Energy Transfer 2010 Annual Report Download - page 144
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Related to the acquisition discussed in Note 3, we recorded customer contracts of $68.2 million with useful
lives of 46 years during the year ended December 31, 2010.
Aggregate amortization expense of intangibles and other assets was as follows:
Years Ended December 31,
2010 2009 2008
Reported in depreciation and amortization $ 20,606 $ 20,895 $ 17,462
Reported in interest expense $ 8,616 $ 8,188 $ 6,008
Estimated aggregate amortization expense for the next five years is as follows:
Years Ending December 31:
2011 $ 27,401
2012 23,813
2013 18,379
2014 17,369
2015 15,042
We review amortizable intangible assets for impairment whenever events or changes in circumstances
indicate that the carrying amount of such assets may not be recoverable. If such a review should indicate
that the carrying amount of amortizable intangible assets is not recoverable, we reduce the carrying amount
of such assets to fair value. We review non-amortizable intangible assets for impairment annually, or more
frequently if circumstances dictate. Our annual impairment test is performed as of August 31 for
subsidiaries in our intrastate transportation and storage, midstream and retail propane segments and as of
December 31 for subsidiaries in our interstate segment and all others. No impairment of intangible assets
was required during the periods presented in these consolidated financial statements.
Asset Retirement Obligation
We have determined that we are obligated by contractual or regulatory requirements to remove facilities or
perform other remediation upon retirement of certain assets. Determination of the amounts to be recognized
is based upon numerous estimates and assumptions, including expected settlement dates, future retirement
costs, future inflation rates and the credit-adjusted risk-free interest rates. However, management was not
able to reasonably measure the fair value of the asset retirement obligations as of December 31, 2010 or
2009 because the settlement dates were indeterminable. We will record an asset retirement obligation in the
periods in which management can reasonably determine the settlement dates.
Accrued and Other Current Liabilities
Accrued and other current liabilities consisted of the following:
December 31,
2010 2009
Interest payable $ 135,867 $ 136,222
Customer advances and deposits 86,191 88,430
Accrued capital expenditures 87,260 46,134
Accrued wages and benefits 61,587 25,202
Taxes other than income taxes 27,067 23,294
Income taxes payable 7,390 3,401
Deferred income taxes 365 –
Other 56,833 42,485
Total accrued and other current liabilities $ 462,560 $ 365,168
F-18