(3) Acquisitions 2019 Acquisition Cobra Equipment Rentals LLC (dba We-Rent-It) Effective February 1, 2019, we completed the acquisition of We-Rent-It (WRI), an equipment rental company with six branches located in central Texas. The acquisition expands our presence in the surrounding markets. The aggregate consideration paid to the owners of WRI was approximately $107.9 million. The acquisition and related fees and expenses were funded from borrowings under our Credit Facility (defined below). The following table summarizes the final estimated fair value of the assets acquired and liabilities assumed as of the acquisition date. The final closing statement was settled during the first quarter of 2020 resulting in a $0.6 million decrease in the total consideration paid. $s in thousands Cash $ 1,745 Accounts receivable 5,119 Inventory 731 Prepaid expenses and other assets 544 Rental equipment 51,747 Property and equipment 3,207 Other assets 21 Intangible assets (1) 8,700 Total identifiable assets acquired 71,814 Accounts payable (115 ) Accrued expenses payable and other liabilities (991 ) Total liabilities assumed (1,106 ) Net identifiable assets acquired 70,708 Goodwill (2) 37,186 Net assets acquired $ 107,894 (1) The following table reflects the estimated fair values and useful lives of the acquired intangible assets identified based on our purchase accounting assessments: Fair Value (amounts in thousands) Life (years) Customer relationships $ 8,500 10 Tradenames 200 1 $ 8,700 (2) We have allocated the $37.2 million goodwill among our six goodwill reporting units as follows (amounts in thousands): Rental Component 1 $ 14,679 Rental Component 2 19,458 New Equipment 254 Used Equipment 492 Parts 2,012 Service 291 $ 37,186 The level of goodwill that resulted from the WRI acquisition is primarily reflective of WRIs going-concern value, the value of WRIs assembled workforce, new customer relationships expected to arise from the acquisition and expected synergies from combining operations. We currently expect the goodwill recognized to be 100% deductible for income tax purposes. Total WRI acquisition costs were $0.4 million. Since our acquisition of WRI on February 1, 2019, significant amounts of equipment rental fleet have been moved between H&amp;E locations and the acquired WRI locations, as well as branch consolidations among the WRI branches acquired and H&amp;E branches have occurred, and therefore, it is impractical to reasonably estimate the amount of WRI revenues and earnings since the acquisition date. Pro forma financial information We completed the We-Rent-It acquisition on February 1, 2019. Therefore, our condensed consolidated statements of operations for the three month periods ended March 31, 2020 and 2019 and included herein, includes We-Rent-It for the period of February 1, 2019 through March 31, 2020. The pro forma information below gives effect to the WRI acquisition as if it had been completed on January 1, 2018 (the WRI pro forma acquisition date). The pro forma information below is not necessarily indicative of our results of operations had the acquisitions been completed on the above date, nor is it necessarily indicative of our future results. The pro forma information does not reflect any cost savings from operating efficiencies or synergies that could result from the acquisitions, nor does it reflect additional revenue opportunities following the acquisition. The pro forma adjustments reflected in the table below are subject to change as additional analysis is performed. Pursuant to ASC 805, Business Combinations, pro forma disclosures should be repeated whenever the year or interim period of the acquisition is presented. Since the WRI acquisition was completed in the first quarter of 2019, the pro forma information below gives effect to the WRI acquisition as if the acquisition occurred on January 1, 2018 (the WRI pro forma acquisition date) for the three month period ended March 31, 2018. The tables below present unaudited pro forma consolidated statements of operations information for the three month period ended March 31, 2018 as if WRI w as included in our consolidated results for the entire period presented. (amounts in thousands, except per share data) Three Month Period Ended March 31, 2018 H&amp;E(1) We-Rent-It Total Total revenues $ 260,482 $ 7,587 $ 268,069 Pretax income 13,068 784 13,852 Pro forma adjustments to pretax income: Impact of fair value mark-ups/useful life changes on depreciation (2)  (250 ) (250 ) Intangible asset amortization (3)  (122 ) (122 ) Interest expense (4)  (1,356 ) (1,356 ) Elimination of historic interest expense (5)  80 80 Pro forma pretax income (loss) 13,068 (864 ) 12,204 Income tax expense (benefit) 3,590 (235 ) 3,355 Net income (loss) $ 9,478 $ (629 ) $ 8,849 Net income (loss) per share  basic (6) $ 0.27 $ (0.02 ) $ 0.25 Net income (loss) per share  diluted (6) $ 0.26 $ (0.02 ) $ 0.25 (1) Amounts presented above for H&amp;E were derived from the Companys consolidated statements of income in its Quarterly Report on Form 10-Q for the three month period ended March 31, 2018. (2) Depreciation of rental equipment and non-rental equipment were adjusted for the fair value markups, and the changes in useful lives and salvage values of the equipment acquired in the acquisition. (3) Represents the amortization of the intangible asset acquired in the acquisition. (4) Interest expense was adjusted to reflect the additional debt resulting from the acquisition. (5) Represents the elimination of historic debt of WRI that is not part of the combined entity. (6) Because of the method used in calculating per share data, the summation of entities may not necessarily total to the per share data computed for the total company due to rounding.