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3/25/22, 9:42 AM Table of Contents road -20210930 this guidance as required and does not expect such adoption to cause a material impact to the Company's consolidated financial statements. Note 4 - Business Acquisitions North Carolina Acquisitions -Final During the fiscal year ended September 30, 2021, a subsidiary of the Company purchased five HMA production and paving companies and a grading and sitework company on the following dates and based in the following locations: (i) on October 8, 2020, in Carthage, North Carolina, (ii) on October 30, 2020, in Ahoskie, North Carolina, (iii) on December 3, 2020, in Raleigh, North Carolina, (iv) on December 18, 2020, in Kitty Hawk, North Carolina, (v) on June 22, 2021, in Wilson, North Carolina and (vi) on September 10, 2021, in Albemarle, North Carolina. The acquired businesses added fourteen HMA plants primarily in central and eastern North Carolina, providing the Company with access to additional markets and further enhancing the Company's footprint in the state. These acquisitions were accounted for as business combinations in accordance with Topic 805. The Company consulted with independent third parties to assist in the valuation process. As of September 30, 2021, the Company has fmalized its purchase price allocation for these acquisitions. Total consideration transferred for these six acquisitions was $97.9 million as of September 30, 202I. Identifiable assets acquired and liabilities assumed were recorded at their estimated fair values based on the methodology described under Fair Value Measurements in Note 2 - Significant Accounting Policies. The amount of the purchase price exceeding the net fair value of identifiable assets acquired and liabilities assumed was recorded as goodwill in the aggregate amount of $33.3 million for these six acquisitions, which is deductible for income tax purposes. Goodwill primarily represents the assembled work force and synergies expected to result from the acquisition. The results of operations attributable to these acquisitions are included in the Company's Consolidated Statements of Comprehensive Income for the fiscal year ended September 30, 2021. The Company recorded certain costs to effect the acquisition as they were incurred, which are reflected in general and administrative expenses on the Company's Consolidated Statements of Comprehensive Income in the amount of $0.6 million for the fiscal year ended September 30, 2021. North Carolina Acquisition -Provisional On August 2, 2021, a subsidiary of the Company acquired a crushed stone and aggregates facility located near Goldston, North Carolina. The acquisition enhanced the Company's vertical integration strategy of construction materials to support its HMA production operations. The Company expects to use aggregates mined from this facility to supply multiple HMA plants that the Company acquired during the fiscal year. The acquisition was accounted for as a business combination in accordance with Topic 805. As of September 30, 2021, the purchase price allocation is provisional pending certain information necessary to finalize estimates of fair value of certain assets acquired. The Company consulted with independent third parties to assist in the valuation process. The Company expects to finalize these values as soon as practicable and no later than one year from the acquisition date. Total consideration transferred for this acquisition was $31.2 million as of September 30, 2021. Identifiable assets acquired and liabilities assumed were recorded at their estimated fair values based on the methodology described under Fair Value Measurements in Note 2 - Significant Accounting Policies. The amount of the purchase price exceeding the net fair value of identifiable assets acquired and liabilities assumed was recorded as provisional goodwill in the amount of approximately $2.6 million, which is deductible for income tax purposes. Goodwill primarily represents the assembled work force and synergies expected to result from the acquisition. The results of operations since the August 2, 2021 acquisition date attributable to this acquisition are included in the Company's Consolidated Statements of Comprehensive Income for the fiscal year ended September 30, 2021. The Company recorded certain costs to effect the acquisition as they were incurred, which are reflected in general and administrative expenses on the Company's Consolidated Statements of Comprehensive Income in the amount of $0.3 million for the fiscal year ended September 30, 2021. 56 https://www.sec.govfArchivestedgarldatal0001718227/000171822721000107/road-202l0930.htm 99/144