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Acquisitions
 6 Months Ended
Jun. 30, 2016
Business Combinations [Abstract]  
Acquisitions
ACQUISITIONS
Our growth strategy includes the execution of our Strategic Acquisition Model. We assess the strategic positioning of acquisition candidates based on certain criteria, which include volume and price trends, size of business, size of market, competitive standing, demographics, strength of brand and barriers to entry. The value of the acquisition candidates is based on the local market competitive dynamic which allows for appropriate and differentiating enterprise valuations and flexibility to customize the transactions.
On May 31, 2016, we acquired two funeral home businesses in Houston, Texas for approximately $10.2 million. The purchase price consisted of $6.7 million paid in cash at closing and $3.5 million of deferred purchase price payments. The net present value of such future deferred purchase price payments for these two funeral home businesses was $6.5 million, which is included in Long-term debt, net of current portion on our Consolidated Balance Sheets. The deferred purchase price payments are being paid in 80 equal quarterly installments of $81,250 which commenced on the closing date and then each September 1, December 1, March 1 and June 1 for the next 20 years.
The following table summarizes the breakdown of the purchase price for the two businesses described above (in thousands):
 
Purchase Price Allocation
Current assets
$
103

Property, plant & equipment
5,711

Goodwill
833

Intangible and other non-current assets
3,629

Assumed liabilities
(89
)
Purchase Price
$
10,187


The intangible and other non-current assets relate to the fair value of tradenames and prepaid agreements not-to-compete, and the assumed liabilities relate to the obligations associated with certain financed automobiles we acquired.