XML 61 R17.htm IDEA: XBRL DOCUMENT v3.22.4
GOODWILL AND INTANGIBLE ASSETS (Notes)
12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
Goodwill - The following table sets forth our goodwill, by segment, as of the dates indicated:
December 31,
2022
December 31,
2021
 
(Thousands of dollars)
Natural Gas Liquids$371,217 $371,217 
Natural Gas Pipelines156,375 156,375 
Total goodwill$527,592 $527,592 

Impairment Charges - In 2020, we experienced a significant decline in our share price and market capitalization as the energy industry experienced historic events that led to a simultaneous demand and supply disruption. Due to the impact of these events, we tested our goodwill for impairment and concluded that the carrying value of the Natural Gas Gathering and Processing reporting unit exceeded its estimated fair value, resulting in a noncash impairment charge of $153.4 million, which is included within impairment charges in our Consolidated Statement of Income for the year ended December 31, 2020. We have no remaining goodwill in our Natural Gas Gathering and Processing segment.

Intangible Assets - Our intangible assets relate primarily to contracts acquired through acquisitions in our Natural Gas Liquids segment, which are being amortized over periods of 15 to 40 years. Amortization expense for intangible assets was $10.4 million in 2022, $10.4 million in 2021, and $10.8 million in 2020, and the amortization expense for each of the next five years is estimated to be $10.4 million. The following table reflects the gross carrying amount and accumulated amortization of intangible assets as of the dates presented:
December 31,
2022
December 31,
2021
 
(Thousands of dollars)
Gross intangible assets$381,435 $381,435 
Accumulated amortization(156,160)(145,732)
Net intangible assets$225,275 $235,703 
Impairment Charges - In 2020 in our Natural Gas Gathering and Processing segment, we recorded noncash impairment charges to intangible assets of $19.9 million related to supply contracts associated with our natural gas processing plant in the Powder River Basin, which was also impaired. These charges are included within impairment charges in our Consolidated Statement of Income for the year ended December 31, 2020.