SXL » Topics » Goodwill and Other Intangible Assets

These excerpts taken from the SXL 10-K filed Feb 24, 2009.

Goodwill and Other Intangible Assets

Goodwill, which represents the excess of the purchase price over fair value of net assets acquired, is presented net of accumulated amortization within deferred charges and other assets on the balance sheets. As of December 31, 2007 and 2008, the Partnership had $16.2 million of goodwill and accumulated amortization of $1.3 million related to goodwill. In accordance with Statement of Financial Accounting Standards (“SFAS”) No. 142, “Goodwill and Other Intangible Assets,” goodwill and indefinite-lived intangible assets are tested for impairment at least annually. The Partnership determined during 2006, 2007 and 2008 that such assets were not impaired.

Deferred financing fees of $3.1 million and $2.5 million, net of accumulated amortization of $1.9 million and $2.6 million have been included within deferred charges and other assets on the balance sheets as of December 31, 2007 and 2008, respectively. The Partnership deferred total fees of $0.3 million paid in 2007 related to the $400 million Credit Facility entered into in August 2007 (see Note 9). Amortization expense of $0.5 million, $0.7 million and $0.6 million for the years ended December 31, 2006, 2007 and 2008, respectively, has been included within other interest cost and debt expense on the statements of income. The Partnership amortizes deferred financing fees over the life of the respective debt agreement.

Goodwill and Other Intangible Assets

Goodwill, which represents the excess of the purchase price over fair value of net assets acquired, is presented net of accumulated
amortization within deferred charges and other assets on the balance sheets. As of December 31, 2007 and 2008, the Partnership had $16.2 million of goodwill and accumulated amortization of $1.3 million related to goodwill. In accordance with
Statement of Financial Accounting Standards (“SFAS”) No. 142, “Goodwill and Other Intangible Assets,” goodwill and indefinite-lived intangible assets are tested for impairment at least annually. The Partnership determined
during 2006, 2007 and 2008 that such assets were not impaired.

Deferred financing fees of $3.1 million and $2.5 million, net of
accumulated amortization of $1.9 million and $2.6 million have been included within deferred charges and other assets on the balance sheets as of December 31, 2007 and 2008, respectively. The Partnership deferred total fees of $0.3 million paid
in 2007 related to the $400 million Credit Facility entered into in August 2007 (see Note 9). Amortization expense of $0.5 million, $0.7 million and $0.6 million for the years ended December 31, 2006, 2007 and 2008, respectively, has been
included within other interest cost and debt expense on the statements of income. The Partnership amortizes deferred financing fees over the life of the respective debt agreement.

STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%">Environmental Remediation

The
Partnership accrues environmental remediation costs for work at identified sites where an assessment has indicated that cleanup costs are probable and reasonably estimable. Such accruals are undiscounted and are based on currently available
information, estimated timing of remedial actions and related inflation assumptions, existing technology and presently enacted laws and regulations. If a range of probable environmental cleanup costs exists for an identified site, the minimum of the
range is accrued unless some other point or points in the range are more likely, in which case the most likely amount in this range is accrued.

SIZE="2">Income Taxes

No provision for U.S. federal income taxes is included in the accompanying financial statements. As a
partnership we are not a taxable entity for U.S. federal income tax purposes, or for the majority of states that

 


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SUNOCO LOGISTICS PARTNERS L.P.

ALIGN="center">NOTES TO FINANCIAL STATEMENTS—(Continued)

 



impose income taxes. Our taxable income, which may vary substantially from the net income reported for financial reporting purposes, is includable in the
federal and state income tax returns of our unitholders. There are some states, however, in which the Partnership operates where we are subject to state and local income taxes.

STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%">We adopted the provisions of Financial Accounting Standards Board (“FASB”) Interpretation No. 48, Accounting for Uncertainty in Income
Taxes, an Interpretation of SFAS 109, Accounting for Income Taxes (“FIN 48”), as of January 1, 2007. This interpretation clarifies the accounting for uncertainty in income taxes recognized in an entity’s financial
statements in accordance with SFAS 109 by prescribing the minimum recognition threshold and measurement attribute a tax position taken or expected to be taken on a tax return is required to meet before being recognized in the financial
statements. The adoption of FIN 48 had no material impact on our financial statements.

These excerpts taken from the SXL 10-K filed Feb 26, 2008.

Goodwill and Other Intangible Assets

 

Goodwill, which represents the excess of the purchase price over fair value of net assets acquired, is presented net of accumulated amortization within deferred charges and other assets on the balance sheets. As of December 31, 2006 and 2007, the Partnership had $16.2 million of goodwill and accumulated amortization of $1.3 million related to goodwill. In accordance with Statement of Financial Accounting Standards (“SFAS”) No. 142, “Goodwill and Other Intangible Assets,” goodwill and indefinite-lived intangible assets are tested for impairment at least annually. The Partnership determined during 2005, 2006 and 2007 that such assets were not impaired.

 

Deferred financing fees of $3.4 million and $3.1 million, net of accumulated amortization of $1.7 million and $1.9 million have been included within deferred charges and other assets on the balance sheets as of December 31, 2006 and 2007, respectively. The Partnership deferred total fees of $0.3 million paid in 2007 related to a new Credit Facility entered into in August 2007 (see Note 9). Amortization expense of $0.4 million, $0.5 million and $0.7 million for the years ended December 31, 2005, 2006 and 2007, respectively, has been included within other interest cost and debt expense on the statements of income. The Partnership amortizes deferred financing fees over the life of the respective debt agreement.

