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Acquisitions

12 Months Ended

Dec. 31, 2022

Business Combinations [Abstract]

ACQUISITIONS

ACQUISITIONS

On August 8, 2022, we acquired a business consisting of two funeral homes in Kissimmee, Florida for $6.3 million in cash. On October 25, 2022, we acquired a business consisting of three funeral homes, one cemetery and one cremation focused business in the Charlotte, North Carolina area for $25.0 million in cash. We acquired substantially all of the assets and assumed certain operating liabilities of these businesses. We did not acquire any businesses in 2021.

The pro forma impact of these acquisitions on prior periods is not presented, as the impact is not significant to our reported results. The results of the acquired businesses are reflected on our Consolidated Statements of Operations from the date of acquisition.

The following table summarizes the breakdown of the purchase price allocation for the businesses described above (in thousands):

															Purchase Price Allocation
Current assets															$	219
Trust investments															4,146
Property, plant & equipment															8,146
Cemetery property															2,375
Goodwill															19,511
Intangible and other non-current assets															2,145
Trust liabilities															(4,146)
Deferred revenue															(1,146)
Purchase price															$	31,250

The intangible and other non-current assets relate to the fair value of tradenames and non-compete agreements. The goodwill recorded for our 2022 acquisitions is expected to be deductible for tax purposes. As of December 31, 2022, our accounting for our 2022 acquisitions is complete.

The following table summarizes the fair value of the assets acquired for these businesses (in thousands):

Acquisition Date						Type of Business						Market						Assets Acquired (Excluding Goodwill)						Goodwill Recorded						Liabilities and Debt Assumed
August 8, 2022						Two Funeral Homes						Kissimmee, FL						$	4,995					$	2,694					$	(1,439)
October 25, 2022						Three Funeral Homes, One Cemetery and One Cremation Focused Business						Charlotte, NC						$	12,036					$	16,817					$	(3,853)

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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 https://asc.fasb.org/topic&trid=2303972

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 5
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4946-128472

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- References

No definition available.

+ Details

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