SUSS » Topics » 15. Asset Retirement Obligations

These excerpts taken from the SUSS 10-K filed Mar 13, 2009.

Asset Retirement Obligations

The estimated future cost to remove an underground storage tank is recognized over the estimated useful life of the storage tank in accordance with the provisions of SFAS No. 143, Accounting for Asset Retirement Obligations. We record a discounted liability for the fair value of an asset retirement obligation with a corresponding increase to the carrying value of the related long-lived asset at the time an underground storage tank is installed. We amortize the amount added to property and equipment and recognize accretion expense in connection with the discounted liability over the remaining life of the tank. We base our estimates of the anticipated future costs for removal of an underground storage tank on our prior experience with removal. Effective December 30, 2007, we updated our estimates in computing the estimated liability for the removal of underground storage tanks, based on a change in the estimated timing of cash flows. This change in estimate is reflected as a decrease in the liability and a decrease in the associated asset. (See Note 11).

 

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Table of Contents

Asset
Retirement Obligations

The estimated future cost to remove an underground storage tank is recognized over the estimated useful life of
the storage tank in accordance with the provisions of SFAS No. 143, Accounting for Asset Retirement Obligations. We record a discounted liability for the fair value of an asset retirement obligation with a corresponding increase to the
carrying value of the related long-lived asset at the time an underground storage tank is installed. We amortize the amount added to property and equipment and recognize accretion expense in connection with the discounted liability over the
remaining life of the tank. We base our estimates of the anticipated future costs for removal of an underground storage tank on our prior experience with removal. Effective December 30, 2007, we updated our estimates in computing the estimated
liability for the removal of underground storage tanks, based on a change in the estimated timing of cash flows. This change in estimate is reflected as a decrease in the liability and a decrease in the associated asset. (See Note 11).


 


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Table of Contents


These excerpts taken from the SUSS 10-K filed Feb 17, 2009.

Asset Retirement Obligations

The estimated future cost to remove an underground storage tank is recognized over the estimated useful life of the storage tank in accordance with the provisions of SFAS No. 143, Accounting for Asset Retirement Obligations. We record a discounted liability for the fair value of an asset retirement obligation with a corresponding increase to the carrying value of the related long-lived asset at the time an underground storage tank is installed. We amortize the amount added to property and equipment and recognize accretion expense in connection with the discounted liability over the remaining life of the tank. We base our estimates of the anticipated future costs for removal of an underground storage tank on our prior experience with removal. Effective December 30, 2007, we have updated our estimates in computing the estimated liability for the removal of underground storage tanks, based on a change in the estimated timing of cash flows. This change in estimate is reflected as a decrease in the liability and a decrease in the associated asset. (See Note 12).

 

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Table of Contents

Asset Retirement
Obligations

The estimated future cost to remove an underground storage tank is recognized over the estimated useful life of the storage
tank in accordance with the provisions of SFAS No. 143, Accounting for Asset Retirement Obligations. We record a discounted liability for the fair value of an asset retirement obligation with a corresponding increase to the carrying
value of the related long-lived asset at the time an underground storage tank is installed. We amortize the amount added to property and equipment and recognize accretion expense in connection with the discounted liability over the remaining life of
the tank. We base our estimates of the anticipated future costs for removal of an underground storage tank on our prior experience with removal. Effective December 30, 2007, we have updated our estimates in computing the estimated liability for
the removal of underground storage tanks, based on a change in the estimated timing of cash flows. This change in estimate is reflected as a decrease in the liability and a decrease in the associated asset. (See Note 12).

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These excerpts taken from the SUSS 10-K filed Mar 14, 2008.

Asset Retirement Obligations

The estimated future cost to remove an underground storage tank is recognized over the estimated useful life of the storage tank in accordance with the provisions of SFAS No. 143, Accounting for Asset Retirement Obligations. We record a discounted liability for the fair value of an asset retirement obligation with a corresponding increase to the carrying value of the related long-lived asset at the time an underground storage tank is installed. We amortize the amount added to property and equipment and recognize accretion expense in connection with the discounted liability over the remaining life of the tank. We base our estimates of the anticipated future costs for removal of an underground storage tank on our prior experience with removal. Effective December 30, 2007, we have updated our estimates in computing the estimated liability for the removal of underground storage tanks, based on a change in the estimated timing of cash flows. This change in estimate is reflected as a decrease in the liability and a decrease in the associated asset. (See Note 12).

