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Acquisitions (Tables) | 6 Months Ended
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Jun. 30, 2012
Acquisitions |
Business acquisition preliminary fair value determination - BP Acquisition |
The preliminary determination of the fair value of the assets and liabilities acquired is as follows (in millions):
|  |  |  | Average |
|  |  |  | Depreciable |
Description |  | Amount |  | Life (in years) |
Working capital |  | $ | 253 |  | N/A |
Property and equipment |  | 1,067 |  | 5 - 70 |
Linefill |  | 84 |  | N/A |
Long-term inventory |  | 166 |  | N/A |
Intangible assets (contract) |  | 132 |  | 14 |
Goodwill |  | 244 |  | N/A |
Deferred tax liability |  | (244 | ) | N/A |
Environmental liability |  | (14 | ) | N/A |
Other long-term liabilities |  | (5 | ) | N/A |
Total |  | $ | 1,683 |  |  |
Schedule of amortization of the contract under the declining balance method of amortization for the five full or partial calendar years |
2012 (1) |  | $ | 39 |
2013 |  | $ | 30 |
2014 |  | $ | 10 |
2015 |  | $ | 8 |
2016 |  | $ | 7 |
2017 |  | $ | 6 |
(1) Estimated amortization is for the period of April 1, 2012 through December 31, 2012.
Schedule of preliminary allocation of total assets acquired by reportable segment - BP Acquisition |
The following table reflects the preliminary determination of total assets and total net assets by segment as a result of the BP NGL Acquisition (in millions):
|  | Total |  | Total |
|  | Assets |  | Net Assets |
Transportation |  | $ | 558 |  | $ | 398 |
Facilities |  | 1,067 |  | 787 |
Supply and Logistics |  | 845 |  | 498 |
Total |  | $ | 2,470 |  | $ | 1,683 |
Summary of unaudited pro forma results of operations |
Selected unaudited pro forma results of operations for the three and six months ended June 30, 2012 and 2011, assuming the BP NGL Acquisition had occurred on January 1, 2011, are presented below (in millions, except per unit amounts):
|  | Three Months Ended |  | Six Months Ended |
|  | June 30, |  | June 30, |
|  | 2012 |  | 2011 |  | 2012 |  | 2011 |
Total revenues |  | $ | 9,786 |  | $ | 9,937 |  | $ | 19,828 |  | $ | 18,541 |
Net income attributable to Plains |  | $ | 378 |  | $ | 239 |  | $ | 600 |  | $ | 498 |
Limited partner interest in net income attributable to Plains |  | $ | 303 |  | $ | 186 |  | $ | 460 |  | $ | 394 |
Net income per limited partner unit: |  |  |  |  |  |  |  |  |
Basic |  | $ | 1.86 |  | $ | 1.20 |  | $ | 2.83 |  | $ | 2.60 |
Diluted |  | $ | 1.85 |  | $ | 1.20 |  | $ | 2.81 |  | $ | 2.58 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141 -Paragraph 54 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141 -Paragraph 55 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141R -Paragraph 68 -Subparagraph r(2, 3) -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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- Definition Tabular disclosure of the estimated aggregate amortization expense for intangible assets subject to amortization for each of the five succeeding fiscal years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=7658586&loc=d3e16323-109275 + Details
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