Business Combinations (Notes)

9 Months Ended

Sep. 30, 2023

Our cash investments in businesses during the first nine months of 2023 were $18,250 and we issued debt, in the form of notes payable to the sellers, of $5,572 which have been included in our Residential and Commercial segment. Measurement-period adjustments are not complete. The measurement period for purchase price allocations ends as soon as information of the facts and circumstances becomes available, but does not exceed one year from the acquisition date. During the year ended December 31, 2022, our cash investments in businesses was $23,192 and debt issued, in the form of notes payable to the sellers, was $7,445.

The following table summarizes the preliminary purchase price allocation of the estimated fair values of the assets acquired and liabilities assumed:


	Nine Months Ended September 30, 2023		Year Ended December 31, 2022
Detail of acquisitions:
Assets acquired:
Cash	$	249	$	1,365
Receivables	211		10,794
Mitigation bank credit inventory	—		6,351
Operating supplies	1,538		48
Prepaid expense	149		126
Equipment	5,208		2,309
Deposits and other	2,649		412
Intangible assets	6,233		10,569
Goodwill	13,441		14,255

Liabilities assumed	(5,856)		(15,592)
Debt issued for purchases of businesses	(5,572)		(7,445)
Cash paid	$	18,250	$	23,192

The results of operations of acquired businesses have been included in the condensed 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 for the three and nine months ended September 30, 2023 was not significant. Pro forma net sales and results of operations for the acquisitions, had they occurred at the beginning of the nine months ended September 30, 2023, are not material and, accordingly, are not provided.

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