Quarterly report pursuant to Section 13 or 15(d)

ACQUISITIONS

v3.22.2
ACQUISITIONS
6 Months Ended
Jun. 30, 2022
ACQUISITIONS  
ACQUISITIONS

NOTE 3.ACQUISITIONS

The Company made 22 acquisitions during the six-month period ended June 30, 2022, and 39 acquisitions for the year ended December 31, 2021. For the 22 acquisitions completed through June 30, 2022, 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):

    

June 30, 2022

Accounts receivable, net

$

383

Materials and supplies

 

285

Equipment and property

 

2,281

Goodwill

 

23,220

Customer contracts

 

24,874

Trademarks & tradenames

 

2

Other intangible assets

 

631

Current liabilities

 

(384)

Other assets and liabilities, net

 

403

Total consideration

$

51,695

Less: Acquisition holdback liabilities

 

(5,255)

Total cash purchase price

$

46,440

The Company also made a final payment of $3.1 million for a 2021 acquisition in 2022.

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 six months ended June 30, 2022, $23.2 million of goodwill was added related to the 22 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.