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Acquisitions | 9 Months Ended
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Sep. 30, 2019
Business Combinations [Abstract] |
Acquisitions | 4. Acquisitions Nine months ended September 30, 2019 During the nine months ended September 30, 2019, the Company completed several acquisitions of outdoor advertising assets for a net cash purchase price of $214,559. This amount includes $215,869 of outdoor advertising assets purchased in 2019, offset by $1,310 in post-closing adjustments to acquired working capital related to the purchase of Fairway Outdoor Advertising (“Fairway”) in 2018. Each of these acquisitions was accounted for under the acquisition method of accounting, and, accordingly, the accompanying consolidated financial statements include the results of operations of each acquired entity from the date of acquisition. The acquisition purchase price has been allocated to assets acquired and liabilities as sumed based on fair market value at the dates of acquisition. The following is a summary of the allocation of the purchase price in the above transactions, which includes the preliminary values for a business combination completed on July 15, 2019 for an aggregate purchase price of $127,000.
|  | Total |
Property, plant and equipment |  | $ | 35,973 |
Goodwill |  |  | 20,088 |
Site locations |  |  | 135,658 |
Non-competition agreements |  |  | 210 |
Customer lists and contracts |  |  | 22,575 |
Asset acquisition costs |  |  | 697 |
Current assets |  |  | 2,260 |
Current liabilities |  |  | (1,845 | )
Operating lease right of use assets |  |  | 21,850 |
Operating lease liabilities |  |  | (20,149 | )
Other assets |  |  | 52 |
Other liabilities |  |  | (1,500 | )
|  | $ | 215,869 |
Total acquired intangible assets for the nine months ended September 30, 2019 were $179,228, of which $20,088 was assigned to goodwill. Goodwill is not amortized for financial statement purposes, and $18,206 of goodwill related to 2019 acquisitions is expected to be deductible for tax purposes. The acquired intangible assets have a weighted average useful life of approximately 14 years. The intangible assets include customer lists and contracts of $22,575 (7 year weighted average useful life) and site locations of $135,658 (15 year weighted average useful life). The aggregate amortization expense related to the 2019 acquisitions for the nine months ended September 30, 2019 was approximately $4,365. Year Ended December 31, 2018 During the twelve months ended December 31, 2018, the Company completed several acquisitions of outdoor advertising assets for a total purchase price of $489,671, net of acquired cash of $8,554. The total purchase price consisted of the issuance of 163,137 shares of its Class A common stock for $12,282 and cash of $477,389. The purchases included the acquisition of assets in five U.S markets from Fairway Outdoor Advertising (“Fairway”) on December 21, 2018 for an aggregate purchase price of $418,500. As of September 30, 2019, our fair value allocation of the assets acquired and liabilities assumed from Fairway is still considered preliminary, pending finalization of tax related matters, and is subject to revision, which may result in adjustments to this allocation. We expect to finalize these amounts as soon as possible but not later than the end of 2019. Our updated preliminary fair value allocation of Fairway as of September 30, 2019 includes property, plant and equipment, intangibles and goodwill of $99,386, $186,130 and $145,258, respectively. During the period ended September 30, 2019, goodwill was adjusted $36,859 due to updates from the original preliminary allocation provided as of December 31, 2018. The updated preliminary allocation resulted in prior and current period changes to depreciation and amortization. These changes were considered immaterial and recorded during the nine months ended September 30, 2019. During the period ended September 30, 2019, assets purchased from Fairway which were initially placed into our taxable REIT subsidiary were transferred to our qualifying REIT subsidiary, as a result the Company wrote off $17,031 in deferred tax liabilities assumed from our purchase. Each of these acquisitions was accounted for under the acquisition method of accounting, and, accordingly, the accompanying consolidated financial statements include the results of operations of each acquired entity from the date of acquisition. The acquisition costs have been allocated to assets acquired and liabilities assumed based on fair market value at the dates of acquisition. The following is a summary of the allocation of the acquisition costs in the above transactions, excluding the preliminary allocation of Fairway.
|  | Total |
Property, plant and equipment |  | $ | 8,648 |
Site locations |  |  | 57,105 |
Non-competition agreements |  |  | 342 |
Customer lists and contracts |  |  | 6,521 |
Asset acquisition costs |  |  | 336 |
Current assets |  |  | 1,041 |
Current liabilities |  |  | (355 | )
|  | $ | 73,638 |
Total acquired intangible assets for the year ended December 31, 2018 were $402,740, of which $182,117 was assigned to goodwill. Goodwill is not amortized for financial statement purposes, and no goodwill related to 2018 acquisitions is expected to be deductible for tax purposes. The remaining $220,623 of acquired intangible assets have a weighted average useful life of approximately 14 years. The intangible assets include customer lists and contracts of $33,310 (7 year weighted average useful life) and site locations of $186,635 (15 year weighted average useful life). The aggregate amortization expense related to the 2018 acquisitions for the year ended December 31, 2018 was approximately $2,681.

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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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