Significant Accounting Polices (Tables)

9 Months Ended

Sep. 30, 2021

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction

The following table summarizes the contractually committed fees (in millions) that we expect to recognize in our consolidated statements of operations, in either revenue or reductions to cost of sales, from MVC and firm transportation contractual provisions. All amounts in the table below are determined using the contractually-stated MVC or firm transportation volumes specified for each period multiplied by the relevant deficiency or reservation fee. Actual amounts could differ due to the timing of revenue recognition or reductions to cost of sales resulting from make-up right provisions included in our agreements, as well as due to nonpayment or nonperformance by our customers. We record revenue under MVC and firm transportation contracts during periods of shortfall when it is known that the customer cannot, or will not, make up the deficiency. These fees do not represent the shortfall amounts we expect to collect under our MVC and firm transportation contracts, as we generally do not expect volume shortfalls to equal the full amount of the contractual MVCs and firm transportation contracts during these periods.


Contractually Committed Fees	Commitments (1)
2021 (remaining)	$	38.9
2022	136.3
2023	123.5
2024	107.6
2025	63.7
Thereafter	347.3
Total	$	817.3

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(1)Amounts do not represent expected shortfall under these commitments.

Schedule of Assets Acquired and Liabilities Assumed

The following table presents the fair value of the identified assets received and liabilities assumed at the acquisition date (in millions):


Consideration
Cash (including working capital payment)	$	50.6
Installment payable	10.0
Contingent consideration fair value (1)	6.9
Total consideration:	$	67.5

Purchase price allocation
Assets acquired:
Current assets (including $1.3 million in cash)	$	1.4
Property and equipment	16.3
Intangible assets	50.6
Other assets, net (2)	0.6
Liabilities assumed:
Current liabilities	(0.8)
Other long-term liabilities (2)	(0.6)
Net assets acquired	$	67.5

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(1)The estimated fair value of the Amarillo Rattler, LLC contingent consideration was calculated in accordance with the fair value guidance contained in ASC 820, Fair Value Measurements. There are a number of assumptions and estimates factored into these fair values and actual contingent consideration payments could differ from the estimated fair values.

(2)“Other assets, net” and “Other long-term liabilities” consist of the right-of-use asset and lease liability, respectively, recorded from a lease obtained through the acquisition of Amarillo Rattler, LLC.