LONG-LIVED ASSETS AND INTANGIBLES Sample Clauses

LONG-LIVED ASSETS AND INTANGIBLES. The Company records property, plant and equipment at historical cost. The Company expenses repair and maintenance costs as incurred. Property, plant and equipment includes the following: WEIGHTED AVERAGE DECEMBER 31, USEFUL LIVES (YEARS) 2004 2005 (IN MILLIONS) Electric transmission & distribution.............. 27 $ 6,245 $ 6,463 Natural gas distribution.......................... 30 2,475 2,740 Competitive natural gas sales and services........ 38 19 27 Pipelines and field services...................... 52 1,767 1,887 Other property.................................... 29 457 441 Total........................................ 10,963 11,558 Accumulated depreciation and amortization: Electric transmission & distribution............ (2,204) (2,386) Natural gas distribution........................ (285) (391) Competitive natural gas sales and services...... (6) (5) Pipelines and field services.................... (157) (167) Other property.................................. (125) (117) Total accumulated depreciation and amortization............................... (2,777) (3,066) Property, plant and equipment, net......... $ 8,186 $ 8,492 ======= ======= The components of the Company's other intangible assets consist of the following: DECEMBER 31, 2004 DECEMBER 31, 2005 CARRYING ACCUMULATED CARRYING ACCUMULATED AMOUNT AMORTIZATION AMOUNT AMORTIZATION (IN MILLIONS) Land Use Rights............................ $55 $(12) $55 $(14) Other...................................... 21 (6) 22 (7) Total.................................... $76=== $(18)==== $77=== $(21)==== The Company recognizes specifically identifiable intangibles, including land use rights and permits, when specific rights and contracts are acquired. The Company has no intangible assets with indefinite lives recorded as of December 31, 2005 other than goodwill discussed below. The Company amortizes other acquired intangibles on a straight-line basis over the lesser of their contractual or estimated useful lives that range from 27 to 75 years for land rights and 10 to 56 years for other intangibles. CENTERPOINT ENERGY, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED) Amortization expense for other intangibles for 2003, 2004 and 2005 was $2 million in each year. Estimated amortization expense for the five succeeding fiscal years is as follows (in millions): 2006........................................................ $ 3 2007...........................................................
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Related to LONG-LIVED ASSETS AND INTANGIBLES

  • Fixed Assets 15 2.11 Leases............................................................................................15 2.12 Change in Financial Condition and Assets..........................................................16 2.13

  • Accounts Receivable All accounts receivable of the Acquired Companies that are reflected on the Balance Sheet or the Interim Balance Sheet or on the accounting records of the Acquired Companies as of the Closing Date (collectively, the "Accounts Receivable") represent or will represent valid obligations arising from sales actually made or services actually performed in the Ordinary Course of Business. Unless paid prior to the Closing Date, the Accounts Receivable are or will be as of the Closing Date current and collectible net of the respective reserves shown on the Balance Sheet or the Interim Balance Sheet or on the accounting records of the Acquired Companies as of the Closing Date (which reserves are adequate and calculated consistent with past practice and, in the case of the reserve as of the Closing Date, will not represent a greater percentage of the Accounts Receivable as of the Closing Date than the reserve reflected in the Interim Balance Sheet represented of the Accounts Receivable reflected therein and will not represent a material adverse change in the composition of such Accounts Receivable in terms of aging). Subject to such reserves, each of the Accounts Receivable either has been or will be collected in full, without any set-off, within ninety days after the day on which it first becomes due and payable. There is no contest, claim, or right of set-off, other than returns in the Ordinary Course of Business, under any Contract with any obligor of an Accounts Receivable relating to the amount or validity of such Accounts Receivable. Part 3.8 of the Disclosure Letter contains a complete and accurate list of all Accounts Receivable as of the date of the Interim Balance Sheet, which list sets forth the aging of such Accounts Receivable.

  • Excluded Assets Notwithstanding the foregoing, the Purchased Assets shall not include the following assets (collectively, the “Excluded Assets”):

  • Deposit Accounts Neither Borrower nor any Subsidiary shall maintain any Deposit Accounts, or accounts holding Investment Property, except with respect to which Lender has an Account Control Agreement.

  • Personal Property Loss Employee's personal property loss or damage, incurred in the course of carrying out their duties, shall be replaced or repaired at the expense of the Employer, if the employee was not culpable.

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