Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Inventory consisted of the following at December 31, 2019 and 2018 (in millions):

Depreciation is computed by the straight-line method over the estimated useful lives of the assets, as follows:



	Years
Gathering systems and pipelines	15 - 20
Facilities and equipment	3 - 25
Buildings, rights-of-way and easements	1 - 40
Office furniture and fixtures	5 - 10
Vehicles	5

Certain intangible assets are amortized on a straight-line basis over their estimated economic lives, as follows:



	Weighted-Average Life (years)
Customer accounts and revenue contracts	20
Trademarks	10

Intangible assets at CEQP and CMLP consisted of the following at December 31, 2019 and 2018 (in millions):



	December 31,
	2019		2018
Customer accounts	$	438.9	$	438.9
Gas gathering, compression and processing contracts ⁽¹⁾	631.2		325.2
Trademarks	6.2		6.2
	1,076.3		770.3
Less: accumulated amortization	271.1		216.5
Total intangible assets, net	$	805.2	$	553.8


(1)	Includes $306.0 million related to a revenue contract acquired from the Jackalope Acquisition, which is further discussed in Note 3.

The following table summarizes total accumulated amortization of CEQP’s and CMLP’s intangible assets at December 31, 2019 and 2018 (in millions):



	December 31,
	2019		2018
Customer accounts	$	134.4	$	112.1
Gas gathering, compression and processing contracts	132.5		100.8
Trademarks	4.2		3.6
Total accumulated amortization	$	271.1	$	216.5

The following table summarizes the goodwill of our various reporting units (in millions):



	Goodwill Impairments during the Year Ended December 31, 2017		Goodwill at January 1, 2018		Other				Impact of Sale of West Coast				Goodwill at December 31, 2018		Goodwill Addition during the Year Ended December 31, 2019			Goodwill at December 31, 2019
G&P
Arrow	$	—	$	45.9	$	—			$	—			$	45.9	$	—		$	45.9
Powder River Basin	—		—		—				—				—		80.3		⁽³⁾	80.3
MS&L
NGL Marketing and Logistics	—		—		101.7			⁽¹⁾	(9.0		)	⁽²⁾	92.7		—			92.7
West Coast	2.4		—		—				—				—		—			—
Supply and Logistics	—		101.7		(101.7		)	⁽¹⁾	—				—		—			—
Storage and Terminals	36.4		—		—				—				—		—			—
Total	$	38.8	$	147.6	$	—			$	(9.0	)		$	138.6	$	80.3		$	218.9


(1)	Reflects the combination of the MS&L reporting units into one NGL Marketing and Logistics reporting unit as further discussed below.


(2)	In October 2018, we sold our West Coast assets and wrote off the goodwill attributable to these assets as further discussed below.


(3)	In April 2019, we acquired the remaining 50% equity interest in Jackalope from Williams. See Note 3 for a further discussion of the acquisition.