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Acquisitions | 9 Months Ended
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Sep. 30, 2020
Business Combinations [Abstract] |
Acquisitions | Acquisitions 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; as a result, we recorded a gain of approximately $10,000 during the first quarter of 2020, which is included as a component of Other expense (income), 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 approximately $29,100. 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 September 30, 2020 is as follows:
| Nine Months Ended September 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) | 43,643 |
Customer Relationship Intangible Assets(3) | 60,846 |
Operating Lease Right-of-Use Assets | 111,251 |
Debt Assumed | (11,479) |
Accounts Payable, Accrued Expenses and Other Liabilities | (9,435) |
Operating Lease Liabilities | (111,251) |
Deferred Income Taxes | (6,364) |
Total Fair Value of Identifiable Net Assets Acquired | 100,571 |
Goodwill Initially Recorded | $ | 51,319 |
________________________________________________________________ (1)Included in cash paid for acquisitions in our Condensed Consolidated Statement of Cash Flows for the nine months ended September 30, 2020 is net cash acquired of $6,545 and contingent and other payments of $512 related to acquisitions completed in 2019. (2) Consists primarily of leasehold improvements, racking structures and warehouse equipment. (3) The preliminary weighted average lives of customer relationship intangible assets associated with acquisitions is seven years. The preliminary purchase price allocations that are not finalized as of September 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. Any adjustments to our estimates of purchase price allocation will be made in the periods in which the adjustments are determined, but no later than the one year measurement period, 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 nine months ended September 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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- References No definition available. + Details
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