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Gross Value Accumulated Amortization Carrying Value Gross Value Accumulated Amortization Carrying Value |
NGL Pipelines & Services: |
Customer relationship intangibles $ 449 $ (257) $ 192 $ 449 $ (249) $ 200 |
Contract-based intangibles 751 (95) 656 749 (84) 665 |
Segment total 1,200 (352) 848 1,198 (333) 865 |
Crude Oil Pipelines & Services: |
Customer relationship intangibles 2,195 (477) 1,718 2,195 (431) 1,764 |
Contract-based intangibles 283 (273) 10 283 (271) 12 |
Segment total 2,478 (750) 1,728 2,478 (702) 1,776 |
Natural Gas Pipelines & Services: |
Customer relationship intangibles 1,350 (607) 743 1,350 (588) 762 |
Contract-based intangibles 639 (201) 438 639 (195) 444 |
Segment total 1,989 (808) 1,181 1,989 (783) 1,206 |
Petrochemical & Refined Products Services: |
Customer relationship intangibles 181 (83) 98 181 (80) 101 |
Contract-based intangibles 45 (29) 16 45 (28) 17 |
Segment total 226 (112) 114 226 (108) 118 |
Total intangible assets $ 5,893 $ (2,022) $ 3,871 $ 5,891 $ (1,926) $ 3,965 |
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The following table presents the amortization expense of our intangible assets by business segment for the periods indicated: |
--------------------------------------------------- Unstructured Table Begin |
For the Three Months Ended June 30, For the Six Months Ended June 30, |
2023 2022 2023 2022 |
NGL Pipelines & Services $ 10 $ 9 $ 19 $ 17 |
Crude Oil Pipelines & Services 25 21 48 41 |
Natural Gas Pipelines & Services 13 14 25 25 |
Petrochemical & Refined Products Services 2 1 4 3 |
Total $ 50 $ 45 $ 96 $ 86 |
--------------------------------------------------- Unstructured Table End |
The following table presents our forecast of amortization expense associated with existing intangible assets for the periods indicated: |
--------------------------------------------------- Unstructured Table Begin |
Remainder of 2023 2024 2025 2026 2027 |
$ 107 $ 222 $ 230 $ 237 $ 235 |
--------------------------------------------------- Unstructured Table End |
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Goodwill |
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Goodwill represents the excess of the purchase price of an acquired business over the amounts assigned to assets acquired and liabilities assumed in the transaction. There has been no change in our goodwill amounts since those reported in our 2022 Form 10-K. |
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13 |
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https://www.sec.gov/Archives/edgar/data/1061219/000106121923000017/form10q.htm |
18/93 |
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--------------------------------------------------- Unstructured Plain Text Format 1.0.0 |
--------------------------------------------------- Unstructured Page Header Begin |
11/7/23, 2:38 PM |
sec.gov/Archives/edgar/data/1061219/000106121923000017/form10q.htm |
Table of Contents |
--------------------------------------------------- Unstructured Page Header End |
--------------------------------------------------- Unstructured Title Begin |
ENTERPRISE PRODUCTS PARTNERS L.P. |
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
--------------------------------------------------- Unstructured Title End |
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Variable Interest Rates |
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The following table presents the range of interest rates and weighted-average interest rates paid on our consolidated variable-rate debt during the six months ended June 30, 2023: |
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Range of Interest Rates Paid Weighted-Average Interest Rate Paid |
Commercial Paper Notes 4.59% to 5.43% 5.17% |
EPO Junior Subordinated Notes C and TEPPCO Junior Subordinated Notes 7.54% to 8.27% 7.76% |
EPO Junior Subordinated Notes D 7.63% to 8.30% 7.91% |
--------------------------------------------------- Unstructured Table End |
Amounts borrowed under EPO’s March 2023 $1.5 Billion 364-Day Revolving Credit Agreement and March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement bear interest, at EPO’s election, equal to: (i) the Secured Overnight Financing Rate (“SOFR”), plus an additional variable spread; or (ii) an alternate base rate, which is the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 0.5%, or (c) Adjusted Term SOFR, for an interest period of one month in effect on such day plus 1%, and a variable spread. The applicable spreads are determined based on EPO's debt ratings. |
In July 2017, the Financial Conduct Authority in the U.K. announced a desire to phase out LIBOR as a benchmark by the end of June 2023. In December 2022, the Board of Governors of the Federal Reserve System approved a final rule to implement the Adjustable Interest Rate (LIBOR) Act, which established benchmark replacements for certain contracts that reference various tenors of LIBOR and do not provide an alternative rate or would result in a rate that is expressed in terms of the last known value of LIBOR (typically referred to as a “frozen LIBOR” provision). The final rule became effective during the first quarter of 2023. As a result of the LIBOR Act, our Junior Subordinated Notes C and D and the TEPPCO Junior Subordinated Notes, which were subject to a variable rate (as defined by the applicable agreement) based on three-month LIBOR (in each case, a “LIBOR Rate”) through June 30, 2023, replaced the applicable LIBOR Rate with a variable rate based on the three-month CME Term SOFR (“SOFR Rate”) as administered by the CME Group Benchmark Administration, Ltd. plus a 0.26161% tenor spread adjustment beginning on July 1, 2023. Additionally, our Junior Subordinated Notes E and F, which would have been subject to a variable rate (as defined by the applicable agreement) based on three-month LIBOR beginning in August 2027 and February 2028, respectively, will replace the applicable LIBOR Rate with the three-month SOFR Rate plus a 0.26161% tenor spread adjustment. The foregoing tenor spread adjustment will be in addition to the applicable spread under the terms of each series of Junior Subordinated Notes. We do not expect the transition from LIBOR to have a material financial impact on us. |
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Scheduled Maturities of Debt |
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The following table presents the scheduled maturities of principal amounts of EPO’s consolidated debt obligations at June 30, 2023 for the next five years, and in total thereafter: |
--------------------------------------------------- Unstructured Table Begin |
Scheduled Maturities of Debt |
Total Remainder of 2023 2024 2025 2026 2027 Thereafter |
Commercial Paper Notes $ 355 $ 355 $ – $ – $ – $ – $ – |
Senior Notes 26,275 – 850 1,150 1,625 575 22,075 |
Junior Subordinated Notes 2,296 – – – – – 2,296 |
Total $ 28,926 $ 355 $ 850 $ 1,150 $ 1,625 $ 575 $ 24,371 |
--------------------------------------------------- Unstructured Table End |
--------------------------------------------------- Unstructured Page Number Block Begin |
15 |
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--------------------------------------------------- Unstructured Page Footer Begin |
https://www.sec.gov/Archives/edgar/data/1061219/000106121923000017/form10q.htm |
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