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Acquisition of Business (Tables)
 12 Months Ended
Dec. 31, 2018
Business Combinations [Abstract]  
Schedule of Fair Value of Assets Acquired and Liabilities Assumed
The following amounts represent the fair value of assets acquired and liabilities assumed in the merger.

 
Thousands of dollars
Cash
$
4,142

Accounts receivable
27,819
 
Inventories
3,096
 
Fixed assets
43,689
 
Intangible assets:
 
     Noncompete agreements (weighted-average life of 5 years)
900
 
     Customer relationships (weighted-average life of 15 years)
11,622
 
     Tradenames (weighted-average life of 7 years)
4,201
 
Other assets
5,310
 
Accounts payable and accrued liabilities
(25,272
)
Deferred taxes (1)
(5,270
)
Other liabilities
(750
)
Total identifiable net assets
69,487
 
Goodwill (2)
61,299
 
     Total consideration transferred
$
130,786

(1) In connection with the acquisition accounting, PHI provided deferred taxes related to the estimated fair value adjustments for acquired intangible assets.
(2) Goodwill is the excess of purchase price over fair market value of the net assets acquired under the acquisition method of accounting. The amount of goodwill that is deductible for income tax purposes is not significant.