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BUSINESS COMBINATIONS | 12 Months Ended
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Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract] |
BUSINESS COMBINATIONS | BUSINESS COMBINATIONS In fiscal year 2022, we acquired fourteen businesses primarily related to our solid-waste operations, including, among others, solid-waste collection, recycling, transfer station and transportation businesses. In fiscal year 2021, we acquired ten businesses primarily related to our solid-waste operations, including, among others, solid-waste collection and transfer station businesses and a residential, commercial and roll-off collection business in eastern Connecticut that operates a rail-served construction and demolition processing and waste transfer facility, a waste transfer station, a single-stream recycling facility, and several other recycling operations whose assets and liabilities are allocated between our Eastern region and Resource Solutions operating segments. In fiscal year 2020, we acquired ten businesses primarily related to our solid-waste operations, including solid-waste collection, recycling and transportation businesses. The operating results of these businesses are included in the accompanying audited consolidated statements of operations from each date of acquisition, and the purchase price has been allocated to the net assets acquired based on fair values at each date of acquisition with the residual amounts recorded as goodwill. Purchase price allocations are based on information existing at the acquisition dates or upon closing the transactions, including contingent consideration. See Note 15, Fair Value of Financial Instruments for further disclosure about contingent consideration. Acquired intangible assets other than goodwill that are subject to amortization include customer relationships, trade names and covenants not-to-compete. These are amortized over a two to ten-year period from the date of acquisition. All amounts recorded to goodwill in fiscal years 2022 and 2021 are expected to be deductible for tax purposes. A summary of the purchase price paid and the purchase price allocation for acquisitions follows:
| Fiscal Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Purchase Price: |  |  |  |  |
Cash used in acquisitions, net of cash acquired | $ | 76,573 |  |  | $ | 166,489 |  |  | $ | 28,990 |
Other non-cash consideration | 1,275 |  |  | — |  |  | — |
Holdbacks to sellers and contingent consideration | 4,840 |  |  | 5,194 |  |  | 4,490 |
Total consideration | 82,688 |  |  | 171,683 |  |  | 33,480 |
Allocated as follows: |  |  |  |  |
Current assets | 7,644 |  |  | 7,218 |  |  | 181 |
Property, plant and equipment: |  |  |  |  |
Land | 3,141 |  |  | 1,321 |  |  | 680 |
Finance lease right-of-use-assets | — |  |  | 31,467 |  |  | — |
Buildings and improvements | 8,576 |  |  | 11,046 |  |  | 2,123 |
Machinery and Equipment | 11,689 |  |  | 46,396 |  |  | 13,493 |
Operating lease right-of-use assets | 405 |  |  | 6,500 |  |  | — |
Intangible assets: |  |  |  |  |
Trade names | 55 |  |  | 8,350 |  |  | — |
Covenants not-to-compete | 2,424 |  |  | 1,807 |  |  | 742 |
Customer relationships | 12,224 |  |  | 36,195 |  |  | 7,663 |
Other non-current assets | 40 |  |  | — |  |  | — |
Current liabilities | (3,812) |  |  | (6,014) |  |  | (484) |
Other long-term liabilities | (123) |  |  | — |  |  | — |
Financing lease liabilities, less current portion | — |  |  | (10,535) |  |  | — |
Operating lease liabilities, less current portion | (282) |  |  | — |  |  | — |
Fair value of assets acquired and liabilities assumed | 41,981 |  |  | 133,751 |  |  | 24,398 |
Excess purchase price to be allocated to goodwill | $ | 40,707 |  |  | $ | 37,932 |  |  | $ | 9,082 |
Certain purchase price allocations are preliminary and are based on information existing at the acquisition dates or upon closing the transaction. Accordingly, the purchase price allocations are subject to change. Unaudited pro forma combined information that shows our operational results as though each acquisition completed since the beginning of the prior fiscal year had occurred as of January 1, 2020 is as follows.
| Fiscal Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Revenues | $ | 1,100,238 |  |  | $ | 991,417 |  |  | $ | 922,902 |
Operating income | $ | 96,779 |  |  | $ | 82,223 |  |  | $ | 63,768 |
Net income | $ | 53,354 |  |  | $ | 37,449 |  |  | $ | 84,549 |
Basic earnings per share attributable to common stockholders: |  |  |  |  |
Basic weighted average shares outstanding | 51,623 |  |  | 51,312 |  |  | 48,793 |
Basic earnings per common share | $ | 1.03 |  |  | $ | 0.73 |  |  | $ | 1.73 |
Diluted earnings per share attributable to common stockholders: |  |  |  |  |
Diluted weighted average shares outstanding | 51,767 |  |  | 51,515 |  |  | 49,045 |
Diluted earnings per common share | $ | 1.03 |  |  | $ | 0.73 |  |  | $ | 1.72 |
The unaudited pro forma results set forth in the table above have been prepared for comparative purposes only and are not necessarily indicative of the actual results of operations had the acquisitions taken place as of January 1, 2020 or the results of our future operations. Furthermore, the unaudited pro forma results do not give effect to all cost savings or incremental costs that may occur as a result of the integration and consolidation of the completed acquisitions.

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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 https://asc.fasb.org/topic&trid=2303972 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 5 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4946-128472 + Details
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