Quarterly report pursuant to Section 13 or 15(d)


3 Months Ended
Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
The Company made six acquisitions during the three-month period ended March 31, 2023. The preliminary values of major classes of assets acquired and liabilities assumed recorded at the dates of acquisition, as adjusted during the valuation period, are included in the reconciliation of the total consideration as follows (in thousands):
March 31, 2023
Accounts receivable $ 33 
Materials and supplies 86 
Equipment and property 1,171 
Goodwill 6,050 
Customer contracts 10,086 
Other intangible assets 160 
Current liabilities (62)
Other assets and liabilities, net (744)
Total consideration $ 16,780 
Less: Acquisition holdback liabilities (1,300)
Total cash purchase price $ 15,480 
Goodwill from acquisitions represents the excess of the purchase price over the fair value of net assets of businesses acquired. The factors contributing to the amount of goodwill are based on strategic and synergistic benefits that are expected to be realized. For the three months ended March 31, 2023, $6.1 million of goodwill was added related to the six acquisitions noted above. The recognized goodwill is expected to be deductible for tax purposes. The purchase price allocations for these acquisitions are preliminary until the Company obtains final information regarding these fair values.