On March 2, 2020, the Company acquired substantially all of the assets of Trident University, a regionally accredited university offering online undergraduate, master’s and doctoral programs with a strong focus on graduate programs. Trident University’s operations were brought within the scope of the state licensure, accreditation and Department of Education approval of American InterContinental University, with Trident University relinquishing its accreditor and Department approvals. Trident University’s programs are now offered by AIU under the “Trident” name. The combined institution continues to serve existing and future students with a broader range of program offerings and resources.

During 2020, the Company made a total cash payment of $43.8 million for the acquisition of Trident University assets. Pursuant to the purchase agreement, $4.0 million of this payment was set aside in an escrow account to secure indemnification obligations of the seller after closing and is reflected as restricted cash on our consolidated balance sheets. The payment was fully funded with the Company’s available cash balances generated from operating activities.

The purchase price of $43.8 million was allocated to the fair values of acquired tangible and identifiable intangible assets of $53.1 million and assumed liabilities of $9.3 million as of March 2, 2020. Intangible assets acquired include a trade name with a fair value of $1.0 million and student relationships and course curriculum with an aggregate fair value of $9.4 million. Based on the final purchase price allocation, we recorded goodwill of $31.0 million. We expect substantially all of this goodwill balance to be deductible for income tax reporting purposes.

The following table summarizes the fair values of assets acquired and liabilities assumed as of March 2, 2020 (dollars in thousands):

	March 2, 2020
Assets:
Student receivables, net	$	6,212
Other current assets		912
Property and equipment		3,932
Intangible assets subject to amortization
Trade name (useful life of 5 years)		1,000
Student relationships (useful life of 3 years)		8,000
Course curriculum (useful life of 3 years)		1,400
Goodwill		30,956
Deferred tax asset		454
Other non-current assets		270
Total assets acquired	$	53,136
Liabilities:
Accounts payable and other accrued liabilities	$	2,622
Deferred revenue		4,749
Loan discharge reserve		1,900
Other long-term liabilities		46
Total liabilities assumed	$	9,317

Net assets acquired	$	43,819

Pro forma financial information relating to the Trident acquisition is not presented because the acquisition is not considered significant pursuant to Regulation S-X promulgated by the U.S. Securities and Exchange Commission.