ACQUISITIONS

12 Months Ended

Dec. 31, 2022

ACQUISITIONS

ACQUISITIONS

2.     ACQUISITIONS

The Company made 31 and 39 acquisitions during the years ended December 31, 2022, and 2021, respectively. Total cash purchase price for the Company’s acquisitions in 2022 and 2021 were $116.0 million and $146.1 million, respectively.  For the 31 acquisitions completed in 2022, the preliminary values of major classes of assets acquired and liabilities assumed recorded at the dates of acquisition are included in the reconciliation of the total consideration as follows (in thousands):

	2022		2021
Accounts receivable, net	$	3,736	$	3,072
Materials and supplies		529		891
Equipment and property		6,741		8,184
Goodwill		64,997		69,555
Customer contracts		49,871		80,239
Trademarks & tradenames		5,615		1,200
Other intangible assets		1,538		3,668
Current liabilities		(4,853)		(6,483)
Other assets and liabilities, net		(1,948)		288
Total consideration		126,226		160,614
Less: Acquisition holdback liabilities		(10,178)		(14,516)
Total cash purchase price	$	116,048	$	146,098

The Company also made a final payment of $3.1 million for a 2021 acquisition in 2022.

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 year ended December 31, 2022, $65.0 million of goodwill was added related to the 31 acquisitions noted above. The recognized goodwill is expected to be deductible for tax purposes. The purchase price allocations for these acquisitions are preliminary until the Company obtains final information regarding these fair values.