Business Combinations (Notes)

6 Months Ended

Jun. 29, 2024

Our cash investments in businesses during the first six months of 2024 were $16,280 and we issued debt, in the form of notes payable to the sellers, of $5,380 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, 2023, our cash investments in businesses was $21,746 and debt issued, in the form of notes payable to the sellers, was $7,046.

Pro forma net sales and results of operations for the acquisitions, had they occurred at the beginning of the six months ended June 29, 2024, 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.

The effect of these acquisitions on our consolidated revenues and results of operations for the three and six months ended June 29, 2024 was not significant.

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


	Six Months Ended June 29, 2024		Year Ended December 31, 2023
Detail of acquisitions:
Assets acquired:
Cash	$	160	$	249
Receivables	1,290		211

Operating supplies	677		1,538
Prepaid expense	—		141
Equipment	9,550		7,220
Deposits and other	1,323		2,658
Intangible assets	895		7,302
Goodwill	10,554		14,758

Liabilities assumed	(2,789)		(5,285)
Debt issued for purchases of businesses	(5,380)		(7,046)
Cash paid	$	16,280	$	21,746