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Acquisitions (Tables) | 6 Months Ended
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Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of Business Acquisitions, by Acquisition | The table below presents the purchase price (in thousands):
Base purchase price: | $ | 624,700 |
Add: closing net working capital (as defined in the 3 Bear Purchase Agreement) | 3,600 |
Less: closing indebtedness (as defined in the 3 Bear Purchase Agreement) | (80,618) |
Cash paid for the adjusted purchase price | 547,682 |
Cash paid to payoff 3 Bear credit agreement (as defined in the 3 Bear Purchase Agreement) | 80,618 |
Purchase price | $ | 628,300 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the final fair values of assets acquired and liabilities assumed in the Delaware Gathering Acquisition as of June 1, 2022 (in thousands):
Assets acquired: |  |
Cash and cash equivalents |  | $ | 2,678 |
Accounts receivables, net |  | 28,859 |
Inventories |  | 1,836 |
Other current assets |  | 986 |
Property, plant and equipment |  | 382,799 |
Operating lease right-of-use assets |  | 7,427 |
Goodwill |  | 14,848 |
Customer relationship intangible, net |  | 210,000 |
Rights-of-way |  | 13,490 |
Other non-current assets |  | 500
Total assets acquired |  | 663,423 |
Liabilities assumed: |  |
Accounts payable |  | 8,020 |
Accrued expenses and other current liabilities |  | 22,382 |
Current portion of operating lease liabilities |  | 1,029 |
Asset retirement obligations |  | 2,261 |
Operating lease liabilities, net of current portion |  | 1,431 |
Total liabilities assumed |  | 35,123 |
Fair value of net assets acquired |  | $ | 628,300 |
Business Acquisition, Pro Forma Information | The following table summarizes the unaudited pro forma financial information of the Partnership assuming the Delaware Gathering Acquisition had occurred on January 1, 2021. The unaudited pro forma financial information has been adjusted to give effect to certain pro forma adjustments that are directly related to the Delaware Gathering Acquisition based on available information and certain assumptions that management believes are factually supportable. The most significant pro forma adjustments relate to (i) incremental interest expense and amortization of deferred financing costs associated with revolving credit facility borrowings incurred in connection with the Delaware Gathering Acquisition, (ii) incremental depreciation resulting from the estimated fair values of acquired property, plant and equipment, (iii) incremental amortization resulting from the estimated fair value of the acquired customer relationship intangibles, (iv) accounting policy alignment and (v) transaction costs. The unaudited pro forma financial information excludes any expected cost savings or other synergies as a result of the Delaware Gathering Acquisition. The unaudited pro forma financial information is not necessarily indicative of the results of operations that would have been achieved had the Delaware Gathering Acquisition been effective as of the date presented, nor is it indicative of future operating results of the combined company. Actual results may differ significantly from the unaudited pro forma financial information.
(in thousands, except per unit data) |  |  | Three Months Ended June 30, 2022 |  | Six Months Ended June 30, 2022
Net sales |  |  | $ | 314,909 |  |  | $ | 571,849 |
Net income attributable to partners |  |  | $ | 35,511 |  |  | $ | 65,392 |
Net income per limited partner unit: |  |  |  |  |
Basic income per unit |  |  | $ | 0.82 |  |  | $ | 1.50 |
Diluted income per unit |  |  | $ | 0.82 |  |  | $ | 1.50 |

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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/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
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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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