Actually issued, as applied to securities issued or assumed by the carrier, means those which have been sold to bona fide purchasers or holders for a valuable consideration, those issued in exchange for other securities or other property, and those issued as dividends on stock; and the purchasers or holders secured them free from control by the carrier.

Actually outstanding, as applied to securities issued or assumed by the carrier, means those which have been actually issued and are neither retired nor held by or for the carrier. Additions means facilities, equipment, and structures added to existing property exclusive of replacements.

Affiliated companies means companies or persons that directly, or indirectly through one or more intermediairies, control, or are controlled by, or are under common control with, the accounting carrier. Amortization means the gradual extinguishment of an amount in an account by distributing such amount over a fixed period, over the life of the asset or liability to which it applies, or over the period during which it is anticipated the benefit will be realized.

Book cost means the amount at which assets are recorded in the accounts without deduction of related provisions for accrued depreciation, amortization, or for other purposes. Carrier means a common carrier by pipeline subject to the Interstate Commerce Act. Control including the terms controlling, controlled by, and under common control with means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a company, whether such power is exercised through one or more intermediary companies, or alone, or in conjunction with, or pursuant to an agreement, and whether such power is established through a majority or minority ownership or voting of securities, common directors, officers or stockholders, voting trusts, holding trusts, associated companies, contract or any other direct or indirect means.

When there is doubt about an existence of control in any particular situation, the carrier shall report all pertinent facts to the Commission for determination. Cost means the amount of money actually paid for property or services or the current cash value of the consideration given when it is other than money.

Cost of removal means cost of demolishing, dismantling, tearing down, or otherwise removing property including costs of handling and transportation.

It does not include the cost of removal activities associated with asset retirement obligations that are capitalized as part of the tangible long-lived assets that give rise to the obligation. See General Instruction Date of retirement means the date that property is withdrawn from service. Debt expense means all expense in connection with the issuance and sale of evidences of debt, such as fees for drafting mortgages and trusts; fees and taxes for issuing or recording evidences of debt; cost of engraving and printing bonds, certificates of indebtedness, and other evidences of debt; fees paid to trustees; specific costs of obtaining governmental authority; fees for legal services; fees and commissions paid underwriters, brokers, and salesmen for marketing evidences of debt; fees and expenses of listing on exchanges; and other like costs.

Depreciation means the loss in service value not restored by current maintenance and incurred in connection with the consumption or prospective retirement of property in the course of service from causes against which the carrier is not protected by insurance, and the effect of which can be forecast with a reasonable approach to accuracy. Discount, as applied to securities issued or assumed by the carrier, means the excess of the par or face value of the securities plus interest or dividends accrued at the date of the sale over the cash value of the consideration received from their sale.

Group plan means the plan under which depreciation charges are computed on the book cost of all property included in each depreciable account by application of a composite rate of depreciation based on the weighted average service lives of such property. Improvements means alterations or changes in structural design of property which result in increased service life or efficiency. Minor items of property means the associated parts or items of which units of property are composed.

Net salvage value means salvage value of property retired less the cost of removal. Nominally issued, as applied to securities issued or assumed by the carrier, means those which have been signed, certified, or otherwise executed, and placed with the proper officer for sale and delivery, or pledged, or otherwise placed in some special fund of the accounting company.

Nominally outstanding, as applied to securities issued or assumed by the carrier, means those which, after being actually issued, have been reacquired by or for the accounting company under such circumstances which require them to be considered as held alive and not retired and canceled. Premium, as applied to securities issued or assumed by the carrier, means the excess of the cash value of the consideration received from their sale over the sum of their par stated value of no-par stocks or face value and interest or dividends accrued at the date of sale.

Property retired means units of property which have been removed, sold, abandoned, destroyed, or which for any cause have been withdrawn from service; also, minor items of property not replaced.

Replacement means the substitution of a part or of a complete unit of property with a new part or unit. Salvage value means the amount received or estimated to be received for property retired less any expenses incurred in connection with the sale or preparing the property for sale; or, if retained, the value at which the recovered material is chargeable to the material and supplies account or other appropriate account.

Service life means the period between the date that property is placed in service and the date of its retirement. Service value means the book cost less the actual or estimated net salvage value of property. Straight-line method, as applied to depreciation and amortization accounting, means the plan under which the service value of property is charged to expense and credited to the related accrued depreciation or amortization account through equal monthly charges during the service life of the property.

Some events recognized in financial statements do not have tax consequences. Certain revenues are exempt from taxation and certain expenses are not deductible. Events that do not have tax consequences do not give rise to temporary differences. A deferred tax asset is measured using the applicable enacted tax rate and provisions of the enacted tax law.

A valuation allowance should be recognized if it is more likely than not a likelihood of more than 50 percent that some portion or all of the deferred tax asset will not be realized. A deferred tax liability is measured using the applicable enacted tax rate and provisions of the enacted tax law.

