BUSINESS COMBINATIONS

6 Months Ended

Jun. 30, 2020

Business Combinations [Abstract]

BUSINESS COMBINATIONS

NOTE 12. BUSINESS COMBINATIONS

The Company made 13 acquisitions during the six-month period ended June 30, 2020, and 30 acquisitions for the year ended December 31, 2019, some of which have been disclosed on various press releases and related Current Reports on Form 8-K. For the 13 acquisitions so far in 2020, the preliminary values of major classes of assets acquired and liabilities assumed recorded at the date of acquisition, as adjusted during the valuation period, are included in the reconciliation of the total consideration as follows (in thousands):

	June 30, 2020
Accounts receivable, net	$	1,835
Materials & supplies		192
Equipment and property		3,446
Goodwill		29,080
Customer contracts		27,968
Other intangible assets		3,094
Other assets and liabilities, net		4,003
Current liabilities		(7,906	)
Total purchase price	$	61,712
Less: Contingent consideration liability		(5,682	)
Total cash purchase price	$	56,030

Goodwill from acquisitions represents the excess of the purchase price over the fair value of net assets of businesses acquired. For the period ended June 30, 2020, $29.1 million of goodwill was added related to the 13 acquisitions noted above. The cumulative carrying amount of goodwill was $602.3 million and $572.8 million at June 30, 2020 and December 31, 2019, respectively. Goodwill generally changes due to the timing of acquisitions, finalization of allocation of purchase prices of previous acquisitions and foreign currency translations. The carrying amount of goodwill in foreign countries was $57.5 million at June 30, 2020 and $55.8 million at December 31, 2019.

The Company completed its most recent annual impairment analysis as of September 30, 2019. Based upon the results of this analysis, the Company has concluded that no impairment of its goodwill or other intangible assets was indicated.

The carrying amount of customer contracts was $275.8 million and $273.7 million at June 30, 2020, and December 31, 2019, respectively. The carrying amount of trademarks and tradenames was $104.8 million and $102.5 million at June 30, 2020 and December 31, 2019, respectively. The carrying amount of other intangible assets was $10.2 million and $10.5 million at June 30, 2020 and December 31, 2019, respectively. The carrying amount of customer contracts in foreign countries was $33.5 million at both June 30, 2020 and December 31, 2019. The carrying amount of trademarks and tradenames in foreign countries was $3.1 million and $3.4 million at June 30, 2020 and December 31, 2019, respectively. The carrying amount of other intangible assets in foreign countries was $1.0 million and $1.2 million at June 30, 2020 and December 31, 2019, respectively.

Customer contracts and other amortizable intangible assets are amortized on a straight-line basis over their economic useful lives. The following table sets forth the components of intangible assets as of June 30, 2020 (in thousands):

Intangible Asset	Carrying Value		Useful Life in Years
Customer contracts	$	275,782		3-12
Trademarks and tradenames		104,760		N/A - 20
Non-compete agreements		4,337		3-20
Patents		1,458		3-15
Other assets		2,154		10
Internet domains		2,227		N/A
Total customer contracts and other intangible assets	$	390,718