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 millions):
Base purchase price:$291.6 
Plus: Adjusted Net Working Capital (as defined in the Gravity Acquisition Agreement)
3.8 
Plus: Various closing adjustments
5.4 
Adjusted purchase price$300.8 
Cash paid $209.3 
Fair value of common units issued (1)
91.5 
Purchase price$300.8 
(1)The increase from the $85.0 million base purchase price outlined in the purchase agreement for the common unit consideration was driven by an appreciation in the common unit price.
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 millions):
Assets acquired:
Cash and cash equivalents$5.3 
Accounts receivables16.4 
Inventories1.8 
Other current assets1.7 
Property, plant and equipment191.5 
Operating lease right-of-use assets0.1 
Other intangibles (1)
98.2 
Other non-current assets0.1 
Total assets acquired315.1 
Liabilities assumed:
Accounts payable2.5 
Accrued expenses and other current liabilities5.7 
Current portion of operating lease liabilities0.1 
Asset retirement obligations6.0 
Total liabilities assumed14.3 
Fair value of net assets acquired$300.8 
(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, which will be amortized over approximately 32 years.
•Rights-of-way intangibles are valued at $31.9 million, the majority of which have an indefinite life.