Acquisitions (Tables)

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

Schedule of Business Acquisitions

This acquisition is considered a transfer of net assets between entities under common control. The acquisition of MTI was recorded at the historical carrying value of the assets at the acquisition date, which were as follows:

Accounts receivable, net	$	11,724
Inventories	1,138
Due from affiliates	1,042
Other current assets	897
Property, plant and equipment, net	25,383
Goodwill	489
Other noncurrent assets	362
Current installments of finance lease obligations	(5,409		)
Accounts payable	(2,564		)
Due to affiliates	(482		)
Other accrued liabilities	(2,588		)
Finance lease obligations, net of current installments	(6,272		)
Historical carrying value of assets acquired	$	23,720

Purchase price	$	27,420
Purchase price true-up	26
Historical carrying value of assets allocated to "Property, plant and equipment"	19,533
Excess purchase price over carrying value of acquired assets	$	7,913

On January 2, 2019, the Partnership acquired all of the issued and outstanding equity interests of MTI, a wholly-owned subsidiary of Martin Resource Management Corporation which operates a fleet of tank trucks providing transportation of petroleum products, liquid petroleum gas, chemicals, sulfur and other products, as well as owns 23 terminals located throughout the U.S. Gulf Coast and Southeastern United States for total consideration as follows:

Purchase price1	$	135,000
Plus: Working Capital Adjustment	2,795
Less: Finance lease obligations assumed	(11,682		)
Cash consideration paid	$	126,113

¹The stock purchase agreement also includes a $10,000 earn-out based on certain performance thresholds.

Condensed Income Statement

The separate results of operations related to MTI for the years ended December 31, 2018 and 2017, which were recast as part of the Partnership's Consolidated Statements of Operations, were as follows:

	For the Year Ended December 31,
	2018			2017
Transportation revenue	$	125,333		$	112,127
Operating expenses	105,212			104,304
Selling, general and administrative	5,246			4,449
Depreciation and amortization	3,413			2,284
Total costs and expenses	113,871			111,037
Other operating income, net	596			1,491
Operating income	12,058			2,581
Other income (expense):
Interest expense	(312		)	(26		)
Other, net	12			33
Income before income taxes	11,758			2,588
Income tax expense (benefit)	208			(193		)
Net income	$	11,550		$	2,781