XML 35 R12.htm IDEA: XBRL DOCUMENT v3.21.2
Acquisitions
 6 Months Ended
Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]  
Acquisitions , in order to enhance our existing operations in the United Kingdom and Indonesia and to expand our operations into Morocco, we completed the acquisition of two records management companies and one art storage company for total cash consideration of approximately $45,000.
PURCHASE PRICE ALLOCATION
A summary of the cumulative consideration paid and the preliminary allocation of the purchase price paid for all of our 2021 acquisitions through June 30, 2021 is as follows:
SIX MONTHS ENDED
JUNE 30, 2021
Cash Paid (gross of cash acquired)$44,760 
Fair Value of Noncontrolling Interest2,567 
Purchase Price Holdbacks and Other199 
Total Consideration47,526 
Fair Value of Identifiable Assets Acquired and Liabilities Assumed:
Cash9,037 
Accounts Receivable, Prepaid Expenses and Other Assets8,487 
Property, Plant and Equipment(1)
8,375 
Customer Relationship Intangible Assets(2)
19,010 
Operating Lease Right-of-Use Assets40,057 
Debt Assumed(1,367)
Accounts Payable, Accrued Expenses and Other Liabilities(6,507)
Operating Lease Liabilities(40,057)
Deferred Income Taxes(4,424)
Total Fair Value of Identifiable Net Assets Acquired32,611 
Goodwill Initially Recorded$14,915 
(1)Consists primarily of leasehold improvements, racking structures, warehouse equipment and computer hardware and software.
(2)The preliminary weighted average lives of customer relationship intangible assets associated with acquisitions is 12 years.
The preliminary purchase price allocations that are not finalized as of June 30, 2021 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 taxes) associated with the acquisitions we closed in 2021. 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 six months ended June 30, 2021 were not material to our results from operations.