Quarterly report pursuant to Section 13 or 15(d)

Acquisition (Tables)

v3.21.1
Acquisition (Tables)
3 Months Ended
Mar. 31, 2021
Acquisition [Abstract]  
Summary Of Fair Value Of The Assets Acquired And Liabilities Assumed



 

 

 



 

 

 

Cash

 

$

557 

Trade accounts receivable

 

 

10,278 

Trade inventory

 

 

12,149 

Property and equipment

 

 

1,007 

Identifiable intangible assets (1)

 

 

19,680 

Operating lease asset (2)

 

 

3,188 

Other assets

 

 

650 

Total assets acquired

 

 

47,509 

Accounts payable

 

 

(5,619)

Other liabilities

 

 

(3,524)

Operating lease liability

 

 

(2,213)

Total liabilities assumed

 

 

(11,356)

Fair value of identifiable net assets

 

 

36,153 

Goodwill

 

 

6,936 

Purchase consideration

 

 

43,089 

Less: cash acquired

 

 

(557)

Less: consideration payable

 

 

(194)

Cash paid for acquisition less cash acquired

 

$

42,338 



(1)

Identifiable intangible assets were comprised of $3.7 million, $15.8 million and $0.2 million associated with Colonial Elegance’s trademark, customer relationships, and noncompetition agreements, respectively. The identifiable intangible assets are amortized over their expected useful lives of 5 years for noncompetition agreements and 13 years for trademarks and customer relationships.

(2)

Includes an intangible asset of $1.0 million related to below market rents associated with an office lease that is expected to be recognized over the lease term of approximately seven years.