Business Combinations

Our investments in businesses were: (a) $13,244 in 2018, including liabilities assumed of $2,381 and debt issued of $2,402; (b) $13,264 in 2017, including liabilities assumed of $2,713 and debt issued of $3,099; and (c) $4,888 in 2016, including $216 of liabilities assumed and debt issued of $875.

The net assets of the businesses acquired are accounted for under the acquisition method and were recorded at their fair values at the dates of acquisition. The measurement period for purchase price allocations ends as soon as information of the


D.	Business Combinations (continued)

facts and circumstances becomes available, but does not exceed one year from the acquisition date. On November 30, 2018, we finalized the acquisition of Kerr Environmental, for which purchase accounting entries related to fixed assets, intangible assets and goodwill have not yet been finalized as of December 31, 2018.

The Company’s intangible assets consist of tradenames, non-competition agreements and customer relationships. The tradenames and customer relationships intangible assets were assigned an average seven-year useful life, and the non-competition agreements were assigned an average five-year useful life.

The excess of the purchase price over the estimated fair values of the net assets acquired was recorded as an increase in goodwill of approximately $2,840 in 2018 (all of which is deductible for tax purposes), $5,131 in 2017 (all of which is deductible for tax purposes) and $817 goodwill in 2016 (all of which is deductible for tax purposes).

The results of operations of acquired businesses have been included in the consolidated statements of operations beginning as of the effective dates of acquisition. The effect of these acquisitions on our consolidated revenues and results of operations, either individually or in the aggregate, for the years ended December 31, 2018, 2017 or 2016 was not significant.