FST » Topics » Accretion of Asset Retirement Obligations

These excerpts taken from the FST 10-K filed Mar 2, 2009.

Accretion of Asset Retirement Obligations

        Accretion expense of $8 million in 2008, $6 million in 2007, and $7 million in 2006 was related to the accretion of Forest's asset retirement obligations pursuant to Statement of Financial Accounting Standards ("SFAS") No. 143, Accounting for Asset Retirement Obligations. SFAS No. 143 requires entities to record the fair value of a liability for an asset retirement obligation in the period in which it is incurred and a corresponding increase in the carrying amount of the related long-lived asset. Subsequent to initial measurement, the asset retirement obligation is required to be accreted each period to its present value. See Note 1 to the Consolidated Financial Statements for additional information on our asset retirement obligations.

Accretion of Asset Retirement Obligations

        Accretion expense of $8 million in 2008, $6 million in 2007, and $7 million in 2006 was related to the accretion of Forest's asset retirement obligations pursuant to Statement of Financial Accounting Standards ("SFAS") No. 143, Accounting for Asset Retirement Obligations. SFAS No. 143 requires entities to record the fair value of a liability for an asset retirement obligation in the period in which it is incurred and a corresponding increase in the carrying amount of the related long-lived asset. Subsequent to initial measurement, the asset retirement obligation is required to be accreted each period to its present value. See Note 1 to the Consolidated Financial Statements for additional information on our asset retirement obligations.

Accretion of Asset Retirement Obligations

        Accretion expense of $8 million in 2008, $6 million in 2007, and $7 million in 2006 was related to the accretion of Forest's asset retirement obligations pursuant to Statement of Financial Accounting Standards ("SFAS") No. 143, Accounting for Asset Retirement Obligations. SFAS No. 143 requires entities to record the fair value of a liability for an asset retirement obligation in the period in which it is incurred and a corresponding increase in the carrying amount of the related long-lived asset. Subsequent to initial measurement, the asset retirement obligation is required to be accreted each period to its present value. See Note 1 to the Consolidated Financial Statements for additional information on our asset retirement obligations.

Accretion of Asset Retirement Obligations



        Accretion expense of $8 million in 2008, $6 million in 2007, and $7 million in 2006 was related to the accretion
of Forest's asset retirement obligations pursuant to Statement of Financial Accounting Standards ("SFAS") No. 143,
Accounting for Asset Retirement
Obligations
. SFAS No. 143 requires entities to record the fair value of a liability for an asset retirement obligation in the period in which it is incurred and a
corresponding increase in the carrying amount of the related long-lived asset. Subsequent to initial measurement, the asset retirement obligation is required to be accreted each period to
its present value. See Note 1 to the Consolidated Financial Statements for additional information on our asset retirement obligations.



Accretion of Asset Retirement Obligations



        Accretion expense of $8 million in 2008, $6 million in 2007, and $7 million in 2006 was related to the accretion
of Forest's asset retirement obligations pursuant to Statement of Financial Accounting Standards ("SFAS") No. 143,
Accounting for Asset Retirement
Obligations
. SFAS No. 143 requires entities to record the fair value of a liability for an asset retirement obligation in the period in which it is incurred and a
corresponding increase in the carrying amount of the related long-lived asset. Subsequent to initial measurement, the asset retirement obligation is required to be accreted each period to
its present value. See Note 1 to the Consolidated Financial Statements for additional information on our asset retirement obligations.



These excerpts taken from the FST 10-K filed Feb 28, 2008.

Accretion of Asset Retirement Obligations

        Accretion expense of $6.1 million in 2007, $7.1 million in 2006, and $17.3 million in 2005 was related to the accretion of Forest's asset retirement obligations pursuant to SFAS No. 143, "Accounting for Asset Retirement Obligations". SFAS No. 143 requires entities to record the fair value of a liability for an asset retirement obligation in the period in which it is incurred and a corresponding increase in the carrying amount of the related long-lived asset. Subsequent to initial measurement, the asset retirement obligation is required to be accreted each period to its present value. The significant decrease from 2005 to 2006 is attributable to the large reduction in future abandonment liabilities associated with the Spin-off in March 2006, discussed above. See Note 1 to the Consolidated Financial Statements for additional information on our asset retirement obligations.

38


Accretion of Asset Retirement Obligations



        Accretion expense of $6.1 million in 2007, $7.1 million in 2006, and $17.3 million in 2005 was related to the accretion of Forest's asset
retirement obligations pursuant to SFAS No. 143,
"Accounting for Asset Retirement Obligations". SFAS No. 143 requires entities to record
the fair value of a liability for an asset retirement obligation in the period in which it is incurred and a corresponding increase in the carrying amount of the related long-lived asset.
Subsequent to initial measurement, the asset retirement obligation is required to be accreted each period to its present value. The significant decrease from 2005 to 2006 is attributable to the large
reduction in future abandonment liabilities associated with the Spin-off in March 2006, discussed above. See Note 1 to the Consolidated Financial Statements for additional
information on our asset retirement obligations.



38









This excerpt taken from the FST 10-K filed Feb 28, 2007.

Accretion of Asset Retirement Obligations

Accretion expense of approximately $7.1 million in 2006, and $17.3 million in both 2005 and 2004 was related to the accretion of Forest’s asset retirement obligations pursuant to SFAS No. 143. SFAS No. 143 requires entities to record the fair value of a liability for an asset retirement obligation in the period in which it is incurred and a corresponding increase in the carrying amount of the related long-lived asset. The significant decrease in 2006 is attributable to the large reduction in future abandonment liabilities associated with the Spin-off on March 2, 2006, discussed above.

36




This excerpt taken from the FST 10-K filed Mar 16, 2006.

Accretion of Asset Retirement Obligations

        Accretion expense of approximately $17.3 million in both 2005 and 2004, and $13.8 million in 2003 was related to the accretion of Forest's asset retirement obligation pursuant to SFAS No. 143, adopted January 1, 2003. SFAS No. 143 requires entities to record the fair value of a liability for an asset retirement obligation in the period in which it is incurred and a corresponding increase in the carrying amount of the related long-lived asset. Using a cumulative effect approach to adopt SFAS No. 143, Forest recorded an after tax credit of approximately $5.9 million in the first quarter of 2003.

This excerpt taken from the FST 10-K filed Mar 15, 2005.

Accretion of Asset Retirement Obligations

        Accretion expense of approximately $17.3 million in 2004 and $13.8 million in 2003 was related to the accretion of Forest's asset retirement obligation pursuant to SFAS No. 143, adopted January 1, 2003. SFAS No. 143 requires entities to record the fair value of a liability for an asset retirement obligation in the period in which it is incurred and a corresponding increase in the carrying amount of the related long-lived asset. Using a cumulative effect approach to adopt SFAS No. 143, Forest recorded an after tax credit of approximately $5.9 million in the first quarter of 2003.

23



Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki