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Acquisitions and Divestment (Tables) | 12 Months Ended
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Dec. 31, 2023
Gladieux Capital Partners, LLC |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | On April 1, 2022, we completed the acquisition of a transmix processing and terminal facility in Huntington, Indiana from Gladieux Capital Partners, LLC for $252 million, net of cash acquired. Management, with the assistance of an independent valuation firm, determined the fair value of assets and liabilities at the date of the acquisition. Goodwill acquired in connection with the acquisition is deductible for tax purposes. The following table summarizes the final allocation of the purchase price among the assets acquired and liabilities assumed:
|  | April 1, 2022
Inventories |  | $ | 108 |
Other current assets |  | 56 |
Property and equipment |  | 73 |
Goodwill |  | 20 |
Intangible assets |  | 98 |
Current liabilities |  | (88) |
Net assets |  | 267 |
Cash acquired |  | (15) |
Total cash consideration, net of cash acquired |  | $ | 252 |
Peerless Oil & Chemicals, Inc. |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | On November 30, 2022, we completed the acquisition of Peerless for $67 million, net of cash acquired. Peerless is an established terminal operator that distributes fuel products to over 100 locations primarily within Puerto Rico. Management, with the assistance of an independent valuation firm, determined the fair value of assets and liabilities at the date of the acquisition. Goodwill acquired in connection with the acquisition is deductible for tax purposes. The following table summarizes the final allocation of the purchase price among the assets acquired and liabilities assumed:
|  | November 30, 2022
Other current assets |  | $ | 26 |
Property and equipment |  | 65 |
Goodwill |  | 11 |
Current liabilities |  | (15) |
Deferred tax liability |  | (11) |
Net assets |  | 76 |
Cash acquired |  | (9) |
Total cash consideration, net of cash acquired |  | $ | 67 |

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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