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Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2016
Business Combinations [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | A summary of the preliminary estimated fair value of the assets acquired and liabilities assumed in the WRC Acquisition is as follows (in thousands):
Cash | $ | 183 |
Accounts receivable | 16,880 |
Inventories | 27,904 |
Prepaid and other assets | 1,304 |
Property, plant and equipment | 258,095 |
Goodwill (1) | 63,266 |
Total assets (2) | 367,632 |
Accounts payable and other current liabilities | (57,861 | )
Wyoming Refining Senior Secured Revolver | (10,100 | )
Wyoming Refining Senior Secured Term Loan | (58,036 | )
Other non-current liabilities | (32,269 | )
Total liabilities | (158,266 | )
Total | $ | 209,366 |
______________________________________________ (1) We allocated $41.6 million and $21.7 million of goodwill to our refining and logistics segments, respectively. (2) We allocated $295.9 million and $71.7 million of total assets to our refining and logistics segments, respectively.
Business Acquisition, Pro Forma Information | The following unaudited pro forma financial information presents our consolidated revenues and net income as if the Mid Pac acquisition had been completed on January 1, 2014 (in thousands):
| Nine Months Ended September 30, 2015
Revenues | $ | 1,649,915 |
Net income | 10,069 |
The following unaudited pro forma financial information presents our consolidated revenues and net income (loss) as if the WRC Acquisition had been completed on January 1, 2015 (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Revenues | $ | 522,163 |  |  | $ | 598,211 |  |  | $ | 1,463,101 |  |  | $ | 1,889,449 |
Net income (loss) | (26,384 | ) |  | 22,651 |  |  | (64,926 | ) |  | 36,915 |
Earnings (loss) per share |  |  |  |  |  |  |
Basic | $ | (0.58 | ) |  | $ | 0.58 |  |  | $ | (1.43 | ) |  | $ | 0.99 |
Diluted | $ | (0.58 | ) |  | $ | 0.49 |  |  | $ | (1.43 | ) |  | $ | 0.85 |

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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=56956515&loc=d3e1392-128463 + 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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4845-128472 + Details
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