Business Acquisitions (Tables)

12 Months Ended

Dec. 31, 2019

The purchase price allocation was finalized in the fourth quarter of 2019. A summarized purchase price allocation is as follows:



(in thousands)
Cash consideration paid	$	171,147
Equity consideration	127,841
Purchase price holdback/ other accrued liabilities	29,956
Total purchase price consideration	$	328,944

The purchase price allocation is preliminary, pending completion of the full valuation report, finalization of deferred income taxes and working capital adjustments. A summarized preliminary purchase price allocation is as follows:



(in thousands)
Non-cash consideration	$	7,318
Investments contributed at fair value	124,662
Investment contributed at cost	50,875
Total purchase price consideration	$	182,855

Schedule of Fair Value of Assets Acquired and Liabilities Assumed

The final purchase price allocation at January 1, 2019, is as follows:



(in thousands)
Cash and cash equivalents	$	21,525
Accounts receivable	320,467
Inventories	456,963
Commodity derivative assets - current	82,595
Other current assets	27,474
Commodity derivative assets - noncurrent	13,576
Goodwill	126,610
Other intangible assets	112,900
Right of use asset	37,894
Equity method investments	28,728
Other assets, net	5,355
Property, plant and equipment, net	171,717
	1,405,804

Short-term debt	218,901
Trade and other payables	303,321
Commodity derivative liabilities - current	29,024
Customer prepayments and deferred revenue	99,530
Accrued expense and other current liabilities	66,109
Other long-term liabilities, including commodity derivative liabilities - noncurrent	3,175
Long-term lease liabilities	21,193
Long-term debt, including current maturities	161,689
Deferred income taxes	15,531
	918,473
Fair value of acquired assets and assumed liabilities	487,331

Removal of preexisting ownership interest, including associated cumulative translation adjustment	(159,459		)
Pretax loss on derecognition of preexisting ownership interest	1,072
Total purchase price consideration	$	328,944

The preliminary purchase price allocation at October 1, 2019, is as follows:



(in thousands)
Cash and cash equivalents	$	47,042
Accounts receivable	12,175
Inventories	31,765
Other current assets	2,638
Goodwill	2,726
Right of use asset	5,200
Other assets, net	861
Property, plant and equipment, net	321,380
	423,787

Trade and other payables	13,461
Accrued expense and other current liabilities	3,011
Other long-term liabilities	209
Long-term lease liabilities	2,230
Long-term debt, including current maturities	47,886
	66,797
Marathon Noncontrolling Interest	174,135
Net Assets Acquired	$	182,855

Removal of preexisting ownership interest	$	(88,426	)
Pretax gain on derecognition of preexisting ownership interest	$	36,286

Schedule of Intangible Assets Acquired

Details of the intangible assets acquired are as follows:



(in thousands)			Estimated useful life
Customer relationships	$	92,400	10 years
Noncompete agreements	20,500		3 years
Total other intangible assets	$	112,900	8 years	*

*weighted average number of years

Schedule of Pro Forma Financial Information

The summary pro forma financial information for the periods presented below gives effect to the LTG and TAMH acquisitions as if they had occurred at January 1, 2018.



	Year ended December 31,
(in thousands)	2019			2018
Net sales	$	8,377,863		$	8,588,978
Net income	(24,475		)	77,007