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Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2019
Business Combinations [Abstract] |
Schedule of Identifiable Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary amounts recognized by NEP for the estimated fair value of assets acquired and liabilities assumed in the June 2019 acquisition:
| As of June 11, 2019
| (millions)
Total consideration transferred | $ | 1,032 |
Identifiable assets acquired and liabilities assumed |
Cash | $ | 4 |
Accounts receivable, other receivables and prepaid expenses | 159 |
Property, plant and equipment – net | 400 |
Intangible assets – PPAs | 1,080 |
Goodwill | 14 |
Other non-current assets | 133 |
Accounts payable, accrued expenses and other current liabilities | (132 | )
Other non-current liabilities | (154 | )
Noncontrolling interest | (472 | )
Total net identifiable assets, at fair value(a) | $ | 1,032 |
______________________ (a) Includes a right of use asset of approximately $20 million and operating lease liabilities of approximately $21 million primarily related to a land use agreement that conveys exclusive use of the land for one of the acquired projects, which were calculated based on a discount rate of 4.57% based on the incremental borrowing rate and a remaining lease term of approximately 26 years as of the date of acquisition. At September 30, 2019, NEP expects to make fixed lease payments of approximately $2 million annually over the next five years and $25 million thereafter.
Supplemental Unaudited Pro forma Results of Operations | NEP’s pro forma results of operations, had the acquisition of NEP Renewables been completed on January 1, 2017, are as follows:
| Three Months Ended September 30, 2018 |  | Nine Months Ended September 30, 2018
| (millions)
Unaudited pro forma results of operations: |  |  |
Pro forma revenues | $ | 201 |  |  | $ | 701 |
Pro forma operating income | $ | 58 |  |  | $ | 425 |
Pro forma net income | $ | 109 |  |  | $ | 378 |
Pro forma net income attributable to NEP | $ | 33 |  |  | $ | 244 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=116869197&loc=d3e4845-128472 + Details
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