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Warrants
 6 Months Ended
Jun. 30, 2021
Equity [Abstract]  
Warrants Equity
Common Stock
On June 30, 2020, as contemplated by the Merger Agreement, Sapphire Holding S.à r.l. ("Sapphire Holdings"), an affiliate of TDR Capital LLP (“TDR Capital”), exchanged each of its shares of common stock of Holdings for 1.3261 shares of newly issued WillScot Class A Common Stock (the "Sapphire Exchange"). As a result of the Sapphire Exchange, all issued and outstanding shares of WillScot’s Class B Common Stock, par value $0.0001 per share (the "Class B Common Stock"), were automatically canceled for no consideration and the existing exchange agreement was automatically terminated. As a result of the Sapphire Exchange, Holdings became a wholly-owned subsidiary of WillScot. Sapphire Holdings received 10,641,182 shares of Common Stock of WillScot in the Sapphire Exchange. Prior to the Sapphire Exchange, Sapphire Holdings' ownership of Holdings was recorded as a non-controlling interest in the condensed consolidated financial statements. Subsequent to the Sapphire Exchange, the Company's subsidiaries are each wholly owned and there is no non-controlling interest. As a result of the Sapphire Exchange, non-controlling interest of $63.9 million was reclassified to $66.9 million of additional paid-in-capital and $3.0 million to accumulated other comprehensive loss, on the condensed consolidated balance sheet.
In connection with the Merger on July 1, 2020, the Company issued 106,426,722 shares of Class A Common Stock in exchange for Mobile Mini Common Stock outstanding and subsequently filed an amended and restated certificate of incorporation, which reclassified all outstanding shares of the Class A Common Stock and converted such shares into shares of Common Stock, par value $0.0001 per share, of WillScot Mobile Mini.
In connection with the stock compensation vesting events and stock option exercises described in Note 15, and the warrant exercises described below, the Company issued 4,687,881 shares of Common Stock during the six months ended June 30, 2021.
Stock Repurchase Program
On August 7, 2020, the Company's Board of Directors approved a stock repurchase program that authorizes the Company to repurchase up to $250 million of its outstanding shares of Common Stock. On April 29, 2021, the Board of Directors approved an increase in repurchase authority to $500 million. The stock repurchase program does not obligate the Company to purchase any particular number of shares, and the timing and exact amount of any repurchases will depend on various factors, including market pricing and conditions, business, legal, accounting, and other considerations.
The Company may repurchase its shares in open market transactions from time to time or through privately negotiated transactions in accordance with federal securities laws, at the Company's discretion. The repurchase program, which has no expiration date, may be increased, suspended, or terminated at any time. The program is expected to be implemented over the course of several years and is conducted subject to the covenants in the agreements governing the Company's indebtedness.
During the six months ended June 30, 2021, the Company repurchased 7,901,657 shares of Common Stock and stock equivalents for $216.3 million. As of June 30, 2021, $249.2 million of the approved repurchase pool remained available.
Accumulated Other Comprehensive Loss
The changes in accumulated other comprehensive income (loss) ("AOCI"), net of tax, for the six months ended June 30, 2021 and 2020 were as follows:
(in thousands)Foreign currency translationUnrealized losses on hedging activitiesTotal
Balance at December 31, 2020$(24,694)$(12,513)$(37,207)
Other comprehensive income (loss) before reclassifications5,034 (760)4,274 
Reclassifications from AOCI to income— 2,937 2,937 
Balance at March 31, 2021(19,660)(10,336)(29,996)
Other comprehensive income (loss) before reclassifications3,093 (848)2,245 
Reclassifications from AOCI to income— 2,994 2,994 
Balance at June 30, 2021$(16,567)$(8,190)$(24,757)
(in thousands)Foreign currency translationUnrealized losses on hedging activitiesTotal
Balance at December 31, 2019$(52,982)$(9,793)$(62,775)
Other comprehensive loss before reclassifications(21,144)(10,330)(31,474)
Reclassifications from AOCI to income— 1,572 1,572 
Less other comprehensive loss attributable to non-controlling interest1,913 790 2,703 
Balance at March 31, 2020(72,213)(17,761)(89,974)
Other comprehensive income (loss) before reclassifications7,982 (1,642)6,340 
Reclassifications from AOCI to income— 2,617 2,617 
Less other comprehensive loss (income) attributable to non-controlling interest(730)(88)(818)
Impact of elimination of non-controlling interest on accumulated other comprehensive income(1,299)(1,673)(2,972)
Balance at June 30, 2020$(66,260)$(18,547)$(84,807)

For the six months ended June 30, 2021 and 2020, $5.9 million and $4.2 million, respectively, was reclassified from AOCI into the condensed consolidated statements of operations within interest expense related to the interest rate swaps discussed in Note 16. The Company recorded a tax expense of $0.7 million and $0 for the three months ended June 30, 2021 and 2020, respectively, and $1.3 million and $0 for the six months ended June 30, 2021 and 2020, respectively, associated with this reclassification.