Ordinarily this is the date assets are received and other assets are given or securities issued. A segment may be in the form of a subsidiary, a division, or a department, and in some cases a joint venture or other nonsubsidiary investee, provided that its assets, results of operations, and activities can be clearly distinguished, physically and operationally and for financial reporting purposes, from the other assets, results of operations, and activities of the entity.

The fact that the results of operations of the segment being sold or abandoned cannot be separately identified strongly suggests that the transaction should not be classified as a segment of business. The measurement date for disposals requiring Commission approval shall be the service date of the Order authorizing the disposal. Compensating balance means the portion of any demand deposit or any time deposit or certificate of deposit maintained by a carrier or by any person on behalf of the carrier which constitutes support for existing borrowing arrangements of the carrier or any person with a lending institution.

Such arrangements include both outstanding borrowings and the assurance of future credit availability. The compensating balance requirement should be adjusted by the amount of float unless such adjustment would cause the compensating balance to be greater than the cash balance per carrier's books. The float adjustment is made by subtracting the float from the compensating balance requirement if the collected bank ledger balance exceeds the cash balance per carrier's books or by adding the float to the compensating balance requirement if the collected bank ledger balance is less than the cash balance per carrier's books.

Float means deposits and withdrawals in transit which constitute a difference between the collected bank ledger balance and the cash balance per carrier's books. The term does not encompass preferred stock that by its terms either must be redeemed by the issuing enterprise or is redeemable at the option of the investor, nor does it include treasury stock or convertible bonds. In the over-the-counter market, an equity security shall be considered marketable when a quotation is publicly reported by the National Association of Securities Dealers Automatic Quotations System or by the National Quotations Bureau, Inc.

Provided, in the later case, That quotations are available from at least three dealers. Equity securities traded in foreign markets shall be considered marketable when such markets are of a breadth and scope comparable to those referred to above. This definition is not met by restricted stock securities for which sale is restricted by a governmental or contractual requirement except where such requirement terminates within one year or where the holder has the power to cause the requirement to be met within one year.

Any portion of the stock which can reasonably be expected to qualify for sale within one year, such as may be the case under Rule or similar rules of the Securities and Exchange Commission, is not considered restricted. When an entity has taken positions involving short sales, sales of calls, and purchases of puts for marketable equity securities and the same securities are included in the portfolio, those contracts shall be taken into consideration in the determination of market value of the marketable equity securities.

Accounts are prescribed to record the cost of property used in transportation and related operations and for revenues, expenses, taxes, rents, and other items of income for such operations. Separate accounts are prescribed for cost of property not used in transportation operations and for income and expenses pertaining thereto; for other investments and related income; for extraordinary and prior period items, including applicable income taxes; and for assets and liabilities.

In addition, stockholders' equity accounts, designed to segregate directly contributed capital from appropriated and unappropriated retained income, are provided. Retained income accounts form the connecting link between the income account and the equity section of the balance sheet. They are provided to record the transfer of net income or loss for the year; certain capital transactions; and, when authorized by the Commission, other items. In addition, clearing accounts, temporary accounts, and subdivisions of any account may be kept provided the integrity of the prescribed accounts is not impaired.

Each carrier shall keep its books of account, and all other books, records and memoranda which support the entries in such books of account, so as to be able to furnish readily full information as to any item included in any account. Each entry shall be supported by such detailed information as will permit ready identification, analysis, and verification of all facts relevant thereto. The basis used for accruing income and expense items each month shall be consistently applied and any change in such basis or any unusual accruals involving material amounts shall be promptly reported to the Commission.

Appropriate adjustments shall be made as soon as the actual amounts become known or at the time a substantial change is indicated. Carriers are not required to anticipate minor items which do not appreciably affect the accounts. Ordinary delayed items and adjustments arising during the current year which are applicable to prior years shall be included in the same account which would have been charged or credited if the item had been taken up or the adjustments made in the year to which it pertained.

When the amount of a delayed item or adjustment is relatively so large that its inclusion in net income for a single month would seriously distort the accounts for the month but not for the year , such amount may be distributed in equal monthly charges or credits, as the case may be, to the remaining months of the calendar year.

See instruction for instructions covering extraordinary and prior period items of a nonrecurring nature. All items of profit and loss recognized during the year are includible in ordinary income unless evidence clearly supports their classification as extraordinary items.

Extraordinary items are characterized by both their unusual nature and infrequent occurrence taking into account the environment in which the firm operates; they must also meet the materiality standard. Unusual means the event or transaction must possess a high degree of abnormality and be of a type clearly unrelated to, or only incidentally related to the ordinary and typical activities of the entity. Infrequent occurrence means the event or transaction shall be of a type not reasonably expected to recur in the foreseeable future.

