SUSS » Topics » 5. Goodwill and Other Intangible Assets

This excerpt taken from the SUSS 10-Q filed Feb 17, 2009.

7. Goodwill and Other Intangible Assets

Goodwill is not being amortized, but is tested annually for impairment, and is tested for impairment more frequently if events and circumstances indicate that the asset might be impaired. During the second quarter of 2008, goodwill was decreased $510,000 related to adjustments to fixed assets acquired in the purchase of Town and Country.

The Company has finite-lived intangible assets recorded that are amortized in accordance with SFAS No. 142, Goodwill and Other Intangible Assets. These assets consist primarily of supply agreements, favorable leasehold arrangements, loan origination costs and a trade name, all of which are amortized over the respective lives of the agreements or over the period of time the assets are expected to contribute directly or indirectly to the Company’s future cash flows. Supply agreements are being amortized over a weighted average period of approximately nine years. Favorable leasehold arrangements are being amortized over a weighted average period of approximately eight years. The Laredo Taco Company trade name is being amortized over fifteen years. The following table presents the gross carrying amount and accumulated amortization for each major class of intangible assets, excluding goodwill, at December 30, 2007 and June 29, 2008:

 

     December 30, 2007    June 29, 2008
     Gross
Carrying
Amount
   Accumulated
Amortization
   Net
Amount
   Gross
Carrying
Amount
   Accumulated
Amortization
   Net
Amount
     (in thousands)

Supply agreements

   $ 4,880    $ 1,506    $ 3,374    $ 5,598    $ 1,866    $ 3,732

Favorable lease arrangements, net

     4,616      1,636      2,980      4,616      2,096      2,520

Loan origination costs

     17,058      1,615      15,443      17,893      3,008      14,885

Trade name

     4,246      566      3,680      4,246      708      3,538

Other

     200      180      20      839      189      650
                                         

Total

   $ 31,000    $ 5,503    $ 25,497    $ 33,192    $ 7,867    $ 25,325
                                         
This excerpt taken from the SUSS 10-Q filed Aug 8, 2008.

7. Goodwill and Other Intangible Assets

Goodwill is not being amortized, but is tested annually for impairment, and is tested for impairment more frequently if events and circumstances indicate that the asset might be impaired. During the second quarter of 2008, goodwill was decreased $510,000 related to adjustments to fixed assets acquired in the purchase of Town and Country.

The Company has finite-lived intangible assets recorded that are amortized in accordance with SFAS No. 142, Goodwill and Other Intangible Assets. These assets consist primarily of supply agreements, favorable leasehold arrangements, loan origination costs and a trade name, all of which are amortized over the respective lives of the agreements or over the period of time the assets are expected to contribute directly or indirectly to the Company’s future cash flows. Supply agreements are being amortized over a weighted average period of approximately nine years. Favorable leasehold arrangements are being amortized over a weighted average period of approximately eight years. The Laredo Taco Company trade name is being amortized over fifteen years. The following table presents the gross carrying amount and accumulated amortization for each major class of intangible assets, excluding goodwill, at December 30, 2007 and June 29, 2008:

 

     December 30, 2007    June 29, 2008
     Gross
Carrying
Amount
   Accumulated
Amortization
   Net
Amount
   Gross
Carrying
Amount
   Accumulated
Amortization
   Net
Amount
     (in thousands)

Supply agreements

   $ 4,880    $ 1,506    $ 3,374    $ 5,598    $ 1,866    $ 3,732

Favorable lease arrangements, net

     4,616      1,636      2,980      4,616      2,096      2,520

Loan origination costs

     17,058      1,615      15,443      17,893      3,008      14,885

Trade name

     4,246      566      3,680      4,246      708      3,538

Other

     200      180      20      839      189      650
                                         

Total

   $ 31,000    $ 5,503    $ 25,497    $ 33,192    $ 7,867    $ 25,325
                                         
This excerpt taken from the SUSS 10-Q filed Nov 14, 2007.

5. Goodwill and Other Intangible Assets

Goodwill is not being amortized, but is tested annually for impairment, and is tested for impairment more frequently if events and circumstances indicate that the asset might be impaired. The Company has finite-lived intangible assets recorded that are amortized in accordance with SFAS No. 142, Goodwill and Other Intangible Assets. These assets consist of supply agreements, favorable leasehold arrangements, loan origination costs and a trade name, all of which are amortized over the respective lives of the agreements or over the period of time the assets are expected to contribute directly or indirectly to the Company’s future cash flows. Supply agreements are being amortized over a weighted average period of approximately nine years. Favorable leasehold arrangements are being amortized over a weighted average period of approximately eight years. The Laredo Taco Company trade name is being amortized over fifteen years. The following table presents the gross carrying amount and accumulated amortization for each major class of finite-lived intangible assets at December 31, 2006 and September 30, 2007:

 

6


Table of Contents

Susser Holdings Corporation

Notes to Consolidated Financial Statements (continued)

Unaudited

 

     December 31, 2006    September 30, 2007
   Gross
Carrying
Amount
   Accumulated
Amortization
  

Net

Amount

   Gross
Carrying
Amount
  

Accumulated

Amortization

   Net
Amount
   (in thousands)

Supply agreements

   $ 4,970    $ 779    $ 4,191    $ 4,893    $ 1,356    $ 3,537

Favorable lease arrangements, net

     6,053      1,530      4,523      5,998      2,406      3,592

Loan origination costs

     5,594      816      4,778      5,819      1,426      4,393

Trade name

     4,245      283      3,962      4,245      495      3,750

Other

     200      162      38      200      176      24
                                         

Total

   $ 21,062    $ 3,570    $ 17,492    $ 21,155    $ 5,859    $ 15,296
                                         
This excerpt taken from the SUSS 10-Q filed May 16, 2007.

5. Goodwill and Other Intangible Assets

Goodwill is not being amortized, but is tested annually for impairment, and is tested for impairment more frequently if events and circumstances indicate that the asset might be impaired. The Company has finite-lived intangible assets recorded that are amortized in accordance with SFAS No. 142, Goodwill and Other Intangible Assets. These assets consist of supply agreements, favorable leasehold arrangements, loan origination costs and a trade name, all of which are amortized over the respective lives of the agreements or over the period of time the assets are expected to contribute directly or indirectly to the Company’s future cash flows. Supply agreements are being amortized over a weighted average period of approximately nine years. Favorable leasehold arrangements are being amortized over a weighted average period of approximately eight years. The Laredo Taco Company trade name is being amortized over fifteen years. The following table presents the gross carrying amount and accumulated amortization for each major class of finite-lived intangible assets at December 31, 2006 and April 1, 2007:

 

     December 31, 2006    April 1, 2007
     Gross
Carrying
Amount
   Accumulated
Amortization
   Net
Amount
   Gross
Carrying
Amount
   Accumulated
Amortization
   Net
Amount
     (in thousands)

Supply agreements

   $ 4,970    $ 779    $ 4,191    $ 4,970    $ 971    $ 3,999

Favorable lease arrangements, net

     6,053      1,530      4,523      6,053      1,879      4,174

Loan origination costs

     5,594      816      4,778      5,594      1,015      4,579

Trade name

     4,245      283      3,962      4,245      354      3,891

Other

     200      162      38      200      167      33
                                         

Total

   $ 21,062    $ 3,570    $ 17,492    $ 21,062    $ 4,386    $ 16,676
                                         

 

6


Table of Contents

Susser Holdings Corporation

Notes to Consolidated Financial Statements (continued)

Unaudited

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