ACQUISITIONS

Our growth strategy includes the execution of our Strategic Acquisition Model. We assess the strategic positioning of acquisition candidates based on the size of the business, competitive standing in the market (market share), market size, market demographics, client family revenue profile (customer preferences), barriers to entry, institutional strength of the brand, and long term volume and price trends. Acquisition candidates are prequalified using our Standards Operating Model and 4E Leadership Model to determine alignment with our operating strategy. The value of the acquisition candidates is based on local market competitive dynamic which allows for appropriate and differentiating enterprise valuations and flexibility to customize the transactions.

On May 15, 2014, we completed the acquisition of six businesses from certain subsidiaries of SCI. We acquired four businesses in New Orleans, Louisiana, consisting of four funeral homes, one of which was a combination funeral home and cemetery, and two funeral businesses in Alexandria, Virginia (collectively the “SCI Acquisition”) for $54.9 million. The assets and liabilities were recorded at fair value and included goodwill of $33.8 million. We acquired substantially all of the assets and assumed certain operating liabilities, including obligations associated with existing preneed contracts and certain capital lease obligations. The pro forma impact of the acquisition on the prior periods is not presented since the impact is not material to our Consolidated Financial Statements. 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 the liabilities assumed in the SCI Acquisition (in thousands):



Current assets	$	1,998
Property, plant & equipment	16,457
Preneed cemetery trust investments	3,632
Preneed funeral trust investments	45
Goodwill	33,826
Deferred charges and other non-current assets	6,208
Cemetery perpetual care investments	7,491
Obligations under capital leases	(1,960		)
Deferred preneed cemetery revenue	(1,679		)
Deferred preneed cemetery receipts held in trust	(3,632		)
Deferred preneed funeral receipts held in trust	(45		)
Care trusts' corpus	(7,491		)
Cash paid	$	54,850

There were no business acquisitions in the six months ended June 30, 2013. We acquired land for approximately $6.0 million during the first quarter of 2013 for funeral home expansion projects.