Such items are not to be reported net of income taxes. The results of continuing operations shall be reported separately from discontinued operations and any gain or loss resulting from disposal of a segment of a business see definition 32 a shall be reported in conjunction with the related results of discontinued operations and not as an extraordinary item.

The disposal of a segment of a business shall be distinguished from other disposals of assets incident to the evolution of the entity's business, such as the disposal of part of a line of business, the shifting of production or marketing activities for a particular line of business from one location to another, the phasing out of a product line or class of service, and other changes occasioned by technological improvements. If a loss is expected from the proposed sale or abandonment of a segment, the estimated loss shall be provided for at the measurement date see definition 32 b.

If a gain is expected, it shall be recognized when realized, which ordinarily is the disposal date see definition 32 c. The correction of an error in the financial statements of a prior period and adjustments that result from realization of income tax benefits of preacquisition loss carryforwards of purchased subsidiaries shall be accounted for as prior period adjustments and excluded from the determination of net income from the current year.

All other revenues, expenses, gains, and losses recognized during a period shall be included in the net income of that period. A change in accounting principle or accounting entity should be referred to this Commission for approval.

The cumulative effect of a change in accounting principle should ordinarily be reflected in the account provided for in determining net income; in certain cases accounting changes may be reflected as prior period adjustments.

Changes in accounting estimates should ordinarily be reflected prospectively. As a general standard an item shall be considered material when it exceeds 10 percent of annual income loss before extraordinary items. An item may also be considered in relation to the trend of annual earnings before extraordinary items or other appropriate criteria.

Items shall be considered individually and not in the aggregate in determining materiality. However, the effects of a series of related transactions arising from a single specific and identifiable event or plan of action shall be aggregated to determine materiality. Items shall be included in the accounts provided for extraordinary items, unusual or infrequent items, discontinued operations, prior period adjustments and cumulative effect of changes in accounting principles only upon approval of the Commission.

If the carrier retains the service of an independent accountant, a request for using these accounts shall be accompanied by a letter from the independent accountant approving or otherwise commenting on the request. The carrier may refer to generally accepted accounting principles for further guidance in applying instruction Items appearing in instructions and in the texts of various accounts are merely representative and are not intended to cover all of the items includible therein.

Monthly depreciation charges shall be made by the straight-line method to operating expenses in conformity with the group plan of accounting applicable to all carrier property except property included in accounts , , , Land, and , Construction Work in Progress. Carriers becoming subject to this system of accounts and carriers acquiring property for which no rates have been previously prescribed shall file, within six months, composite annual percentage rates applicable to the book cost of each class of depreciable carrier property as will distribute the service value, by the straight-line method, in equal annual charges to operating expenses during the service life of the property.

These rates shall be used by the carrier until the rates prescribed by the Commission become effective.

Such rates shall, for each primary account comprised of more than one class of property, produce a depreciation charge equal to the sum of the amounts that would otherwise be chargeable for each of the various classes of property included in the account.

Carriers shall base these percentage rates on estimated service values and service lives developed from engineering and other studies. The rates filed shall be accompanied by a statement showing the bases and the methods employed in the rate determination. When a carrier believes that any rate prescribed by the Commission is no longer applicable, it shall submit the rate which it believes should be established supported by full particulars for consideration by the Commission. In computing monthly charges, the annual percentage rates shall be applied to the depreciation base as of the first of each month and the result divided by twelve.

Except as provided in paragraph e of this section, upon the retirement of depreciable property the service value shall be charged in its entirety to account 31, Accrued Depreciation - Carrier Property. Any amounts of insurance recovered from casualty losses involving depreciable property retired shall be credited thereto.

A carrier's request for special accounting shall contain full particulars concerning the situation, including the basis for its proposal. Alternative accounting techniques shall be applied to the extent approved or directed by the Commission. Monthly depreciation charges for all depreciable property recorded in account 34, Noncarrier Property, shall be made to account , Income from Noncarrier Property, with concurrent credits to account 35, Accrued Depreciation - Noncarrier Property.

The depreciation charges shall be such as to distribute the service values equitably over the service life of the property. Monthly charges shall be made to account , Depreciation and Amortization, to amortize the cost of fixed life intangibles such as permits, patents and franchises which are directly related to pipeline operations.

Monthly charges shall be made to account , Miscellaneous Income Charges, to amortize the cost of intangibles such as goodwill which are not directly associated with pipeline operations. The amortization charges shall be such as to distribute the cost by the straight-line method in equal annual charges over the life or expected period of benefit. To maintain uniformity of accounting, carriers shall submit questions of doubtful interpretation to the Commission for consideration and decision.

