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SEC Filings
S-4
SUSSER HOLDINGS CORP filed this Form S-4 on 07/22/2016
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Table of Contents
Index to Financial Statements

PHILADELPHIA ENERGY SOLUTIONS LLC

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(in thousands, except unit and volume data)

 

taxable income for BIRT, based on the statutory rate of 6.41%; and 0.01415% of Philadelphia gross receipt taxes, based on a statutory rate of 0.14150%. After December 31, 2023, the Company will be subject to the fully enacted tax rates at that time.

6. INVENTORIES

Refined and intermediate products include the cost of crude oil and other feedstocks, manufacturing costs, and inbound freight costs. The following table presents the components of inventories at December 31, 2015 and 2014:

 

     December 31,  
     2015      2014  

Crude oil-intermediated

   $ 233,856       $ 461,465   

Crude oil-non-intermediated

     1,410         5,889   

Refined and intermediate products-intermediated

     285,399         378,532   

Refined and intermediate products-non-intermediated

     25,535         46,404   

Materials and supplies

     14,520         13,090   
  

 

 

    

 

 

 
   $ 560,720       $ 905,380   
  

 

 

    

 

 

 

Under the intermediation agreement, MLC and the intermediary have liens on the intermediated crude and refined products held in inventory.

The Company recorded an impairment of $7,891 and $49,290 for the years ended December 31, 2015 and 2014, respectively, to state certain crude oil and refined and intermediate products at their net realizable values. No impairment was recorded for the year ended December 31, 2013. At December 31, 2015 all inventories valued at LIFO approximate market.

The Company recognized a gain of $18 from the liquidation of crude oil inventory LIFO layers for the year ended December 31, 2013. There were no gains on the liquidation of inventory during the years ended December 31, 2015 or 2014.

7. PROPERTY, PLANT, AND EQUIPMENT

The following table presents the components of property, plant, and equipment at December 31, 2015 and 2014:

 

     December 31,  
     2015      2014  

Land and land improvements

   $ 12,147       $ 11,766   

Buildings

     2,096         984   

Machinery and equipment

     636,818         446,670   

Construction-in-process

     61,538         60,602   
  

 

 

    

 

 

 
     712,599         520,022   

Less accumulated depreciation and amortization

     (101,232      (50,294
  

 

 

    

 

 

 

Property, plant, and equipment, net

   $ 611,367       $ 469,728   
  

 

 

    

 

 

 

 

F-50

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