BUSINESS COMBINATIONS

9 Months Ended

Sep. 30, 2021

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS

NOTE 14.BUSINESS COMBINATIONS

The Company made 26 acquisitions during the nine-month period ended September 30, 2021, and 31 acquisitions for the year ended December 31, 2020. For the 26 acquisitions completed through September 30, 2021, the preliminary values of major classes of assets acquired and liabilities assumed recorded at the dates of acquisition, as adjusted during the valuation period, are included in the reconciliation of the total consideration as follows (in thousands):

	September 30, 2021
Accounts receivable, net	$	1,013
Materials and supplies		231
Equipment and property		2,352
Goodwill		15,520
Customer contracts		25,450
Trademarks & tradenames		200
Other intangible assets		143
Current liabilities		(362)
Other assets and liabilities, net		234
Total consideration paid	$	44,781
Less: Contingent consideration liability		(5,089)
Total cash purchase price	$	39,692

Goodwill from acquisitions represents the excess of the purchase price over the fair value of net assets of businesses acquired. The factors contributing to the amount of goodwill are based on strategic and synergistic benefits that are expected to be realized. For the period ended September 30, 2021, $15.5 million of goodwill was added related to the 26 acquisitions noted above. The recognized goodwill is expected to be deductible for tax purposes.