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Acquisitions
 12 Months Ended
Dec. 31, 2013
Business Combinations [Abstract]  
ACQUISITIONS
ACQUISITIONS
Our growth strategy includes the execution of our Strategic Acquisition Model. We assess acquisition candidates using six strategic ranking criteria to differentiate the price we are willing to pay under a discounted cash flow methodology. Those criteria are:
•
size of business;
•
size of market;
•
competitive standing;
•
local market demographics;
•
strength of brand; and
•
barriers to entry.
We completed one acquisition in the fourth quarter of 2013 consisting of two funeral homes, one in Tennessee and one in Georgia. The consideration paid for this business was approximately $13.7 million. During 2012, we completed seven acquisitions of funeral home businesses and one cemetery business for a total of $42.7 million and the assumption of $1.0 million of liabilities. The assets and liabilities for all acquisitions were recorded at fair value and included goodwill of $25.7 million and $3.8 million for 2012 and 2013, respectively. For all acquisitions, we acquired substantially all the assets and assumed certain operating liabilities including obligations associated with existing preneed contracts. The proforma impact of the acquisitions on the prior periods is not presented as the impact is not material to our reported results. The results of the acquired businesses are included in our results of operations from the date of acquisition.
The following table summarizes the fair value of the assets acquired and liabilities assumed in our 2013 acquisition (in thousands):
Current assets
$
30

Property, plant & equipment
5,964

Goodwill
3,843

Deferred charges and other non-current assets
3,825

Accrued liabilities
(12
)
Cash paid
$
13,650



Our purchase price allocation for this acquisition is dependent upon certain valuations, which have not progressed to a stage where there is sufficient information to make a definitive measure and allocation of goodwill and other intangible assets. Material revisions to the ongoing current estimates may be necessary when the valuation process is completed, within a year after closing date of the acquisition.