Acquisitions (Tables)

3 Months Ended

Jun. 30, 2015

Water Solutions Facilities - 2016 Acquisitions

Acquisitions

Schedule of the fair values (and useful lives) of the assets acquired and liabilities assumed

We have preliminarily estimated the fair values of the assets acquired (and useful lives) and liabilities assumed as follows (in thousands):

Property, plant and equipment:
Water treatment facilities and equipment (3–30 years)	$	24,511
Buildings and leasehold improvements (7–30 years)	5,050
Land	547
Other (5 years)	30
Goodwill	45,809
Accrued expenses and other payables	(5,102		)
Other noncurrent liabilities	(174		)
Fair value of net assets acquired	$	70,671

Natural Gas Liquids Storage

Acquisitions

Schedule of the fair values (and useful lives) of the assets acquired and liabilities assumed

	Estimated At
	June 30,			March 31,
	2015			2015			Change
	(in thousands)
Accounts receivable—trade	$	42		$	42		$	—
Prepaid expenses and other current assets	883			600			283
Property, plant and equipment:
Natural gas liquids terminal and storage assets (2–30 years)	62,205			62,205			—
Vehicles and railcars (3–25 years)	75			75			—
Land	68			68			—
Other	32			32			—
Construction in progress	19,525			19,525			—
Goodwill	151,570			151,853			(283		)
Intangible assets:
Customer relationships (15 years)	85,000			85,000			—
Non-compete agreements (10 years)	12,000			12,000			—
Accounts payable—trade	(931		)	(931		)	—
Accrued expenses and other payables	(6,511		)	(6,511		)	—
Advance payments received from customers	(1,015		)	(1,015		)	—
Other noncurrent liabilities	(6,817		)	(6,817		)	—
Fair value of net assets acquired	$	316,126		$	316,126		$	—

Schedule of future amortization of liability

We will amortize the remainder of this liability over the term of the leases. The future amortization of this liability is shown below (in thousands):

Year Ending March 31,
2016 (nine months)	$	4,355
2017	4,905
2018	1,306
2019	88

Bakken Shale Play Water Solutions Facilities

Acquisitions

Schedule of the fair values (and useful lives) of the assets acquired and liabilities assumed

	Estimated At
	June 30,			March 31,
	2015			2015			Change
	(in thousands)
Property, plant and equipment:
Vehicles (10 years)	$	63		$	63		$	—
Water treatment facilities and equipment (3–30 years)	5,815			5,815			—
Buildings and leasehold improvements (7–30 years)	130			130			—
Land	100			100			—
Goodwill	6,721			6,560			161
Intangible asset:
Customer relationships (6 years)	22,000			22,000			—
Other noncurrent assets	75			—			75
Other noncurrent liabilities	(304		)	(68		)	(236		)
Fair value of net assets acquired	$	34,600		$	34,600		$	—

TransMontaigne

Acquisitions

Schedule of the fair values (and useful lives) of the assets acquired and liabilities assumed

				Estimated
				at
				March 31,
	Final			2015			Change
	(in thousands)
Cash and cash equivalents	$	1,469		$	1,469		$	—
Accounts receivable—trade	199,366			197,829			1,537
Accounts receivable—affiliates	528			528			—
Inventories	373,870			373,870			—
Prepaid expenses and other current assets	15,110			15,001			109
Property, plant and equipment:
Refined products terminal assets and equipment (20 years)	415,317			399,323			15,994
Vehicles	1,696			1,698			(2		)
Crude oil tanks and related equipment (20 years)	1,085			1,058			27
Information technology equipment	7,253			7,253			—
Buildings and leasehold improvements (20 years)	15,323			14,770			553
Land	61,329			70,529			(9,200		)
Tank bottoms (indefinite life)	46,900			46,900			—
Other	15,536			15,534			2
Construction in progress	4,487			4,487			—
Goodwill	30,169			28,074			2,095
Intangible assets:
Customer relationships (15 years)	66,000			76,100			(10,100		)
Pipeline capacity rights (30 years)	87,618			87,618			—
Investments in unconsolidated entities	240,583			240,583			—
Other noncurrent assets	3,911			3,911			—
Accounts payable—trade	(113,103		)	(113,066		)	(37		)
Accounts payable—affiliates	(69		)	(69		)	—
Accrued expenses and other payables	(79,405		)	(78,427		)	(978		)
Advance payments received from customers	(1,919		)	(1,919		)	—
Long-term debt	(234,000		)	(234,000		)	—
Other noncurrent liabilities	(33,227		)	(33,227		)	—
Noncontrolling interests	(545,120		)	(545,120		)	—
Fair value of net assets acquired	$	580,707		$	580,707		$	—

