Enterprise Products Partners L.P.

SEC Filings

10-K
ENTERPRISE PRODUCTS PARTNERS L P filed this Form 10-K on 02/28/2018
Entire Document
 

ENTERPRISE PRODUCTS PARTNERS L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 7.  Intangible Assets and Goodwill

Identifiable Intangible Assets
The following table summarizes our intangible assets by business segment at the dates indicated:

 
 
December 31, 2017
   
December 31, 2016
 
 
 
Gross
Value
   
Accumulated
Amortization
   
Carrying
Value
   
Gross
Value
   
Accumulated
Amortization
   
Carrying
Value
 
NGL Pipelines & Services:
                                   
Customer relationship intangibles
 
$
447.4
   
$
(187.5
)
 
$
259.9
   
$
447.4
   
$
(172.7
)
 
$
274.7
 
Contract-based intangibles
   
280.8
     
(218.4
)
   
62.4
     
279.9
     
(204.4
)
   
75.5
 
Segment total
   
728.2
     
(405.9
)
   
322.3
     
727.3
     
(377.1
)
   
350.2
 
Crude Oil Pipelines & Services:
                                               
Customer relationship intangibles
   
2,203.5
     
(127.0
)
   
2,076.5
     
2,204.4
     
(84.5
)
   
2,119.9
 
Contract-based intangibles
   
281.0
     
(171.0
)
   
110.0
     
281.0
     
(121.9
)
   
159.1
 
Segment total
   
2,484.5
     
(298.0
)
   
2,186.5
     
2,485.4
     
(206.4
)
   
2,279.0
 
Natural Gas Pipelines & Services:
                                               
Customer relationship intangibles
   
1,350.3
     
(417.1
)
   
933.2
     
1,350.3
     
(390.0
)
   
960.3
 
Contract-based intangibles
   
464.7
     
(379.5
)
   
85.2
     
464.7
     
(370.5
)
   
94.2
 
Segment total
   
1,815.0
     
(796.6
)
   
1,018.4
     
1,815.0
     
(760.5
)
   
1,054.5
 
Petrochemical & Refined Products Services:
                                               
Customer relationship intangibles
   
181.4
     
(45.9
)
   
135.5
     
185.5
     
(43.9
)
   
141.6
 
Contract-based intangibles
   
46.0
     
(18.4
)
   
27.6
     
54.0
     
(15.2
)
   
38.8
 
Segment total
   
227.4
     
(64.3
)
   
163.1
     
239.5
     
(59.1
)
   
180.4
 
Total intangible assets
 
$
5,255.1
   
$
(1,564.8
)
 
$
3,690.3
   
$
5,267.2
   
$
(1,403.1
)
 
$
3,864.1
 

The following table presents the amortization expense of our intangible assets by business segment for the periods indicated:

 
 
For the Year Ended December 31,
 
 
 
2017
   
2016
   
2015
 
NGL Pipelines & Services
 
$
28.9
   
$
30.6
   
$
33.6
 
Crude Oil Pipelines & Services
   
92.5
     
98.4
     
87.1
 
Natural Gas Pipelines & Services
   
36.2
     
33.2
     
40.0
 
Petrochemical & Refined Products Services
   
9.3
     
9.1
     
8.9
 
Offshore Pipelines & Services
   
--
     
--
     
4.5
 
Total
 
$
166.9
   
$
171.3
   
$
174.1
 

The following table presents our forecast of amortization expense associated with existing intangible assets for the years indicated:

2018
   
2019
   
2020
   
2021
   
2022
 
$
174.5
   
$
165.8
   
$
150.7
   
$
145.6
   
$
141.6
 

In general, our intangible assets fall within two categories – customer relationship and contract-based intangible assets.  The values assigned to such intangible assets are amortized to earnings using either (i) a straight-line approach or (ii) other methods that closely resemble the pattern in which the economic benefits are estimated to be consumed or otherwise used, as appropriate.
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