 

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Table of Contents
Index to Financial Statements

Asset Retirement
Obligations

The estimated future cost to remove an underground storage tank is recognized over the estimated useful life of the storage
tank in accordance with the provisions of SFAS No. 143, Accounting for Asset Retirement Obligations. We record a discounted liability for the fair value of an asset retirement obligation with a corresponding increase to the carrying
value of the related long-lived asset at the time an underground storage tank is installed. We amortize the amount added to property and equipment and recognize accretion expense in connection with the discounted liability over the remaining life of
the tank. We base our estimates of the anticipated future costs for removal of an underground storage tank on our prior experience with removal. Effective December 30, 2007, we have updated our estimates in computing the estimated liability for
the removal of underground storage tanks, based on a change in the estimated timing of cash flows. This change in estimate is reflected as a decrease in the liability and a decrease in the associated asset. (See Note 12).

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Index to Financial Statements


This excerpt taken from the SUSS 8-K filed Nov 13, 2007.

15. Asset Retirement Obligations

Statement of Financial Accounting Standard No. 143, Accounting for Asset Retirement Obligations, requires the Company to recognize a liability for the present value of all legal obligations associated with the retirement of tangible long-lived assets and to capitalize an equal amount as a cost of the asset and depreciate the additional cost over the estimated useful life of the asset.

At November 4, 2006, the asset retirement obligation related to the Company’s legal obligation to remove underground storage tanks was $405 and is classified in other noncurrent liabilities in the consolidated balance sheets. Accretion expense for the asset retirement obligation for the years ended October 30, 2004, October 29, 2005 and November 4, 2006 was $22, $24, and $28, respectively, and is classified in interest expense in the consolidated statements of operations.

 

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This excerpt taken from the SUSS 8-K filed Oct 29, 2007.

15. Asset Retirement Obligations

Statement of Financial Accounting Standard No. 143, Accounting for Asset Retirement Obligations, requires the Company to recognize a liability for the present value of all legal obligations associated with the retirement of tangible long-lived assets and to capitalize an equal amount as a cost of the asset and depreciate the additional cost over the estimated useful life of the asset.

At November 4, 2006, the asset retirement obligation related to the Company’s legal obligation to remove underground storage tanks was $405 and is classified in other noncurrent liabilities in the consolidated balance sheets. Accretion expense for the asset retirement obligation for the years ended October 30, 2004, October 29, 2005 and November 4, 2006 was $22, $24, and $28, respectively, and is classified in interest expense in the consolidated statements of operations.

 

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This excerpt taken from the SUSS 8-K filed Oct 29, 2007.

15. Asset Retirement Obligations

Statement of Financial Accounting Standard No. 143, Accounting for Asset Retirement Obligations, requires the Company to recognize a liability for the present value of all legal obligations associated with the retirement of tangible long-lived assets and to capitalize an equal amount as a cost of the asset and depreciate the additional cost over the estimated useful life of the asset.

At November 4, 2006, the asset retirement obligation related to the Company’s legal obligation to remove underground storage tanks was $405 and is classified in other noncurrent liabilities in the consolidated balance sheets. Accretion expense for the asset retirement obligation for the years ended October 30, 2004, October 29, 2005 and November 4, 2006 was $22, $24, and $28, respectively, and is classified in interest expense in the consolidated statements of operations.

 

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This excerpt taken from the SUSS 10-K filed Apr 2, 2007.

Asset Retirement Obligations

The estimated future cost to remove an underground storage tank is recognized over the estimated useful life of the storage tank in accordance with the provisions of SFAS No. 143, Accounting for Asset Retirement Obligations. We record a discounted liability for the fair value of an asset retirement obligation with a corresponding increase to the carrying value of the related long-lived asset at the time an underground storage tank is installed. We amortize the amount added to property and equipment and recognize accretion expense in connection with the discounted liability over the remaining life of the tank. We base our estimates of the anticipated future costs for removal of an underground storage tank on our prior experience with removal.

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