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Business Combinations | 3 Months Ended
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Mar. 31, 2018
Business Combinations [Abstract] |
Business Combinations | Note 11. Business Combinations On March 29, 2018, we acquired the remaining 50% member interest in our Delaware Processing joint venture for $153.6 million in cash. As a result, Delaware Processing is now our wholly-owned consolidated subsidiary. Delaware Processing owns a cryogenic natural gas processing facility having a capacity of 150 million cubic feet per day. The facility is located in Reeves County, Texas and entered service in August 2016. The acquired business serves growing production of NGL-rich natural gas from the Delaware Basin in West Texas and southern New Mexico. The following table presents the preliminary fair value allocation of assets acquired and liabilities assumed in the acquisition at March 29, 2018. Due to the recent nature of this transaction, the allocation is provisional and subject to ongoing efforts to clarify the values assigned to tangible and identifiable intangible assets. We expect these open matters to be resolved by the end of the second quarter of 2018.
Cash paid for remaining 50% equity interest in Delaware Processing |  | $ | 153.6 |
Fair value of our 50% equity interest in Delaware Processing held before the acquisition |  |  | 146.4 |
Total |  |  | 300.0 |
Recognized amounts of identifiable assets acquired and liabilities assumed: |  |  |  |
Assets acquired in business combination: |  |  |  |
Current assets, including cash of $3.8 million |  | $ | 12.7 |
Property, plant and equipment |  |  | 200.0 |
Contract-based intangible assets |  |  | 78.8 |
Customer relationship intangible assets |  |  | 10.4 |
Total assets acquired |  | $ | 301.9 |
Liabilities assumed in business combination: |  |  |  |
Current liabilities |  | $ | (1.3 | )
Long-term liabilities |  |  | (0.6 | )
Total liabilities assumed |  | $ | (1.9 | )
Total identifiable net assets |  | $ | 300.0 |
Goodwill |  | $ | -- |
Prior to this acquisition, we accounted for our investment using the equity method. On a historical pro forma basis, our revenues, costs and expenses, operating income, net income attributable to Enterprise Products Partners L.P. and earnings per unit amounts for the three months ended March 31, 2018 and 2017 would not have differed materially from those we actually reported had the acquisition been completed on January 1, 2017 rather than March 29, 2018. At March 29, 2018, our 50% equity investment in Delaware Processing was $109.4 million. Upon acquisition of the remaining 50% member interest, our existing equity investment was remeasured to fair value resulting in the recognition of a non-cash $37.0 million gain, which is presented within Other Income on our Unaudited Condensed Consolidated Statement of Operations for the three months ended March 31, 2018. The results for this business will continue to be reported under the NGL Pipelines & Services business segment.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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