Acquisition and Divestitures Acquisition and Divestitures (Tables)

9 Months Ended

Sep. 30, 2017

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

PRELIMINARY ACQUISITION DATE PURCHASE PRICE ALLOCATION (in millions)



Inventory	$	2
Property, plant and equipment	571
Intangibles (a)	122
Goodwill (b)	10
Total purchase price	$	705


(a)	The intangibles consist of customer contracts with a weighted average amortization period of 10.6 years. Amortization of intangible assets for the three and nine months ended September 30, 2017 was $2 million and $9 million, respectively.


(b)	We evaluated several factors that contributed to the amount of goodwill presented above. These factors include the geographic proximity of the acquired assets to existing assets owned by the Partnership along with the improved overall basin logistics efficiencies we can leverage.

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

PRELIMINARY ACQUISITION DATE PURCHASE PRICE ALLOCATION (in millions)



Cash	$	22
Receivables	112
Inventories	11
Prepayments and Other Current Assets	6
Property, Plant and Equipment (a)	1,301
Goodwill	734
Acquired Intangibles	130
Other Noncurrent Assets	2
Accounts Payable	(167		)
Accrued Liabilities	(41		)
Debt	(347		)
Total purchase price	$	1,763


(a)	Estimated useful lives ranging from 3 to 22 years have been assumed based on the preliminary valuation.

Business Acquisition, Pro Forma Information [Table Text Block]

PRO FORMA CONSOLIDATED REVENUES AND CONSOLIDATED NET EARNINGS (in millions)



	Three Months Ended September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
Revenues	$	1,086	$	877	$	3,148	$	2,515
Net earnings (a)	115		86		349		245

(a)

While many recurring adjustments impact the pro forma figures presented, the increase in pro forma net earnings compared to our net earnings presented on the condensed statements of consolidated operations for the nine months ended September 30, 2017 includes a significant non-recurring adjustment removing acquisition and integration costs from 2017 and reflects these costs in the first quarter of 2016, the period the acquisition was assumed to be completed for pro forma purposes.