Business Combinations

12 Months Ended

Dec. 31, 2023

Business Combinations [Abstract]

Business Combinations [Text Block]

Business Combinations

Our investments in businesses were: (a) $34,077 in 2023, including liabilities assumed of $5,285 and debt issued of $7,046; (b) $46,229 in 2022, including liabilities assumed of $15,592 and debt issued of $7,445; and (c) $18,399 in 2021, including $3,713 of liabilities assumed and debt issued of $2,961.

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 facts and circumstances becomes available, but does not exceed one year from the acquisition date. The purchase price allocations may be revised as we finalize the fair value of the assets acquired and liabilities assumed.

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

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 $14,758 in 2023 ($14,758 of which is deductible for tax purposes), $14,255 in 2022 ($14,255 of which is deductible for tax purposes) and $7,723 in 2021 ($2,228 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, 2023, 2022 and 2021 was not significant.