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BUSINESS COMBINATIONS | 12 Months Ended
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Dec. 31, 2019
BUSINESS COMBINATIONS |
7. | BUSINESS COMBINATIONS
On June 1, 2017, CoreCivic acquired the real estate operated by Center Point, Inc. ("Center Point"), a California-based non-profit organization, for $5.3 million in cash, excluding transaction-related expenses. CoreCivic consolidated a portion of Center Point's operations into the Company's preexisting residential reentry center portfolio and assumed ownership and operations of the Oklahoma City Transitional Center, a 200-bed residential reentry center in Oklahoma City, Oklahoma. On November 1, 2017, CoreCivic completed the acquisition of Time to Change, Inc. ("TTC"), a Colorado-based community corrections company, for an aggregate purchase price of $22.0 million, excluding transaction related expenses. As a result of better than estimated financial performance of the acquisition, during the fourth quarter of 2018, the Company recognized the loss of $6.1 million for additional contingent consideration associated with the acquisition. In connection with the acquisition, CoreCivic assumed contracts with Adams County, Colorado to provide residential reentry services to male and female adults in three facilities located in Colorado containing a total of 422 beds. In allocating the purchase price for the two transactions in 2017, CoreCivic recorded the following (in millions):
Tangible current assets and liabilities, net |  | $ | 0.9 |
Property and equipment |  |  | 19.7 |
Intangible assets |  |  | 3.9 |
Total identifiable assets |  |  | 24.5 |
Goodwill |  |  | 2.8 |
Total consideration |  | $ | 27.3 |
Effective January 1, 2018, CoreCivic closed on the acquisition of Rocky Mountain Offender Management Systems, LLC ("RMOMS"), which provides non-residential correctional alternatives, including electronic monitoring and case management services, to municipal, county, and state governments in seven states. The aggregate purchase price was $7.0 million, excluding transaction-related expenses. Effective December 1, 2018, CoreCivic closed on the acquisition of Recovery Monitoring Solutions Corporation ("RMSC"), which provides non-residential correctional alternatives, including electronic monitoring and case management services, to municipal, county, and state governments in four states. The aggregate purchase price was $15.9 million, excluding transaction-related expenses. In allocating the purchase price for the two transactions in 2018, CoreCivic recorded the following (in millions):
Property and equipment |  | $ | 6.1 |
Intangible assets |  |  | 12.4 |
Tangible assets and liabilities, net |  |  | (2.8 | )
Total identifiable assets, net |  |  | 15.7 |
Goodwill |  |  | 7.2 |
Total consideration |  | $ | 22.9 |
On December 7, 2019, CoreCivic completed the acquisition of certain assets of Rehabilitation Services, Inc. ("RSI") for $4.4 million, excluding transaction related expenses. The acquisition resulted in the addition of two residential reentry centers in Virginia. The Ghent Residential Reentry Center, a 36-bed residential reentry center in Norfolk, Virginia and the James River Residential Reentry Center, an 84-bed residential reentry center in Newport News, Virginia provide reentry services for residents under custody of the BOP. The residential reentry facilities can also serve an additional 34 home confinement clients on behalf of the BOP. In allocating the purchase price for the acquisition of certain assets of RSI in 2019, CoreCivic recorded the following (in millions):
Property and equipment |  | $ | 1.3 |
Intangible assets |  |  | 0.7 |
Total identifiable assets |  |  | 2.0 |
Goodwill |  |  | 2.4 |
Total consideration |  | $ | 4.4 |
Several factors gave rise to the goodwill recorded in the acquisitions of Center Point, TTC, RMOMS, RMSC, and RSI, such as the expected benefit from synergies of the business combinations and the long-term contracts for community corrections services that continue to broaden the scope of solutions CoreCivic provides. The results of operations for these business combinations have been included in the Company's consolidated financial statements from the dates of the 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 http://asc.fasb.org/topic&trid=2303972 + Details
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