 

Goodwill and Other Intangible Assets

STYLE="margin-top:0px;margin-bottom:-6px"> 

Goodwill, which represents the excess of the purchase price over fair value
of net assets acquired, is presented net of accumulated amortization within deferred charges and other assets on the balance sheets. As of December 31, 2006 and 2007, the Partnership had $16.2 million of goodwill and accumulated amortization of
$1.3 million related to goodwill. In accordance with Statement of Financial Accounting Standards (“SFAS”) No. 142, “Goodwill and Other Intangible Assets,” goodwill and indefinite-lived intangible assets are tested for
impairment at least annually. The Partnership determined during 2005, 2006 and 2007 that such assets were not impaired.

 

STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%">Deferred financing fees of $3.4 million and $3.1 million, net of accumulated amortization of $1.7 million and $1.9 million have been included within
deferred charges and other assets on the balance sheets as of December 31, 2006 and 2007, respectively. The Partnership deferred total fees of $0.3 million paid in 2007 related to a new Credit Facility entered into in August 2007 (see Note 9).
Amortization expense of $0.4 million, $0.5 million and $0.7 million for the years ended December 31, 2005, 2006 and 2007, respectively, has been included within other interest cost and debt expense on the statements of income. The Partnership
amortizes deferred financing fees over the life of the respective debt agreement.

 

FACE="Times New Roman" SIZE="2">Environmental Remediation

 

SIZE="2">The Partnership accrues environmental remediation costs for work at identified sites where an assessment has indicated that cleanup costs are probable and reasonably estimable. Such accruals are undiscounted and are based on currently
available information, estimated timing of remedial actions and related inflation assumptions, existing technology and presently enacted laws and regulations. If a range of probable environmental cleanup costs exists for an identified site, the
minimum of the range is accrued unless some other point or points in the range are more likely, in which case the most likely amount in this range is accrued.

 


This excerpt taken from the SXL 10-K filed Feb 23, 2007.

Goodwill and Other Intangible Assets

 

Goodwill, which represents the excess of the purchase price over fair value of net assets acquired, is presented net of accumulated amortization within deferred charges and other assets on the balance sheets. At December 31, 2005 and 2006, the Partnership had $16.2 million of goodwill and accumulated amortization of $1.3 million related to goodwill. In accordance with Statement of Financial Accounting Standards No. 142, “Goodwill and Other Intangible Assets,” goodwill and indefinite-lived intangible assets are tested for impairment at least annually. The Partnership determined during 2004, 2005 and 2006 that such assets were not impaired.

 

Deferred financing fees of $2.4 million, net of accumulated amortization of $1.2 million, as of December 31, 2005, and $2.0 million, net of accumulated amortization of $1.6 million, as of December 31, 2006, have been included within deferred charges and other assets on the balance sheets. The Partnership deferred total fees of $0.2 million paid in 2005 related to the renewal and amendment of the Credit Facility during those periods. Amortization expense of $0.7 million, $0.4 million and $0.4 million for the years ended December 31, 2004, 2005 and 2006, respectively, has been included within other interest cost and debt expense on the statements of income. The Partnership amortizes deferred financing fees over the life of the respective debt agreement.

 

This excerpt taken from the SXL 10-K filed Mar 1, 2006.

Goodwill and Other Intangible Assets

 

Goodwill, which represents the excess of the purchase price over fair value of net assets acquired, is presented net of accumulated amortization within deferred charges and other assets on the balance sheets. At December 31, 2004 and 2005, the Partnership had $16.2 million of goodwill and accumulated amortization of $1.3 million related to goodwill. In accordance with Statement of Financial Accounting Standards No. 142, “Goodwill and Other Intangible Assets,” goodwill and indefinite-lived intangible assets are tested for impairment at least annually. The Partnership determined during 2003, 2004 and 2005 that such assets were not impaired.

 

Deferred financing fees of $2.6 million, net of accumulated amortization of $0.8 million, as of December 31, 2004, and $2.4 million, net of accumulated amortization of $1.2 million, as of December 31, 2005, have been included within deferred charges and other assets on the balance sheets. The Partnership deferred total fees of $0.6 million paid in 2004 and $0.2 million paid in 2005 related to the renewal and amendment of the Credit Facility during those periods. Amortization expense of $0.6 million, $0.7 million and $0.4 million for the years ended December 31, 2003, 2004 and 2005, respectively, has been included within other interest cost and debt expense on the statements of income. The Partnership amortizes deferred financing fees over the life of the respective debt agreement.

 

This excerpt taken from the SXL 10-K filed Mar 4, 2005.

Goodwill and Other Intangible Assets

 

Goodwill, which represents the excess of the purchase price over fair value of net assets acquired, is presented net of accumulated amortization within deferred charges and other assets on the balance sheets. At December 31, 2003 and 2004, the Partnership had $16.2 million of unamortized goodwill. Goodwill and indefinite-lived intangible assets are tested for impairment at least annually. The Partnership determined during 2002, 2003 and 2004 that such assets were not impaired.

 

Deferred financing fees of $2.7 million, net of accumulated amortization of $1.0 million, as of December 31, 2003 and $2.6 million, net of accumulated amortization of $0.8 million, as of December 31, 2004 have been included within deferred charges and other assets on the balance sheets. Amortization expense of $0.4 million, $0.6 million and $0.7 million for the years ended December 31, 2002, 2003 and 2004, respectively, has been included within other interest cost and debt expense on the statements of income. The Partnership amortizes deferred financing fees over the life of the respective debt agreement.

 

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