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Acquisitions | 12 Months Ended
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Dec. 31, 2016
Business Combinations [Abstract] |
ACQUISITIONS | ACQUISITIONS Our growth strategy depends on 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 $6.72 million paid in cash at closing and $6.5 million of deferred purchase price payments. The net present value of such future deferred purchase price payments for these two funeral home businesses was $3.5 million, which was recorded in Long-term debt on our Consolidated Balance Sheets at acquisition. 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. On September 20, 2016, we acquired a funeral home business in Madera, California for $5.65 million in cash. On November 8, 2016, we acquired a funeral home business in Brookfield, Wisconsin for approximately $6.8 million. The purchase price consisted of $3.5 million paid in cash at closing and $4.5 million of deferred purchase price payments. The net present value of such future deferred purchase price payments for the funeral home business was $3.3 million, which was recorded in Long-term debt on our Consolidated Balance Sheets at acquisition. The deferred purchase price payments are being paid in equal annual installments of $447,000 which commenced on the closing date and then each anniversary of the closing date for the next 10 years. On November 15, 2016, we acquired two funeral home businesses; one in Burlington, North Carolina and one in Graham, North Carolina for approximately $10.1 million. The purchase price consisted of $8.0 million paid in cash at closing and $2.5 million of deferred purchase price payments. The net present value of such future deferred purchase price payments for the funeral home business was $2.1 million, which was recorded in Long-term debt on our Consolidated Balance Sheets at acquisition. The deferred purchase price payments are being paid in 60 equal monthly installments of $41,667 which commenced on the first month following the closing date and then each month for the next 5 years. The pro forma impact of these acquisitions on prior periods is not presented, as the impact is not material to our reported results. The results of the acquired businesses are included in the Company's results from the date of acquisition. The following table summarizes the breakdown of the purchase price for the businesses described above (in thousands):
| Purchase Price
Cash paid | $ | 23,871 |
Deferred payments | 8,884 |
Purchase Price | $ | 32,755 |
The following table summarizes the breakdown of the purchase price allocation for the businesses described above (in thousands):
| Purchase Price Allocation
Current assets | $ | 530 |
Property, plant & equipment | 15,972 |
Goodwill | 11,832 |
Intangible and other non-current assets | 4,588 |
Assumed liabilities | (167 | )
Purchase Price | $ | 32,755 |
The intangible and other non-current assets relate to the fair value of tradenames and agreements not-to-compete, and the assumed liabilities relate to the obligations associated with certain financed automobiles we acquired. The following table summarizes the fair value of the assets acquired for these businesses (in millions):
Acquisition Date |  | Type of Business |  | Market |  | Assets Acquired (Excluding Goodwill) |  | Goodwill Recorded |  | Liabilities and Debt Assumed
May 31, 2016 |  | Two Funeral Homes |  | Houston, TX |  | $ | 7.0 |  |  | $ | 3.3 |  |  | $ | (0.1 | )
September 20, 2016 |  | One Funeral Home |  | Madera, CA |  | $ | 3.7 |  |  | $ | 1.9 |  |  | $ | — |
November 8, 2016 |  | One Funeral Home |  | Brookfield, WI |  | $ | 5.7 |  |  | $ | 1.2 |  |  | $ | (0.1 | )
November 15, 2016 |  | Two Funeral Homes |  | Burlington/Graham, NC |  | $ | 4.7 |  |  | $ | 5.4 |  |  | $ | — |
As of December 31, 2016, our accounting for our 2016 acquisitions is complete. See Note 12 to the Consolidated Financial Statements included herein for additional information on our intangible and other non-current assets. The following table summarizes the fair value of the assets acquired during 2015 (in thousands):
| Purchase Price Allocation
Current assets | $ | 92 |
Property, plant & equipment | 5,966 |
Goodwill | 6,974 |
Intangible and other non-current assets | 1,986 |
Purchase Price | $ | 15,018 |
The following table summarizes the fair value of the assets acquired during 2015 (in millions):
Acquisition Date |  | Type of Business |  | Market |  | Assets Acquired (Excluding Goodwill) |  | Goodwill Recorded |  | Liabilities and Debt Assumed
February 25, 2015 |  | One Funeral Home |  | Clarksville, TN |  | $ | 4.9 |  |  | $ | 3.9 |  |  | $ | — |
November 17, 2015 |  | One Funeral Home |  | Wakeforest, NC |  | $ | 3.1 |  |  | $ | 3.1 |  |  | $ | — |

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1497-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1490-128463 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1392-128463 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7008-128479 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1486-128463 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6927-128479 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4845-128472 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1524-128463 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7000-128479 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4922-128472 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4934-128472 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4926-128472 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=73530397&loc=SL65897772-128472 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1383-128463 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6996-128479 + Details
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