How do you interpret transportation — non-cash impairment losses, long-lived assets?

High impairment levels signal poor historical investment decisions or adverse changes in market conditions for specific pipeline routes.

How does transportation — non-cash impairment losses, long-lived assets compare across companies?

Standard accounting adjustment for long-lived assets under GAAP/IFRS.

Plains All American Pipeline, L.P. PAA Transportation — Non-cash impairment losses, long-lived assets

Discontinued — last reported Q4 '20

Similar metrics at other companies

LFUSTransportation — Impairments

$33.8M—

LFUSTransportation — Impairment

$0-100%

LFUSTransportation — Other asset impairment charges

$33.8M—

DDTransportation & Industrial — Asset Impairment Charges

$21M—

XPO

XPONorth American LTL — Impairment Charges

$1M-33.3%

RSReportable Legal Entities — Impairment Of Long Lived Assets Held For Use And To Be Disposed Of

$12.95M—

Other financials

Income statement

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Revenue$12.5B+8.7%

Gross profit$977.0M+1.8%

Operating income$405.0M+13.8%

Net income$152.0M-65.7%

Balance sheet

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Cash & equivalents$171.0M-60.0%

Total debt$12.0B+26.8%

Total equity$12.8B-0.3%

Total assets$31.6B+16.9%

Cash flow

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Operating cash flow$418.0M-34.6%

CapEx$130.0M-7.1%

Free cash flow$288.0M-42.3%

Valuation

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Market cap$15.06B+11.9%

Enterprise value$26.88B+19.4%

P/E13.2×-1.0×

P/S0.3×+0.1×

Profitability

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Gross margin8.5%+0.8pp

Operating margin3.3%+1.5pp

Net margin2.5%+0.6pp

FCF margin4.6%-0.1pp

Returns & leverage

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Return on equity8.9%+1.8pp

Debt / equity0.9×+0.2×

Current ratio0.9×-0.1×

Where this comes from

Reported directly by Plains All American Pipeline, L.P. in its filing.

Tagged under the XBRL concept us-gaap:ImpairmentOfLongLivedAssetsHeldForUse.

The official record: Plains All American Pipeline, L.P.’s 10-K, filed March 1, 2021, on SEC EDGAR. View the filing →

Questions, answered.

What does transportation — non-cash impairment losses, long-lived assets mean?: Accounting write-downs of transportation assets that have lost value.
How do you interpret transportation — non-cash impairment losses, long-lived assets?: High impairment levels signal poor historical investment decisions or adverse changes in market conditions for specific pipeline routes.
How does transportation — non-cash impairment losses, long-lived assets compare across companies?: Standard accounting adjustment for long-lived assets under GAAP/IFRS.