Detail And Discussion Of Certain Consolidated Balance Sheet Captions

9 Months Ended

Sep. 30, 2011

Detail And Discussion Of Certain Consolidated Balance Sheet Captions [Abstract]

Detail And Discussion Of Certain Consolidated Balance Sheet Captions

NOTE C – DETAIL AND DISCUSSION OF CERTAIN CONSOLIDATED BALANCE SHEET CAPTIONS

Consolidated cash and cash equivalents at September 30, 2011 was $82.4 million, consisting of TPCGI cash of $70.0 million and TPCGLLC cash of $12.4 million. Substantially all of the $70.0 million of TPCGI cash was received in distributions from TPCGLLC and $54.8 million is invested in short term money market investments in a major U.S. bank and $15.2 million in depository accounts in banks. We believe that the likelihood of any loss of cash and cash equivalents is remote and that we are not exposed to any significant credit risk on cash and cash equivalents (see Notes H and I).

TPCGLLC's due from parent amounts are eliminated in the condensed consolidated financial statements of TPCGI.

Inventories, as of the dates presented, are as follows (in thousands):

	September 30, 2011		December 31, 2010
Finished goods	$	88,385	$	46,813
Raw materials and chemical supplies		76,261		42,451
	$	164,646	$	89,264

Other current assets, as of the dates presented, are as follows (in thousands):

	September 30, 2011		December 31, 2010
Prepaid expense and other	$	7,669	$	7,900
Repair parts inventory		9,086		8,911
Deferred taxes, net		6,894		7,320
	$	23,649	$	24,131

At December 31, 2010, TPCGI's prepaid expenses and other included a miscellaneous non-trade receivable of $0.2 million.

Property, plant and equipment, as of the dates presented, are as follows (in thousands):

	September 30, 2010		December 31, 2010
Land and land improvements	$	41,803	$	41,803
Plant and equipment		597,429		585,431
Construction in progress		41,435		22,294
Other		19,880		18,478
		700,547		668,006
Less accumulated depreciation		213,774		183,514
	$	486,773	$	484,492

Amounts attributable to our investment in Hollywood/Texas Petrochemicals LP for the nine months ended September 30, 2011 are as follows (in thousands):

Balance December 31, 2010	$	2,733
Equity in Earnings		980
Distribution		(1,050	)
Balance September 30, 2011	$	2,663

Intangible Assets

Changes in the carrying amount of our intangible assets, for the nine months ended September 30, 2011, are as follows (in thousands):

	Intangible assets		Accumulated amortization			Carrying value
Balance at December 31, 2010	$	6,220	$	(267	)	$	5,953
Amortization		—		(33	)		(33	)
Balance at September 30, 2011	$	6,220	$	(300	)	$	5,920

The gross carrying amounts and accumulated amortization of intangible assets, as of September 30, 2011, are as follows (in thousands):

	Gross carrying value		Accumulated amortization			Net carrying value
Technology license	$	5,499	$	—		$	5,499
Patents		721		(300	)		421
	$	6,220	$	(300	)	$	5,920

Other assets, as of the dates presented, are as follows (in thousands):

	September 30, 2011		December 31, 2010
Debt issuance cost	$	10,314	$	12,494
Deferred turnaround cost		12,170		11,651
Other deferred costs		15,704		18,801
	$	38,188	$	42,946

Accrued liabilities, as of the dates presented, are as follows (in thousands):

	TPCGI				TPCGLLC
	September 30, 2011		December 31, 2010		September 30, 2011		December 31, 2010
Accrued payroll and benefits	$	8,241	$	6,123	$	8,241	$	6,123
Accrued freight		3,286		3,755		3,286		3,755
Accrued interest		15,160		7,166		15,160		7,166
Federal and state income tax		15,035		868		15,035		832
Property and sales tax		5,780		7,527		5,780		7,527
Deferred revenue		761		3,914		761		3,914
Other		709		1,517		683		1,517
	$	48,972	$	30,870	$	48,946	$	30,834

The difference at September 30, 2011 and December 31, 2010 between TPCGI's and TPCGLLC's accrued liabilities consists of Delaware franchise tax payable.

The increase in accrued federal and state income tax reflects the federal and state income tax provision for the nine months ended September 30, 2011 less estimated payments made in April, June and September.