XML 29 R16.htm IDEA: XBRL DOCUMENT v3.20.4
Business Combinations and Divestitures
3 Months Ended
Dec. 31, 2020
Business Combinations [Abstract]  
Business Combinations and Divestitures

9) Business Combinations and Divestitures

On October 27, 2020, the Company sold certain propane assets for cash proceeds of $6.1 million.

On December 31, 2020, the Company acquired two propane dealers for approximately $37.9 million; $37.1 million in cash and $0.8 million of deferred liabilities.  The gross purchase price was allocated $32.7 million to intangible assets, $5.5 million to fixed assets and reduced by $0.3 million in working capital credits. The estimated working capital associated with the acquisitions is subject to a final post closing adjustment, and as of December 31, 2020 the intangibles and goodwill have been provisionally determined.  The Company will record any material adjustments to the initial estimates based on new information obtained that would have existed as of the date of the acquisition. Any adjustment that arises from information obtained that did not exist as of the date of the acquisition will be recorded in the period the adjustment arises.

During the first quarter of fiscal 2020, the Company acquired the customer list and the assets of a heating oil dealer for an aggregate purchase price of approximately $0.5 million.