v3.26.1
Acquisitions (Tables)
 6 Months Ended
Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combination
The table below presents the purchase price (in thousands):
Base purchase price:
$
291,561 
Less: Adjusted Net Working Capital (as defined in the Gravity Acquisition Agreement)
3,814 
Plus: Various closing adjustments
5,433 
Adjusted purchase price
$
300,808 
Cash paid
$
209,297 
Fair value of common units issued
91,511 
Purchase price
$
300,808 
Business Combination, Recognized Asset Acquired and Liability Assumed
The following table summarizes the fair values of assets acquired and liabilities assumed in the Gravity Acquisition as of January 2, 2025 (in thousands):
Assets acquired:
Cash and cash equivalents
$
5,317 
Accounts receivables
16,433 
Inventories
1,851 
Other current assets
1,681 
Property, plant and equipment
191,485 
Operating lease right-of-use assets
107 
Customer relationship intangible (1)
66,271 
Other intangibles (1)
31,921 
Other non-current assets
59 
Total assets acquired
315,125 
Liabilities assumed:
Accounts payable
2,459 
Accrued expenses and other current liabilities
5,733 
Current portion of operating lease liabilities
54 
Asset retirement obligations
6,022 
Operating lease liabilities, net of current portion
49 
Total liabilities assumed
14,317 
Fair value of net assets acquired
$
300,808 
(1)The acquired intangible assets amount includes the following identified intangibles:
•Customer relationship intangible that is subject to amortization with a fair value of $66.3 million, amortized over approximately 32 years.
•Rights-of-way intangibles are valued at $31.9 million, the majority of which have an indefinite life.