v3.19.3.a.u2
ACQUISITIONS (Tables)
 12 Months Ended
Dec. 31, 2019
Business Combinations [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] The following table reflects the final purchase price allocation:
 
Purchase Price Allocation
 
(Thousands of Dollars)
Accounts receivable
$
4,747

Other current assets
2,359

Property, plant and equipment, net
376,690

Intangible assets (a)
700,000

Goodwill (b)
398,024

Other long-term assets, net
2,199

Current liabilities
(22,300
)
Purchase price allocation, net of cash acquired
$
1,461,719

(a)
Intangible assets, which consist of customer contracts and relationships, are amortized on a straight-line basis over a period of 20 years.
(b)
The goodwill acquired represents the expected benefit from entering new geographic areas and the anticipated opportunities to generate future cash flows from the assets acquired and potential future projects.
Business Acquisition, Pro Forma Information [Table Text Block]
The unaudited pro forma information for the year ended December 31, 2017 below presents the combined historical financial information for Navigator and the Partnership for those periods. This information assumes:
•
we completed the Navigator Acquisition on January 1, 2017;
•
we issued approximately 14.4 million common units;
•
we received a contribution from our general partner of $13.6 million to maintain the 2% general partner economic interest it owned at that time;
•
we issued 15.4 million Series B Preferred Units;
•
we issued $550.0 million of 5.625% senior notes;
•
additional depreciation and amortization that would have been incurred assuming the fair value adjustments to property, plant and equipment and intangible assets reflected in the purchase price allocation above; and
•
we satisfied Navigator’s outstanding obligations under its revolving credit agreement.
 
Year Ended December 31, 2017
 
(Thousands of Dollars, Except Per Unit Data)
Revenues
$
1,828,418

Net income
$
127,433

 
 
Basic and diluted net income per common unit
$
0.31


The pro forma information for the year ended December 31, 2017 includes transaction costs of $14.1 million, which were directly attributable to the Navigator Acquisition. The pro forma information is unaudited and is not necessarily indicative of the results of operations that would have resulted had the Navigator Acquisition occurred on January 1, 2017 or that may result in the future.