Business combinations are accounted for under the acquisition method of accounting and the assets acquired and liabilities assumed are recorded at their estimated fair market values as of the acquisition dates. The results of operations are included in the consolidated statements of operations from the date of acquisition. The pro forma effect of these transactions was not material to Ferrellgas’ consolidated balance sheets or results of operations.

During fiscal 2022, Ferrellgas acquired propane distribution assets, primarily of two independent distributors and a third-party distributor, with an aggregate value of $21.7 million in the following transactions:

During fiscal 2021, Ferrellgas acquired propane distribution assets, primarily of an independent distributor, with an aggregate value of $7.9 million in the following transaction:

●

Proflame, Inc., based in New York, acquired in July 2021.

During fiscal 2020, Ferrellgas acquired propane distribution assets, primarily of independent distributors, with an aggregate value of $11.2 million in the following transactions:

●Golden State Propane, Inc., based in California, acquired in August 2019;

●C.F. Van Duzer Gas Services, Inc., based in New York, acquired in October 2019; and

●Lee Propane of Pennington Gap, Inc., based in Virginia, acquired in June 2020.

These acquisitions were funded as follows on their dates of acquisition:


	For the year ended July 31,
	2022		2021		2020
Cash payments, net of cash acquired	$	19,679	$	6,567	$	10,195
Issuance of liabilities and other costs and considerations		2,022		1,344		975
Aggregate fair value of transactions	$	21,701	$	7,911	$	11,170

The aggregate fair values, for the acquisitions in propane operations and related equipment sales reporting segment, were allocated as follows, including any adjustments identified during the measurement period:


	For the year ended July 31,
	2022		2021		2020
Customer tanks, buildings, land and other	$	6,564	$	2,607	$	6,598
Goodwill		10,153		—		—
Customer lists		4,259		4,973		738
Non-compete agreements		725		331		3,834
Aggregate fair value of net assets acquired	$	21,701	$	7,911	$	11,170

The estimated fair values and useful lives of assets acquired during fiscal 2022 are based on a preliminary valuation and are subject to final valuation adjustments. Ferrellgas intends to continue its analysis of the net assets of these transactions to determine the final allocation of the total purchase price to the various assets and liabilities acquired. The estimated fair values and useful lives of assets acquired during fiscal 2021 and 2020 are based on internal valuations and included only minor adjustments during the 12-month period after the date of acquisition. Due to the immateriality of these adjustments, Ferrellgas did not retrospectively adjust the consolidated statements of operations for those measurement period adjustments.

See Note S – Subsequent events for information on an acquisition made subsequent to July 31, 2022.

Dispositions

Asset sales and disposals consist of:


	For the year ended July 31,
	2022		2021		2020
Gain (loss) on sale of:
Other	$	6,618	$	(1,831)	$	(7,924)
Gain (loss) on asset sales and disposals	$	6,618	$	(1,831)	$	(7,924)