Water Solutions Facilities - 2015 Acquisitions, 12 completed acquisitions

Acquisitions

Schedule of the fair values (and useful lives) of the assets acquired and liabilities assumed

				Estimated
				at
				March 31,
	Final			2015			Change
	(in thousands)
Accounts receivable—trade	$	939		$	939		$	—
Inventories	253			253			—
Prepaid expenses and other current assets	62			62			—
Property, plant and equipment:
Water treatment facilities and equipment (3–30 years)	60,784			60,784			—
Buildings and leasehold improvements (7–30 years)	5,701			5,701			—
Land	2,122			2,122			—
Other (5 years)	101			101			—
Goodwill	93,358			93,358			—
Intangible asset:
Customer relationships (4 years)	10,000			10,000			—
Other noncurrent assets	50			50			—
Accounts payable—trade	(58		)	(58		)	—
Accrued expenses and other payables	(1,092		)	(1,092		)	—
Other noncurrent liabilities	(420		)	(420		)	—
Noncontrolling interest	(5,775		)	(5,775		)	—
Fair value of net assets acquired	$	166,025		$	166,025		$	—

Water Solutions Facilities - 2015 Acquisitions, five in the process of completion

Acquisitions

Schedule of the fair values (and useful lives) of the assets acquired and liabilities assumed

	Estimated At
	June 30,			March 31,
	2015			2015			Change
	(in thousands)
Property, plant and equipment:
Water treatment facilities and equipment (3–30 years)	$	18,922		$	18,922		$	—
Buildings and leasehold improvements (7–30 years)	4,549			4,549			—
Land	987			987			—
Other (5 years)	28			28			—
Goodwill	39,412			39,412			—
Accrued expenses and other payables	(2,000		)	(2,000		)	—
Other noncurrent liabilities	(162		)	(162		)	—
Fair value of net assets acquired	$	61,736		$	61,736		$	—

Retail Propane - 2015 Acquisitions, seven completed acquisitions

Acquisitions

Schedule of the fair values (and useful lives) of the assets acquired and liabilities assumed

				Estimated
				at
				March 31,
	Final			2015			Change
	(in thousands)
Accounts receivable—trade	$	1,913		$	1,913		$	—
Inventories	583			583			—
Prepaid expenses and other current assets	110			110			—
Property, plant and equipment:
Retail propane equipment (15–20 years)	10,821			10,821			—
Vehicles and railcars (5–7 years)	1,953			1,953			—
Buildings and leasehold improvements (30 years)	534			534			—
Land	455			455			—
Other (5–7 years)	90			90			—
Goodwill	8,097			8,097			—
Intangible assets:
Customer relationships (10–15 years)	16,763			16,763			—
Non-compete agreements (5–7 years)	400			400			—
Trade names (3–12 years)	950			950			—
Accounts payable—trade	(1,523		)	(1,523		)	—
Advance payments received from customers	(1,661		)	(1,661		)	—
Current maturities of long-term debt	(78		)	(78		)	—
Long-term debt, net of current maturities	(760		)	(760		)	—
Fair value of net assets acquired	$	38,647		$	38,647		$	—

Retail Propane 2015 Acquisitions, one in the process of completion

Acquisitions

Schedule of the fair values (and useful lives) of the assets acquired and liabilities assumed

	Estimated At
	June 30,			March 31,
	2015			2015			Change
	(in thousands)
Accounts receivable—trade	$	324		$	324		$	—
Inventories	188			188			—
Property, plant and equipment:
Retail propane equipment (15–20 years)	2,356			2,356			—
Vehicles and railcars (5–7 years)	379			379			—
Buildings and leasehold improvements (30 years)	—			250			(250		)
Land	50			200			(150		)
Other (5–7 years)	26			26			—
Intangible assets:
Customer relationships (10–15 years)	800			800			—
Non-compete agreements (5–7 years)	100			100			—
Accounts payable—trade	—			(398		)	398
Advance payments received from customers	(87		)	(89		)	2
Fair value of net assets acquired	$	4,136		$	4,136		$	—