Carriers may elect, as provided by the Revenue Act of , to account for the investment tax credit by either the flow through method or the deferred method of accounting. See paragraphs d and e below. All income taxes Federal, State, and other currently accruable for income tax return purposes shall be charged to account , Income taxes on income from continuing operations, and account , Income taxes on extraordinary items, as applicable. Deferred taxes are classified as current or noncurrent based on the classification of the related asset or liability.

A carrier shall apply the applicable enacted tax rate in determining the amount of deferred taxes. The carrier shall adjust its deferred tax liabilities and assets for the effect of the change in tax law or rates in the period that the change is enacted. The adjustment shall be recorded in the proper deferred tax balance sheet accounts based on the nature of the temporary difference and the related classification requirements of the account. In the event that it is more likely than not a likelihood of more than 50 percent that some portion of its deferred tax assets will not be realized, a carrier shall reduce the asset by a valuation allowance.

The valuation allowance should be recorded in a separate subaccount of the deferred tax asset account. The carrier shall disclose full particulars as to the nature and amount of each type of operating loss and tax credit carryforward in the notes to its financial statements. When the flow through method is followed for the investment tax credit, account , Provision for deferred taxes, shall reflect the difference between the tax payable after recognition of allowable investment tax credit based on taxable income and tax expense with full recognition of investment tax credit that would be allowable based on accounting income based on accounting income.

Any change in practice of accounting for the investment tax credit shall be reported promptly to the Commission. Carriers desiring to clear deferred investment tax credits because of a change from the deferral method to the flow through method shall submit the proposed journal entry to the Commission for consideration and advice.

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The carrier shall follow generally accepted accounting principles where an interpretation of the accounting rules for income taxes is needed or obtain an interpretation from its public accountant or the Commission. The types of transactions referred to in this paragraph are for management services or any other type of services rendered, sale or use of facilities or any other type of assets or property.

The file shall be maintained so as to enable the carrier, to furnish accurate information with supporting documentation about particular transactions within 15 days of the request.

We do not intend the file to include data relating to ordinary carrier operations e. If no such price list exists, the charges shall be recorded at the lower of their cost to the originating affiliated supplier less all applicable valuation reserves in case of asset sales , or their estimated fair market value determined on the basis of a representative study of similar competitive and arm's-length or bargained transactions. Any difference between actual transaction price and the above, as well as charges that are not transportation related, shall be considered of a financing nature and shall be recorded, accordingly, as nonoperating charges or credits.

All charges to the accounts prescribed in this system of accounts for carrier property, operating revenues, operating and maintenance expenses, and other carrier expenses, shall be just, reasonable and not exceed amounts necessary to the honest and efficient operations and management of carrier business. Payments shall not exceed the fair market value of goods and services acquired in an arm's-length transaction.

Any payments in excess of such just and reasonable charges shall be included in account , Miscellaneous Income Charges. Unrealized holding gains and losses on trading type investment securities will be recorded in accounts , miscellaneous income, and , miscellaneous income charges, as appropriate.

Unrealized holding gains and losses on available-for-sale type investment securities shall be recorded in account 77, accumulated other comprehensive income.

To the extent that any oil pipeline company, required to file annual reports with the Commission, did not correctly report State or other income taxes on continuing operations for the , , and reporting years, such company is ordered to disclose the amount of the accounting change in the space for notes and remarks provided in its Annual Report Form P, Schedule A, of the Commission. Amounts included in this account shall be maintained by each category of other comprehensive income. Examples of categories of other comprehensive income include, foreign currency items, minimum pension liability adjustments, unrealized gains and losses on available-for-sale type securities and cash flow hedge amounts.

Supporting records shall be maintained for account 77 so that the company can readily identify the cumulative amount of other comprehensive income for each item included in this account. Normal purchases or sales are contracts that provide for the purchase or sale of goods that will be delivered in quantities expected to be used or sold by the utility over a reasonable period in the normal course of business. A derivative instrument is a financial instrument or other contract with all three of the following characteristics:.

Those terms determine the amount of the settlement or settlements, and, in some cases, whether or not a settlement is required. Changes in the fair value of derivative instruments not designated as fair value or cash flow hedges shall be recorded in account 46, derivative instrument assets, or account 65, derivative instrument liabilities, as appropriate, with the gains recorded in account , miscellaneous income, and losses recorded in account , miscellaneous income charges.

A hedge may be used to manage risk to price, interest rates, or foreign currency transactions. An entity shall maintain documentation of the hedge relationship at the inception of the hedge that details the risk management objective and strategy for undertaking the hedge, the nature of the risk being hedged, and how hedge effectiveness will be determined. The ineffective portion of the hedge transaction shall be reflected in the same income or expense account that will be used when the hedged item enters into the determination of net income.

In the case of a fair value hedge of a firm commitment, a new asset or liability is created. As a result of the hedge relationship, the new asset or liability will become part of the carrying amount of the item being hedged.

