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Business Combinations and Asset Acquisitions (Tables) | Jun. 01, 2021
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Business Combination and Asset Acquisition [Abstract] |
Schedule of purchase consideration |
(In thousands) |
Total cash consideration for outstanding shares | $ | 251,047 |
Fair value of common stock (1) | 90,571 |
Fair value of preexisting relationship | 60,200 |
Total | $ | 401,818 |
(1) Represents the issuance of 776,097 shares of CarMax common stock to Edmunds equity holders, the fair value of which was based on the market value of CarMax common stock as of market close on the acquisition date (June 1, 2021).
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed |
(In thousands) | Fair Value
Cash | $ | 9,484 |
Accounts receivable, net | 33,719 |
Other current assets | 2,397 |
Property and equipment, net | 20,741 |
Goodwill (1) | 141,258 |
Intangible assets | 218,000 |
Operating lease assets | 97,250 |
Other assets | 191 |
Total assets acquired | 523,040 |
Accounts payable | 5,063 |
Accrued expenses and other current liabilities | 11,277 |
Current portion of operating lease liabilities | 12,795 |
Deferred income taxes (1) | 3,823 |
Operating lease liabilities, excluding current portion | 88,264 |
Total liabilities assumed | 121,222 |
Net assets acquired | $ | 401,818 |
(1) During the third quarter of fiscal 2022, we obtained new information about facts and circumstances that existed as of the acquisition date, which resulted in a change in the fair value of assets and liabilities recognized. The adjustments were primarily related to research and development tax credits, which resulted in a decrease in goodwill and a decrease in deferred income taxes of $8.4 million.
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination |
|  | Preliminary
(In thousands) | Useful Life (Years) | Fair Value
Trade name | Indefinite | $ | 31,900 |
Internally developed software | 7 | 52,900 |
Customer relationships | 17 | 133,200 |
Identifiable intangible assets |  | $ | 218,000 |

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- Definition Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination. + References No definition available. + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472 + Details
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