Sunoco LP
For the period ended Dec 31, 2024. Filed Feb 14, 2025.
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FY2024 · Filed Feb 14, 2025
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7. Goodwill and Intangible Assets, net
- Goodwill and Intangible Assets, net
Goodwill
Goodwill balances and activity for the years ended December 31, 2024 and 2023 consisted of the following:
| Segment | ||||
|---|---|---|---|---|
| Fuel Distribution | Pipeline Systems | Terminals | Consolidated | |
| (in millions) | ||||
| Balance at December 31, 2022 | $1,364 | $— | $237 | $1,601 |
| Other adjustments | (2) | — | — | (2) |
| Balance at December 31, 2023 | 1,362 | — | 237 | 1,599 |
| West Texas sale | (138) | — | — | (138) |
| NuStar acquisition | 16 | — | — | 16 |
| Balance at December 31, 2024 | $1,240 | $— | $237 | $1,477 |
During the fourth quarters of 2024, 2023 and 2022, we used qualitative factors to determine whether it was more likely than not (likelihood of more than 50%) that the fair value of a reporting unit exceeded its carrying amount. No goodwill impairment was identified for the reporting units as a result of these tests.
Intangible Assets, net
Gross carrying amounts and accumulated amortization for each major class of intangible assets, excluding goodwill, consisted of the following:
| December 31, 2024 | December 31, 2023 | |||||
|---|---|---|---|---|---|---|
| GrossCarryingAmount | AccumulatedAmortization | NetBook Value | GrossCarryingAmount | AccumulatedAmortization | NetBook Value | |
| Indefinite-lived | ||||||
| Tradenames | $302 | $— | $302 | $302 | $— | $302 |
| Liquor licenses | — | — | — | 12 | — | 12 |
| Finite-lived | ||||||
| Customer relations including supply agreements | 721 | 477 | 244 | 669 | 440 | 229 |
| Other intangibles | 8 | 7 | 1 | 8 | 7 | 1 |
| Intangible assets, net | $1,031 | $484 | $547 | $991 | $447 | $544 |
During the fourth quarters of 2024, 2023 and 2022, we performed the annual impairment tests on our indefinite-lived intangible assets. No impairments were recorded in 2024, 2023 and 2022.
Total amortization expense on finite-lived intangibles included in depreciation, amortization and accretion was $37 million, $44 million and $48 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Customer relations and supply agreements have a remaining weighted average life of approximately 10 years.
As of December 31, 2024, the Partnership’s estimate of amortization for each of the five succeeding fiscal years and thereafter for finite-lived intangibles was as follows:
| Amortization | |
|---|---|
| 2025 | $28 |
| 2026 | 28 |
| 2027 | 28 |
| 2028 | 28 |
| 2029 | 23 |
| Thereafter | 110 |
| Total | $245 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.