Amounts recorded in other comprehensive income shall be reclassified into earnings in the same period or periods that the hedged forecasted item enters into the determination of net income. An asset retirement cost represents the amount capitalized when the liability is recognized for the long-lived asset that gives rise to the legal obligation. The amount recognized for the liability and an associated asset retirement cost shall be stated at the fair value of the asset retirement obligation in the period in which the obligation is incurred.

The asset retirement cost shall be depreciated over the useful life of the related asset that gives rise to the obligations. For periods subsequent to the initial recording of the asset retirement obligation, a carrier shall recognize the period to period changes of the asset retirement obligation that result from the passage of time due to the accretion of the liability and any subsequent measurement revisions to the initial liability for the legal obligation recorded in account 67, Asset retirement obligations, as follows:.

The utility shall on a timely basis monitor any measurement changes of the asset retirement obligations. For purposes of analyses a carrier shall maintain supporting documentation so as to be able to furnish accurately and expeditiously with respect to each asset retirement obligation the full details of the identity and nature of the legal obligation, the year incurred, the identity of the plant giving rise to the obligation, the full particulars relating to each component and supporting computations related to the measurement of the asset retirement obligation.

In the group of accounts designated as current assets shall be included cash and other assets or resources commonly identified as those which are reasonably expected to be realized in cash or sold or consumed within a one-year period. There shall not be included any amount the collection of which is not reasonably assured by the known financial condition of the debtor or otherwise.

Items of current character but of doubtful value shall be written down or written off to account , Supplies and Expenses, or to account , Miscellaneous Income Charges, as appropriate. When securities with a fixed maturity date are purchased at a discount or premium, such discount or premium shall be amortized over the remaining life of the securities by periodical debits or credits to the account in which the cost of the securities is recorded with corresponding credits or debits to interest income.

If the amount of the discount or premium is minor, the investment may be maintained at actual cost without adjustment, and the amount of discount or premium recorded in the interest income account at the time the securities mature.

For purposes of this instruction an investment of 20 percent or more of the outstanding voting stock of an investee will indicate the ability to exercise significant influence over an investee in the absence of evidence to the contrary. Three basic worksheet or memorandum accounts are needed:. This account shall be closed at year-end to the retained income memorandum account discussed in paragraph c below. These memorandum accounts shall be closed at year-end to the retained income memorandum account discussed in paragraph c above.

When the difference is allocated to depreciable or amortizable assets, depreciation and amortization through the investment and income memorandum accounts should absorb the difference over the remaining life of the related assets.

If the difference is not related to specific accounts, it should be considered goodwill and amortized over a reasonable period not to exceed 40 years. For investments made prior to November 1, , amortization of goodwill is not required in the absence of evidence that the goodwill has a limited term of existence.

If the accounting year of the investee differs from that of the investor then the most recent available financial statements may be used. The lag in reporting should be consistent from period to period. Additional losses shall not be provided for unless the investor has guaranteed obligations of the investee or is otherwise committed to provide further financial support for the investee.

If the investee subsequently reports net income the investor shall resume applying the equity method at such time as its share of that net income equals the share of net losses not recognized during the period of suspension. Should dividends received on the investment in subsequent periods exceed the investor's share of earnings for such periods, the investment memorandum and income memorandum accounts shall be reduced by the excess amount.

The memorandum accounts for the investment, income for current year's equity in undistributed earnings less amortization , and retained income for prior years' equity in undistributed earnings less amortization shall be adjusted retroactively on a step-by-step basis determining the equity in net assets at date of acquisition, amortization adjustment, and equity in undistributed earnings or losses at each level of ownership.

Where small purchases are made over a period of time and then a purchase is made which qualifies the investment for the equity method, the date of latest purchase may be used as date of acquisition. In those situations where the information needed to apply the equity method is not determinable, the date of acquisition may be considered as January 1, The carrier shall follow generally accepted accounting principles where an interpretation of the rules for equity accounting is needed or obtain an interpretation from its public accountant or the Commission.

The cost of property owned that is devoted to transportation service shall be recorded in account 30, Carrier Property, and in account 33, Operating Oil Supply.

This includes carrier's investment in jointly-owned transportation property in which it has an undivided ownership interest. The cost of other property not directly associated with pipeline operations shall be included in account 34, Noncarrier Property. Property used in both carrier and noncarrier services shall be classified in account 30 or account 34 according to its dominant use. Account 40, Organization Costs and Other Intangibles, is prescribed for organization costs and other intangible assets, such as patents and franchises.

These intangible assets shall be recorded at cost. Accounts are also prescribed for assets not otherwise provided for and for charges applicable to future periods. In this group of accounts shall be included obligations which are payable on demand or mature or become due within one year from the date of the balance sheet.

