v3.22.4
Acquisitions and Dispositions
 12 Months Ended
Dec. 31, 2022
Acquisitions and Dispositions Acquisitions and Dispositions
 
The Company has completed numerous acquisitions since its formation. The operations of each acquisition have been included in the Company’s consolidated results of operations since the respective closing dates of the acquisitions. The Company measures all assets acquired and liabilities assumed at their acquisition-date fair value. Goodwill acquired during a business combination has an indefinite life and is not amortized. The following table summarizes the Company’s acquisitions by region and period:
 
 202220212020
West— — 2 
East2 3 1 
    
The purchase price allocation, primarily the valuation of property, plant and equipment for the acquisitions completed during the year end ended 2022 have not yet been finalized due to the recent timing of the acquisitions, status of the valuation of property, plant and equipment and finalization of related tax returns. The following table summarizes aggregated information regarding the fair values of the assets acquired and liabilities assumed as of the respective acquisition dates:

 20222021
Financial assets$297 $— 
Inventories161 2,406 
Property, plant and equipment30,041 19,668 
Intangible assets— 702 
Other assets1,116 98 
Financial liabilities(1,120)(1,742)
Other long-term liabilities(1,589)(470)
Net assets acquired28,906 20,662 
Goodwill— — 
Purchase price28,906 20,662 
Acquisition-related liabilities(6,176)(1,149)
Other— — 
Net cash paid for acquisitions$22,730 $19,513 

Acquisition-Related Liabilities—A number of acquisition-related liabilities have been recorded subject to terms in the relevant purchase agreements, including deferred consideration and noncompete payments. Noncompete payments have been accrued where certain former owners of newly acquired companies have entered into standard noncompete arrangements. Subject to terms and conditions stated in these noncompete agreements, payments are generally made over a five-year period. Deferred consideration is purchase price consideration paid in the future as agreed to in the purchase agreement and is not contingent on future events. Deferred consideration is generally scheduled to be paid in years ranging from 5 to 20 years in annual installments. The remaining payments due under these noncompete and deferred consideration agreements are as follows:
  
2023$13,551 
20247,289 
20257,390 
20266,143 
20274,645 
Thereafter6,196 
Total scheduled payments45,214 
Present value adjustments(7,762)
Total noncompete obligations and deferred consideration$37,452 

Accretion on the deferred consideration and noncompete obligations is recorded in interest expense.

During 2022, as part of the Company's Elevate Summit strategy to rationalize assets, the Company sold three businesses in the East segment, resulting in total cash proceeds of $373.1 million and a net gain on disposition of business of $172.4 million.
Summit Materials, LLC  
Acquisitions and Dispositions Acquisitions and Dispositions
 
The Company has completed numerous acquisitions since its formation. The operations of each acquisition have been included in the Company’s consolidated results of operations since the respective closing dates of the acquisitions. The Company measures all assets acquired and liabilities assumed at their acquisition-date fair value. Goodwill acquired during a business combination has an indefinite life and is not amortized. The following table summarizes the Company’s acquisitions by region and period:
 
 202220212020
West— — 2 
East2 3 1 
 
The purchase price allocation, primarily the valuation of property, plant and equipment for the acquisitions completed during the year end ended 2022 have not yet been finalized due to the recent timing of the acquisitions, status of the valuation of property, plant and equipment and finalization of related tax returns. The following table summarizes aggregated information regarding the fair values of the assets acquired and liabilities assumed as of the respective acquisition dates:
 20222021
Financial assets$297 $— 
Inventories161 2,406 
Property, plant and equipment30,041 19,668 
Intangible assets— 702 
Other assets1,116 98 
Financial liabilities(1,120)(1,742)
Other long-term liabilities(1,589)(470)
Net assets acquired28,906 20,662 
Goodwill— — 
Purchase price28,906 20,662 
Acquisition-related liabilities(6,176)(1,149)
Other— — 
Net cash paid for acquisitions$22,730 $19,513 

Acquisition-Related Liabilities—A number of acquisition-related liabilities have been recorded subject to terms in the relevant purchase agreements, including deferred consideration and noncompete payments. Noncompete payments have been accrued where certain former owners of newly acquired companies have entered into standard noncompete arrangements. Subject to terms and conditions stated in these noncompete agreements, payments are generally made over a five-year period. Deferred consideration is purchase price consideration paid in the future as agreed to in the purchase agreement and is not contingent on future events. Deferred consideration is generally scheduled to be paid in years ranging from 5 to 20 years in annual installments. The remaining payments due under these noncompete and deferred consideration agreements are as follows:

2023$13,551 
20247,289 
20257,390 
20266,143 
20274,645 
Thereafter6,196 
Total scheduled payments45,214 
Present value adjustments(7,762)
Total noncompete obligations and deferred consideration$37,452 
 
Accretion on the deferred consideration and noncompete obligations is recorded in interest expense. 

During 2022, as part of the Company's Elevate Summit strategy to rationalize assets, the Company sold three businesses in the East segment, resulting in total cash proceeds of $373.1 million and a net gain on disposition of business of $172.4 million.