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Acquisitions
 6 Months Ended
Jun. 30, 2020
Business Combinations [Abstract]  
Acquisitions ACQUISITIONS
On January 3, 2020, we acquired one funeral home and cemetery combination business in Lafayette, California for $33.0 million in cash, of which $5.0 million was deposited in escrow in 2019 and $28.0 million was paid at closing in 2020. We acquired substantially all of the assets and assumed certain operating liabilities of these businesses.
The pro forma impact of this acquisition on prior periods is not presented, as the impact is not significant to our reported results. The results of the acquired business is reflected in our Consolidated Statements of Operations from the date of acquisition.
During the three months ended June 30, 2020, we recorded adjustments to the purchase price allocation for our acquisition made during the first quarter of 2020. The following table summarizes the breakdown of the purchase price allocation for these businesses and the subsequent adjustments made based on additional information which became available prior to June 30, 2020 (in thousands):
 
Initial Purchase Price Allocation
 
Adjustments
 
Adjusted Purchase Price Allocation
Current assets
$
2,662

 
$
(107
)
 
$
2,555

Preneed trust assets
9,089

 
 
 
9,089

Property, plant & equipment
1,720

 
 
 
1,720

Cemetery property
14,753

 
 
 
14,753

Goodwill
12,916

 
110

 
13,026

Intangible and other non-current assets
2,506

 
 
 
2,506

Assumed liabilities
(489
)
 
 
 
(489
)
Deferred tax liability
(527
)
 
(3
)
 
(530
)
Preneed trust liabilities
(9,089
)
 
 
 
(9,089
)
Deferred revenue
(541
)
 
 
 
(541
)
Purchase price
$
33,000

 
$
—

 
$
33,000


The current assets primarily relate to preneed cemetery receivables. The intangible and other non-current assets relate to the fair value of tradenames. The assumed liabilities primarily relate to the obligations associated with delivered preneed merchandise that was not paid for prior to acquisition. As of June 30, 2020, our accounting for cemetery receivables, cemetery property, deferred revenue and deferred tax liabilities for this acquisition has not been finalized.
During the six months ended June 30, 2020, we recorded adjustments to the purchase price allocation for three acquisitions closed in the fourth quarter of 2019. The following table summarizes the breakdown of the purchase price allocation for these businesses and the subsequent adjustments made based on additional information which became available prior to June 30, 2020 (in thousands):
 
Initial Purchase Price Allocation
 
Adjustments
 
Adjusted Purchase Price Allocation
Current assets
$
1,482

 
$
187

 
$
1,669

Preneed trust assets
15,891

 
—

 
15,891

Property, plant & equipment
21,680

 
—

 
21,680

Cemetery property
11,994

 
(45
)
 
11,949

Goodwill
99,344

 
(825
)
 
98,519

Intangible and other non-current assets
8,269

 
—

 
8,269

Assumed liabilities
(657
)
 
(145
)
 
(802
)
Preneed trust liabilities
(15,463
)
 
—

 
(15,463
)
Deferred revenue
(1,633
)
 
992

 
(641
)
Purchase price
$
140,907

 
$
164

 
$
141,071

During the three months ended June 30, 2020, we paid an additional $164,000 for our acquisition of the cemetery business in Fairfax, Virginia to reimburse the sellers for certain incremental taxes resulting from the 338(h)(10) election under the Internal Revenue Code. We also received $153,000 in cash, recorded in Current assets, related to the closing of all operating bank accounts in place prior to the acquisition. As of June 30, 2020, our accounting for cemetery receivables, cemetery property, deferred revenue and deferred tax liabilities for our 2019 acquisitions has not been finalized.