Includible under this category of account are those obligations which are not due to be liquidated within one year from the date of the balance sheet. Estimates of future fire losses or other contingencies shall not be accounted for as current expenses or recorded as liabilities. Such contingencies may be provided for by appropriations of retained income, the losses to be recognized in income when sustained. Resolution of the uncertainty may confirm the acquisition of an asset or the reduction of a liability or the loss or impairment of an asset or the incurrence of a liability.

The carrier shall disclose in a footnote in its annual report any accrued contingent liabilities, along with any contingent liabilities not meeting both conditions for accrual if there is a reasonable possibility that a liability may have been incurred.

The carrier shall disclose in a footnote in its annual report any contingencies that might result in an asset. Cost includes the purchase price; sales, use, and excise taxes, and ad valorem taxes during periods of construction; transportation charges; insurance in transit; installation charges; and expenditures for testing and final preparation for use.

When the purchase price exceeds the net book value of the property acquired, the difference shall be charged to retained income. When the purchase price is less than the net book value, the difference shall be credited to account 73, Additional Paid-in Capital. This does not apply to small miscellaneous purchases or transfers. Any excess of deficiency of purchase price over the amount so recorded shall be debited to account 44, Other Deferred Charges, or credited to account 63, Other Noncurrent Liabilities, as appropriate, and amortized in equal periodic amounts over the remaining service life of the system or facility through income.

The cost of constructing property chargeable to the carrier property accounts shall include direct and other costs as described hereunder:. This includes payroll taxes, vacation pay, pensions, holiday pay and traveling and other incidental expenses of employees. No charge shall be made to these accounts for pay and expenses of officers and employees who merely render services incidentally in connection with extensions, additions or replacements.

In calculating the cost of material and supplies used, proper allowance shall be made for the value of unused portions and other salvage, for the value of the material recovered from temporary scaffolding, cofferdams and other temporary structures used in construction: Upon completion of the construction project, account shall be credited with amounts received for machines sold or the book cost less a fair allowance for depreciation during the construction period of machines retained for use in carrier service.

The net book cost shall be included in the appropriate carrier property accounts. The cost of the transportation of construction material to the point where material is received by the carrier shall be included, so far as practicable, as a part of the cost of such material.

This includes the cost of protection against fires, cost of detecting and prosecuting incendiaries, amounts paid to municipal corporations and others for fire protection, cost of protecting property of others from damages, and analogous items. It also includes that portion of premiums paid for insuring property prior to the completion or coming into service of the property insured.

Insurance recovered for compensation paid for injuries to persons incident to construction shall be credited to the accounts to which such compensation is charged.

Any insurance recovered for damages to property incident to construction shall be credited to the accounts chargeable with the expenditures necessary for restoring the damaged property.

The cost of injuries and damages in connection with the removal of old structures which are encumbrances on newly acquired lands shall be included in the cost of land, or rights of way. This includes taxes on land held under a definite plan for its use in pipeline service for the period prior to the completion of pipeline facilities thereon and other taxes separately assessed on property during construction, or assessed under conditions which permit separate identification or allocation of the amount chargeable to construction.

The interest shall be included in the accounts charged with the cost of the property to which related. There shall be added a proportion of discount and expense on funded debt issued for the acquisition or construction of carrier property.

The amount of premium and discount and expense thus related shall be determined by the ratio which the period between the date the proceeds from the securities issued become available and the receipt, completion, or coming into service of the property bears to the entire life of the securities issued. Each carrier shall maintain a written property units listing for use in accounting for additions and retirements of carrier plant and apply the listing consistently. When property units are added to Carrier plant, the cost thereof shall be added to the appropriate carrier plant account as set forth in the policy.

Costs of improvements, shall be accounted for as follows:. Replacements are substitutions of a part or of a complete unit of property with a new part or unit. Costs of replacements shall be accounted for as follows:. When property units are retired from carrier plant, with or without replacement, the cost thereof and the cost of minor items of property retired and not replaced shall be credited to the carrier plant account in which it is included.

The retirement of carrier property shall be accounted for as follows:. The book cost of land retired shall be removed from the property accounts. Gain or loss on the sale of land shall be recorded in account , Miscellaneous Income, or account , Miscellaneous Income Charges. Any excess amount shall be credited to account , Miscellaneous Income. When it is impracticable to determine the book cost of each unit, due to the relatively large number or small cost thereof, an appropriate average book cost of the units, with due allowance for any differences in size and character, shall be used as the book cost of the units retired.

Oil pipelines must furnish the particulars of such estimates to the Commission, if requested. Resulting increases or decreases in the length of the line shall be accounted for as additions or retirements of property.

When public improvement projects are involved, the cost of the new property shall be 1 the book cost less depreciation or amortization of the replaced property, less the net salvage value recovered, plus 2 costs incurred by the carrier, less any amounts contributed by governmental agencies or others.

