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Business Combinations | 9 Months Ended
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Sep. 30, 2023
Business Combinations [Abstract] |
Business Combinations | BUSINESS COMBINATIONS Tangible and intangible assets acquired and liabilities assumed are recorded at fair value and goodwill is recognized for any difference between the price of the acquisition and fair value. We recognize the assets acquired, the liabilities assumed and any non-controlling interest in the acquiree at the acquisition date, measured at the fair value as of that date. Acquisition related costs are recognized separately from the acquisition and are expensed as incurred. We customarily estimate related transaction costs known at closing. To the extent that information not available to us at the closing date subsequently becomes available during the measurement period, we may adjust goodwill, intangible assets, assets or liabilities associated with the acquisition. On March 22, 2023, we acquired a business consisting of three funeral homes, two cemeteries and one cremation focused business in the Bakersfield, California area for $44.0 million in cash. We acquired substantially all of the assets and assumed certain operating liabilities of this business. 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 are reflected in our Consolidated Statements of Operations from the date of acquisition. The following table summarizes the breakdown of the purchase price allocation for our Bakersfield, CA business acquisition (in thousands):
| Initial Purchase Price Allocation |  | Adjustments |  | Adjusted Purchase Price Allocation
Current assets | $ | 7,087 |  |  | $ | 131 |  |  | $ | 7,218 |
Preneed trust assets | — |  |  | 11,428 |  |  | 11,428 |
Property, plant & equipment | 12,577 |  |  | 245 |  |  | 12,822 |
Cemetery property | 9,035 |  |  | — |  |  | 9,035 |
Goodwill | 13,612 |  |  | (106) |  |  | 13,506 |
Intangible and other non-current assets | 3,763 |  |  | — |  |  | 3,763 |
Assumed liabilities | (300) |  |  | (66) |  |  | (366) |
Preneed trust liabilities | — |  |  | (11,428) |  |  | (11,428) |
Deferred revenue | (1,774) |  |  | (204) |  |  | (1,978) |
Purchase price | $ | 44,000 |  |  | $ | — |  |  | $ | 44,000 |
The current assets relate to accounts receivable and inventory. The intangible and other non-current assets relate to the fair value of tradenames and right-of-use operating lease assets. The assumed liabilities relate to operating lease obligations and commissions payable. As of September 30, 2023, our accounting for this acquisition is complete. The following table summarizes the fair value of the assets acquired and liabilities assumed for this business (in thousands):
Acquisition Date |  | Type of Business |  | Market |  | Assets Acquired (Excluding Goodwill) |  | Goodwill Recorded |  | Liabilities and Debt Assumed
March 22, 2023 |  | Three Funeral Homes, Two Cemeteries and One Cremation Focused Business |  | Bakersfield, CA |  | $ | 44,266 |  |  | $ | 13,506 |  |  | $ | (13,772) |
On August 8, 2022, we acquired a business consisting of two funeral homes in Kissimmee, FL for $6.3 million in cash. We acquired substantially all of the assets and assumed certain operating liabilities of this business. The following table summarizes the breakdown of the purchase price allocation for our Kissimmee, FL business acquisition (in thousands):
|  |  |  |  | Purchase Price Allocation
Current assets |  |  |  |  | $ | 28 |
Preneed trust assets |  |  |  |  | 1,439 |
Property, plant & equipment |  |  |  |  | 2,986 |
Goodwill |  |  |  |  | 2,694 |
Intangible and other non-current assets |  |  |  |  | 542 |
Preneed trust liabilities |  |  |  |  | (1,439) |
Purchase price |  |  |  |  | $ | 6,250 |
The intangible and other non-current assets relate to the fair value of tradenames and non-compete agreements. The following table summarizes the fair value of the assets acquired and liabilities assumed for our Kissimmee, FL business acquisition (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) |

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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/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//805/tableOfContent + Details
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