Acquisitions (Tables)

3 Months Ended

Mar. 31, 2015

Business Combination, Financial Information [Table Text Block]

The tables on the following pages present our results of operations, the effect of including the results of the Logistics Assets and the El Dorado Terminal and Tank Assets and the adjusted total amounts included in our condensed consolidated financial statements.

Condensed Combined Balance Sheet



	Delek Logistics Partners, LP			El Dorado Assets (El Dorado Assets Predecessor)			Tyler Assets (Tyler Assets Predecessor)		December 31, 2014
	(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents	$	1,861		$	—		$	—	$	1,861
Accounts receivable	27,956			—			—		27,956
Inventory	10,316			—			—		10,316
Deferred tax assets	28			—			—		28
Other current assets	768			—			—		768
Total current assets	40,929			—			—		40,929
Property, plant and equipment:
Property, plant and equipment	288,354			8,267			11,776		308,397
Less: accumulated depreciation	(52,992		)	(317		)	—		(53,309		)
Property, plant and equipment, net	235,362			7,950			11,776		255,088
Goodwill	11,654			—			—		11,654
Intangible assets, net	16,520			—			—		16,520
Other non-current assets	7,374			—			—		7,374
Total assets	$	311,839		$	7,950		$	11,776	$	331,565
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	18,208		$	—		$	—	$	18,208
Accounts payable to related parties	628			—			—		628
Excise and other taxes payable	5,443			—			—		5,443
Accrued expenses and other current liabilities	1,588			—			—		1,588
Tank inspection liabilities	2,829			—			—		2,829
Pipeline release liabilities	1,899			—			—		1,899
Total current liabilities	30,595			—			—		30,595
Non-current liabilities:
Revolving credit facility	251,750			—			—		251,750
Asset retirement obligations	3,319			—			—		3,319
Deferred tax liabilities	231			—			—		231
Other non-current liabilities	5,889			—			—		5,889
Total non-current liabilities	261,189			—			—		261,189
Equity:
Predecessors division equity	—			7,950			11,776		19,726
Common unitholders - public (9,417,189 units issued and outstanding)	194,737			—			—		194,737
Common unitholders - Delek (2,799,258 units issued and outstanding)	(241,112		)	—			—		(241,112		)
Subordinated unitholders - Delek (11,999,258 units issued and outstanding)	73,515			—			—		73,515
General Partner unitholders - Delek (494,197 units issued and outstanding)	(7,085		)	—			—		(7,085		)
Total equity	20,055			7,950			11,776		39,781
Total liabilities and equity	$	311,839		$	7,950		$	11,776	$	331,565

Condensed Combined Statements of Operations



	Delek Logistics Partners, LP		El Dorado Assets (El Dorado Assets Predecessor)			Tyler Assets (Tyler Assets Predecessor)			Three Months Ended March 31, 2015
	(In thousands)
Net Sales	$	143,512	$	—		$	—		$	143,512
Operating costs and expenses:
Cost of goods sold	108,407		—			—			108,407
Operating expenses	10,610		167			—			10,777
General and administrative expenses	3,409		—			—			3,409
Depreciation and amortization	4,030		372			98			4,500
Loss on asset disposals	5		—			—			5
Total operating costs and expenses	126,461		539			98			127,098
Operating income (loss)	17,051		(539		)	(98		)	16,414
Interest expense, net	2,157		—			—			2,157
Net income (loss) before income tax expense	14,894		(539		)	(98		)	14,257
Income tax expense	254		—			—			254
Net income (loss)	14,640		(539		)	(98		)	14,003
Less: loss attributable to Predecessors	—		(539		)	(98		)	(637		)
Net income attributable to partners	$	14,640	$	—		$	—		$	14,640



	Delek Logistics Partners, LP		El Dorado Assets (El Dorado Assets Predecessor)			El Dorado Terminal and Tank Assets (El Dorado Predecessor)			Three Months Ended March 31, 2014 ⁽¹⁾
	(In thousands)
Net Sales	$	203,527	$	—		$	—		$	203,527
Operating costs and expenses:
Cost of goods sold	172,209		—			—			172,209
Operating expenses	8,536		177			783			9,496
General and administrative expenses	2,617		—			46			2,663
Depreciation and amortization	3,363		—			114			3,477
Total operating costs and expenses	186,725		177			943			187,845
Operating income (loss)	16,802		(177		)	(943		)	15,682
Interest expense, net	1,983		—			—			1,983
Net income (loss) before income tax expense	14,819		(177		)	(943		)	13,699
Income tax expense	147		—			—			147
Net income (loss)	14,672		(177		)	(943		)	13,552
Less: loss attributable to Predecessors	—		(177		)	(943		)	(1,120		)
Net income attributable to partners	$	14,672	$	—		$	—		$	14,672

⁽¹⁾There were no revenues or expenses associated with the Tyler Assets Predecessor included in our condensed consolidated financial statements for the three months ended March 31, 2014 as the Tyler Assets were not fully constructed and were not placed into service until January 2015.

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The following table summarizes the allocation of the aggregate purchase price for each of the third party acquisitions described above (in thousands):



	FTT Assets ⁽¹⁾			Greenville-Mount Pleasant Assets ⁽²⁾
Property, plant and equipment	$	11,055		4,829
Intangible assets	—			5,171
Inventory	—			1,125
Accounts Receivable	1,871			—
Accounts Payable	(1,401		)	—
Total	$	11,525		$	11,125


⁽¹⁾	Allocations are preliminary. The property, plant and equipment valuation is subject to change during the purchase price allocation period.


⁽²⁾	During the first quarter of 2015, we adjusted our purchase price allocation and certain of the acquisition-date fair values previously disclosed. The property, plant and equipment and intangible assets valuation are subject to change during the purchase price allocation period.

Business Acquisition, Pro Forma Information [Table Text Block]

Below are the unaudited pro forma consolidated results of operations of the Partnership for the three months ended March 31, 2014, as if these acquisitions had occurred on January 1, 2014 (in thousands):



	Three Months Ended
	March 31, 2014
FTT Assets:
Net sales	$	206,761
Net income	$	13,719
Greenville-Mount Pleasant Assets:
Net sales	$	203,699
Net income	$	13,443