The assets and liabilities of the constituent companies or entities and the related accrued depreciation and amortization accounts along with the retained income or deficit accounts shall be carried forward, adjusted, if necessary, to conform with the accounting rules of the Commission. Liabilities assumed shall be recorded in the appropriate accounts according to the accounting rules of the Commission. The entries shall give a complete description of the property purchased and the basis upon which the amounts of the entries have been determined.

Any portion of the purchase price attributable to intangible property shall be separately recorded as hereinafter provided in account 40, Organization Costs and Other Intangibles. The portion of the total price assignable to the physical property shall be supported by independent appraisal or such other information as the Commission may consider appropriate.

In no event shall amounts recorded for physical properties and other assets acquired exceed the total purchase price. When a carrier is involved in receivership or bankruptcy so as to effect a reorganization, all accounting relating to the plan of reorganization shall be submitted to this Commission for consideration and approval.

Amounts included in former account , Acquisition Adjustment, attributable to mergers, consolidations, reorganizations, and purchases of property shall be cleared from that account as the Commission may authorize or direct upon submission of proposal for distribution of the amounts therein. The carrier shall keep the prescribed accounts with sufficient particularity to permit the reporting of operating revenues and expenses for crude oil lines and for product lines separately, and to permit the allocation of operating expenses by service functions see Operating Expenses.

The operating revenue accounts are designed to show the amount of money which the carrier becomes entitled to receive or which accrues to its benefit for transportation and services incidental thereto. The operating expense accounts are designed to show the costs of pipeline operations by service functions. The expenses of pipeline operations are to be allocated to the following functions:. This includes the gathering and collection of oil, oil products and other commodities from oil field, refinery, or other source other than carrier's own terminal and delivery facilities , and transmission to point of connection to meters, working or storage tanks, or intake side of the manifold at the trunk line receiving site or station, or at a terminal.

This includes the trunk line transportation of crude oil, oil products and other commodities from origin or receiving station to point of connection with other carriers, consignee facilities at destination, or to the discharge side of the manifold or connection to working or storage tanks at the destination station. This includes the receiving, storage, and delivering at terminal and delivery facilities of crude oil, oil products and other commodities from or to railroads, motor carriers, water carriers, and others prior or subsequent to movement by pipeline.

The primary expense accounts are to be reported under the following classifications:. This group of accounts includes all costs directly associated with the operation, repairs and maintenance of property devoted to pipeline operations including scheduling, dispatching, movement, and delivery of crude oil, oil products and other commodities. This group of accounts includes general and administrative expense and all other expenses not directly allocable to operations and maintenance expenses.

The several classes of expenses shall be directly allocated to applicable service functions to the fullest possible extent. Expenses common to two or more functions and system expenses shall be equitably apportioned to the service functions. The basis for apportionment and the underlying records in support thereof shall be readily available for inspection by the Commission's examiners. This account shall include money, checks, sight drafts and sight bills of exchange, money in banks or in other depositories subject to withdrawal on demand, and other similar items.

The amount of checks and sight drafts transmitted to payees which are unpaid at the close of the accounting period shall be credited to this account. Compensating balances see Definition 33 under an agreement which legally restricts the use of such funds shall not be included in this account. This account shall include cash deposits, either placed in hands of trustees or under the direct control of the reporting company, which are restricted for specific purposes.

Examples are those deposits made for the payment of dividends and interest due within one year, the liquidation of other current liabilities, to guarantee fulfillment of current contract obligations, to meet specific operating requirements, or compensating balances see Definition 33 under an agreement which legally restricts the use of such funds and which constitute support for short-term borrowing arrangements.

Sub-accounts may be set up, if necessary to account for special deposits for specific purposes. This account shall also include unrealized holding gains and losses on trading and available-for-sale types of security investments.

This account shall include the book cost, not includible elsewhere, of all collectible obligations in the form of notes receivable, contracts receivable, and similar evidences except interest coupons of money receivable on demand or within a time not exceeding one year from date of the balance sheet. Notes receivable from affiliates shall be included in account 13, Receivables from Affiliated Companies. This includes receivables for items such as revenue for services rendered, material furnished, rent, interest and dividends, advances and notes.

Cash management programs include all agreements in which funds in excess of the daily needs of the oil pipeline company along with the excess funds of the oil pipeline company's parent, affiliated and subsidiary companies are concentrated, consolidated, or otherwise made available for use by other entities within the corporate group. The written documentation must include the following information:. The date of the deposit or withdrawal, the amount of the deposit or withdrawal, and the maturity date, if any, of the deposit;.

The date of the borrowing, the amount of the borrowing, and the maturity date, if any, of the borrowing;.

This account shall include amounts receivable due and accrued from other than affiliates which are subject to settlement within one year from date of the balance sheet.

