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ACQUISITIONS
12 Months Ended
Dec. 31, 2019
Business Combinations [Abstract]  
ACQUISITIONS

NOTE 3 – ACQUISITIONS

Acquisitions

During the years ended December 31, 2019, 2018, and 2017, the Company completed 1, 21, and 30 acquisitions, respectively.  All of the acquisitions detailed below are considered to be complementary to existing operations and fit with the Company’s growth strategy. All were accounted for as business combinations under the applicable guidance.

The following table summarizes the locations and services of acquisitions by year:

 

2019 Acquisitions

 

 

 

 

Service

 

Acquisition Locations

Total Number of Acquisitions

 

 

Regulated Waste

 

Secure Information Destruction

 

Communication and Related Services

 

United States

 

1

 

 

 

-

 

 

1

 

 

-

 

Total

 

1

 

 

 

-

 

 

1

 

 

-

 

 

2018 Acquisitions

 

 

 

 

Service

 

Acquisition Locations

Total Number of Acquisitions

 

 

Regulated Waste

 

Secure Information Destruction

 

Communication and Related Services

 

United States

 

21

 

 

 

2

 

 

19

 

 

-

 

Total

 

21

 

 

 

2

 

 

19

 

 

-

 

 

2017 Acquisitions

 

 

 

 

Service

 

Acquisition Locations

Total Number of Acquisitions

 

 

Regulated Waste

 

Secure Information Destruction

 

Communication and Related Services

 

United States and Canada

 

22

 

 

 

2

 

 

19

 

 

1

 

International

 

8

 

 

 

5

 

 

3

 

 

-

 

Total

 

30

 

 

 

7

 

 

22

 

 

1

 

The results of operations of these acquired businesses have been included in the Consolidated Statements of (Loss) Income from the date of the acquisition.  Pro forma results of operations for these acquisitions are not presented because the pro forma effects, individually or in the aggregate, were not material to the Company’s consolidated results of operations.

The following table summarizes the acquisition date fair value of consideration transferred for acquisitions completed during the years ended December 31:

 

In millions

 

 

2019

 

 

2018

 

 

2017

 

Cash

$

0.2

 

 

$

44.8

 

 

$

52.9

 

Promissory notes

 

0.3

 

 

 

30.0

 

 

 

25.3

 

Deferred consideration

 

 

 

 

 

0.6

 

 

 

1.1

 

Contingent consideration

 

 

 

 

 

-

 

 

 

0.1

 

Total purchase price

$

0.5

 

 

$

75.4

 

 

$

79.4

 

The fair value of consideration transferred in a business combination is allocated to the net tangible and identifiable intangible assets at the acquisition date, with the remaining unallocated amount recognized as goodwill.  

The following table summarizes the purchase price allocations for current year acquisitions and adjustments to purchase price allocations for prior year acquisitions.  As of December 31, 2019, purchase accounting had been completed for all of our acquisitions.

 

In millions

 

 

Current Year Acquisitions

 

 

Adjustments to Prior Year Acquisitions

 

 

Total

 

Fixed assets

$

-

 

 

$

0.2

 

 

$

0.2

 

Intangibles

 

0.5

 

 

 

4.2

 

 

 

4.7

 

Goodwill

 

-

 

 

 

(4.3

)

 

 

(4.3

)

Other assets and liabilities, net

 

-

 

 

 

(0.1

)

 

 

(0.1

)

Total purchase price allocation

$

0.5

 

 

$

0.0

 

 

$

0.5

 

During the year ended December 31, 2019, the Company recognized an increase in the estimated fair value of acquired customer relationships from current year and prior year acquisitions of $0.5 million, and $4.2 million, respectively, excluding the effect of foreign currency translation, with amortizable lives of 10 years.