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BUSINESS COMBINATION
 3 Months Ended
Mar. 31, 2020
Business Combinations [Abstract]  
BUSINESS COMBINATION BUSINESS COMBINATION:
AEP Acquisition

On August 31, 2019, SJI, through its wholly-owned subsidiary SJEI, completed its acquisition of AEP for $4.0 million in total consideration, inclusive of certain working capital and other closing adjustments.

The acquisition of AEP was accounted for as a business combination using the acquisition method of accounting in accordance with GAAP. Under the acquisition method of accounting, the total estimated purchase price of an acquisition is allocated to the net assets based on their estimated fair values. AEP does not have any regulated operations.

The Company has not finalized its valuation of certain assets and liabilities in connection with the acquisition of AEP. As such, the estimated measurements recorded to date are subject to change. Any changes will be recorded as adjustments to the fair value of those assets and liabilities and residual amounts will be allocated to goodwill. The final valuation adjustments may also require adjustment to the consolidated statements of operations and cash flows. The final determination of these fair values will be completed as soon as possible but no later than one year from the acquisition date.
The purchase price for the AEP acquisition has been allocated, on a preliminary basis, to the assets acquired and liabilities assumed as of the acquisition date and is as follows:


(in thousands)AEP
Cash$43  
Accounts Receivable116  
Other Prepayments and Current Assets53  
Goodwill1,843  
Other Noncurrent Assets (A)2,400  
     Total assets acquired4,455  
Accounts Payable11  
Other Current Liabilities449  
     Total liabilities assumed460  
          Total net assets acquired$3,995  

(A) Balance is comprised of identifiable intangible assets.

All assets and financial results of AEP are included in the Corporate & Services segment. The amount of AEP revenues and net income included in the Company's condensed consolidated statement of income for the three months ended March 31, 2020 is approximately $0.3 million and approximately $0.2 million, respectively.