Acquisitions and Divestitures (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Preliminary Fair Values Assigned to Assets Acquired and Liabilities Assumed

The following table summarizes the purchase price allocation based on the final fair values assigned to assets acquired and liabilities assumed (in millions):


Cash and cash equivalents	$	9.9
Trade receivables, net of allowances (1)		211.0
Other current assets		3.5
Property, plant and equipment, net		1,669.0
Intangible assets, net		1,882.0
Other long-term assets		57.3
Current liabilities		(236.7	)
Other long-term liabilities		(100.7	)
Purchase price	$	3,495.3

(1)

The fair value of the assets acquired included trade receivables of $211.0 million. The gross amount due under contract was $213.4 million, of which $2.4 million was expected to be uncollectible. Trade receivables, net of allowances, excluded $18.5 million that was due from Targa. We reflected this settlement of a preexisting relationship as a reduction of the purchase price in accordance with ASC 805.

Schedule of Unaudited Pro Forma Financial Information

The following unaudited pro forma summary presents the consolidated results of operations for the years ended December 31, 2022 and 2021 as if the Delaware Basin Acquisition had occurred on January 1, 2021. The unaudited pro forma financial information is presented for informational purposes only and is not necessarily indicative of our results of operations that would have occurred had the transaction been consummated at the beginning of the period presented, nor is it necessarily indicative of future results.


	Year Ended December 31,
	2022		2021
Revenues	$	21,268.9	$	17,464.7
Net income (loss)		1,477.4		215.7