, plant and equipment (primarily racking structures) and income taxes (primarily deferred income taxes), associated with the acquisitions we closed in 2020. As the valuation of certain assets and liabilities for purposes of purchase price allocations are preliminary in nature, they are subject to adjustment as additional information is obtained about the facts and circumstances regarding these assets and liabilities that existed at the acquisition date. Any adjustments to our estimates of purchase price allocation will be made in the periods in which the adjustments are determined, and the cumulative effect of such adjustments will be calculated as if the adjustments had been completed as of the acquisition dates. Adjustments recorded during the three and six months ended June 30, 2020 were not material to our results from operations.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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