Note 17. Business Combination 2018 Acquisition Acquisition from Champlain Oil Company, Inc . On July 17, 2018, the Partnership acquired retail fuel and convenience store assets from Champlain Oil Company, Inc. (Champlain) in a cash transaction. The acquisition included 37 company-operated gasoline stations with Jiffy Mart-branded convenience stores in Vermont and New Hampshire and approximately 24 fuel sites that were either owned or leased, including lessee dealer and commission agent locations. The transaction also included fuel supply agreements for approximately 65 gasoline stations, primarily in Vermont and New Hampshire. The stations primarily market major fuel brands such as Mobil, Shell, Citgo, Sunoco and Irving. The purchase price was approximately $138.2 million, including inventory. The acquisition was financed with borrowings under the Partnerships revolving credit facility. The acquisition was accounted for using the purchase method of accounting in accordance with the FASBs guidance regarding business combinations. The Partnerships financial statements include the results of operations of Champlain subsequent to the acquisition date. The following table presents the final allocation of the purchase price to the estimated fair value of the assets acquired and liabilities assumed at the date of acquisition (in thousands): Assets purchased: Inventory $ 5,450 Prepaid expenses and other current assets 270 Property and equipment 112,871 Intangibles 12,936 Total identifiable assets purchased 131,527 Liabilities assumed: Accrued expenses and other current liabilities (131) Environmental liabilities (10,757) Other non-current liabilities (938) Total liabilities assumed (11,826) Net identifiable assets acquired 119,701 Goodwill 18,478 Net assets acquired $ 138,179 The Partnerships third-party valuation firm considered the income, market and cost approaches in estimating the fair value of the property and equipment and intangible assets. The market and cost approaches were used to value the property and equipment based on the underlying asset class components of the property and equipment. The income approach was used to value the dealer supply contracts, in-place leases and franchise rights. The purchase price for the acquisition was allocated to assets acquired and liabilities assumed based on their estimated fair values. The Partnership then allocated the purchase price in excess of net tangible assets acquired to identifiable intangible assets, based on the valuation from the Partnerships third-party valuation firm. Any excess purchase price over the fair value of the net tangible and intangible assets acquired was allocated to goodwill and assigned to the GDSO reporting unit. The $18.5 million of goodwill was recognized as the transaction expanded the Partnerships retail portfolio and geographic footprint in New England and provides additional volume to the Partnerships terminals in New York and Vermont. The goodwill is expected to be tax deductible. The operations of Champlain have been integrated into the GDSO reporting segment. The fair value of $10.7 million assigned to the assumption of environmental liabilities was developed by management based on their estimates, assumptions and acquisition history. The fair values of the remaining Champlain assets and liabilities noted above approximate their carrying values as of the acquisition date. The Partnership utilized accounting guidance related to intangible assets which lists the pertinent factors to be considered when estimating the useful life of an intangible asset. These factors include, in part, a review of the expected use by the Partnership of the assets acquired, the expected useful life of another asset (or group of assets) related to the acquired assets and legal, regulatory or other contractual provisions that may limit the useful life of an acquired asset. The Partnership amortizes these intangible assets over their estimated useful lives which is consistent with the estimated undiscounted future cash flows of these assets. As part of the purchase price allocation, identifiable intangible assets include dealer supply contracts, in-place leases and franchise rights that are being amortized between one and ten years. Amortization expense related to these intangible assets was $0.6 million and $1.2 million for the three and six months ended June 30, 2019, respectively.