Warrants
Warrants
2015 Public Warrants
WillScot was incorporated under the name Double Eagle Acquisition Corporation ("DEAC") on June 26, 2015. On November 29, 2017, DEAC acquired Williams Scotsman International, Inc. (“WSII”) from Algeco Scotsman Global S.à.r.l., which is majority owned by an investment fund managed by TDR Capital, and DEAC domesticated to Delaware and changed its name to WillScot Corporation.
As part of its initial public offering, DEAC issued warrants (the “2015 Public Warrants”). Each 2015 Public Warrant entitled the holder to purchase one-half of one share of Common Stock at a price of $5.75 per half share (or $11.50 per whole share), subject to adjustment. On January 24, 2020, the Company delivered a notice (the "Redemption Notice") to redeem all of its 2015 Public Warrants that remained unexercised on February 24, 2020. As further described in the Redemption Notice and permitted under the Warrant Agreement, holders of these warrants who exercised them following the date of the Redemption Notice were required to do so on a cashless basis. From January 1, 2020 through January 24, 2020, 796,610 warrants were exercised for cash, resulting in the Company receiving cash proceeds of $4.6 million and the Company issuing 398,305 shares of the Company's Class A Common Stock. After January 24, 2020 through February 24, 2020, 5,836,048 warrants were exercised on a cashless basis. An aggregate of 1,097,162 shares of the Company's Class A Common Stock was issued in connection with these exercises. On February 24, 2020, the Company completed the redemption of 38,509 remaining warrants under the Redemption Notice for $0.01 per warrant. No Public Warrants remain outstanding.
2015 Private Warrants
DEAC also issued warrants to purchase its Common Stock in a private placement concurrently with its initial public offering (the “2015 Private Warrants”). Each 2015 Private Warrant entitled the holder to purchase one-half of one share of Common Stock at a price of $5.75 per half share (or $11.50 per whole share), subject to adjustment. Additionally, if held by certain original investors (or their permitted assignees), the 2015 Private Warrants could be exercised on a cashless basis and are not subject to redemption. During the six months ended June 30, 2021, 3,055,000 2015 Private Warrants were repurchased for $25.5 million and cancelled. In addition, during the six months ended June 30, 2021, 9,655,000 warrants were exercised on a cashless basis, resulting in the issuance of 2,939,898 shares of Common Stock. As a result of these transactions, no 2015 private warrants were outstanding as of June 30, 2021.
2018 Warrants
In connection with the Modular Space Holdings ("ModSpace") acquisition in 2018, WillScot issued warrants to purchase approximately 10.0 million shares of Common Stock (the "2018 Warrants") to former shareholders of ModSpace. Each 2018 Warrant entitles the holder thereof to purchase one share of Common Stock at an exercise price of $15.50 per share, subject to potential adjustment. The 2018 Warrants expire on November 29, 2022. During the six months ended June 30, 2021, 218,135 of these 2018 Warrants were repurchased for $2.2 million and cancelled. In addition, during the six months ended June 30, 2021, 2,346,195 2018 Warrants were exercised on a cashless basis, resulting in the issuance of 1,091,066 shares of common stock. At June 30, 2021, 7,165,911 2018 Warrants were outstanding.
The Company accounted for its warrants in the following ways: (i) the 2015 Public Warrants as liabilities through their final redemption in February 2020, (ii) the 2015 Private Warrants as liabilities through their final repurchase or exercise in May 2021, and (iii) the 2018 Warrants as liabilities until June 30, 2020, the date all issued and outstanding shares of the Company's Class B Common Stock were cancelled. Subsequent to June 30, 2020, the 2018 Warrants were equity classified.
The Company determined the following fair values for the outstanding common stock warrants recorded as liabilities:
(in thousands)
June 30, 2021December 31, 2020
2015 Private Warrants$— $77,404