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Acquisitions | 9 Months Ended
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Sep. 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. Subsequent to our initial purchase price allocation for this acquisition made during the first quarter of 2020, we have adjusted our purchase price allocation based on additional information which became available prior to September 30, 2020. The following table summarizes the breakdown of the purchase price allocation for these businesses (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 |  |  | 82 |  |  | 14,835 |
Goodwill | 12,916 |  |  | 656 |  |  | 13,572 |
Intangible and other non-current assets | 2,506 |  |  | (628) |  |  | 1,878 |
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 September 30, 2020, our accounting for cemetery receivables, cemetery property, deferred revenue and deferred tax liabilities for this acquisition has not been finalized. During the nine months ended September 30, 2020, we also 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 September 30, 2020 (in thousands):
| Initial Purchase Price Allocation |  | Adjustments |  | Adjusted Purchase Price Allocation
Current assets | $ | 1,482 |  |  | $ | 204 |  |  | $ | 1,686 |
Preneed trust assets | 15,891 |  |  | — |  |  | 15,891 |
Property, plant & equipment | 21,680 |  |  | — |  |  | 21,680 |
Cemetery property | 11,994 |  |  | (45) |  |  | 11,949 |
Goodwill | 99,344 |  |  | 638 |  |  | 99,982 |
Intangible and other non-current assets | 8,269 |  |  | (1,480) |  |  | 6,789 |
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 nine months ended September 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 September 30, 2020, our accounting for our 2019 acquisitions is complete.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
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