This includes items such as revenue for services rendered, material furnished, rent, accounts of officers and employees, miscellaneous accounts with others. This account shall be credited with amounts provided for losses on notes and accounts receivable which may become uncollectible, and also with collections on accounts previously charged hereto.

This account shall be charged with any amounts which have been found to be impractical of collection. This account shall also include the amount of dividends declared on stocks owned. Amounts paid preceding carriers for transportation, customs duties, or similar charges shall be charged to account , Allowance Oil Revenue. Additions to inventory from tariff allowances shall be credited to revenue at current value.

Additions resulting from operating gains shall be credited against operating oil losses and shortages. The value of items being manufactured by the carrier and the fair value of salvaged material shall also be included herein.

To the extent practicable, adjustments shall be made directly to the same accounts to which such material and supplies were charged during the period. Differences that cannot be directly allocated shall be equitably apportioned among the accounts to which material was charged since the last inventory. This account shall include the amount of expenses paid in advance of accrual such as insurance, rent, and taxes, the benefits of which are to be realized in subsequent periods.

Monthly transfers shall be made to the appropriate expense or other accounts for the expired portion of the prepayments applicable to that month. This account shall include such items as estimated tax refunds receivable, legally enforceable, balances due on subscriptions to capital stock, temporary guaranty and other deposits, and all other current assets due within one year which are not includible in the other current asset accounts.

This account shall include the cost of investments in securities other than securities held in special funds and investment advances made to affiliated companies. Separate records shall be maintained to show the securities pledged and the following classes of investments in each affiliated company:. This account shall include the cost of investments in securities of other than securities held in special funds and advances made to other than affiliated companies.

Separate records shall be maintained to show the securities pledged and the following classes of investments in each nonaffiliated company:. The cash value of life insurance policies on the lives of employees and officers to the extent that the carrier is the beneficiary of such policies shall also be included in this account.

Separate subsidiary records shall be maintained for each distinct fund. This account shall include the cost of tangible property used in carrier service, or held for such use within a reasonable time under a definite plan for pipeline operations. Separate primary accounts are prescribed for each class of carrier property.

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This account shall be credited with amounts charged to operating expenses or other accounts representing the loss in service value of depreciable carrier property. The service value of depreciable property retired shall be charged to this account. It shall also include other entries as may be authorized by the Commission.

Detail of this account shall be maintained by primary property accounts. Separate subsidiary records shall be maintained for the amount of accrued cost of removal other than legal obligations for the retirement of property recorded in account 31, Accrued depreciation - Carrier property.

This account shall be credited with amounts charged to operating expenses or other accounts representing the loss in service value of carrier property subject to amortization accounting as authorized by the Commission. Upon the retirement of property subject to amortization this account shall be charged with the amount included herein applicable to the specific property at the time the property is retired.

Subsidiary records shall be maintained for each group of property items under a separate amortization authorization. This account shall include the cost of oil purchased and the value of oil added through tariff allowances and operating gains which is used to maintain lines and tanks in working condition.

Additions to operating supply from tariff allowances shall be credited to revenue at current value. This account shall include the cost of tangible property not used in carrier pipeline operations. This account shall also include, amounts recorded for asset retirement costs associated with noncarrier property. This account shall be credited with amounts charged to income, representing the loss in service value of depreciable noncarrier property.

This account shall include the cost of intangible assets such as organizing the carrier, patents, permits, franchises, and goodwill. Organization costs include the legal expense, taxes, fees, stationery and printing, original capital stock expense and costs of economic feasibility studies made prior to initial operation of the carrier. Separate subsidiary records shall be maintained for each class of intangible asset. This account shall be credited with the amounts charged to operating expenses or income representing the expired cost of intangible property.

When the period of benefit of intangible property is fully expired, or assets are retired to which the intangible relates, this account shall be charged with the amount herein applicable to the specific property.

This account shall include such items as accounts receivable, utility deposits, guaranty deposits and other similar assets which are not expected to be realized or returned to the carrier within one year from date of the balance sheet. The estimated net salvage value of retired carrier property held without being dismantled shall be included in this account. This account shall include items that cannot be disposed of until further information is received and items of a deferred nature, not provided for elsewhere, to be amortized to expense or other accounts in future periods.

This includes such items as engineering surveys and studies and debt expense. This account shall include the amount of deferred taxes determined in accordance with instruction and the text of Account 64, Accumulated deferred income tax liabilities, when the balance is a net debit. This account shall include the amounts paid for derivative instruments, and the change in the fair value of all derivative instrument assets not designated as cash flow or fair value hedges.

Account , miscellaneous income, shall be credited or debited as appropriate with the corresponding amount of the change in the fair value of the derivative instrument. The ineffective portion of the cash flow hedge shall be charged to the same income or expense account that will be used when the hedged item enters into the determination of net income.

The ineffective portion of the fair value hedge shall be charged to the same income or expense account that will be used when the hedged item enters into the determination of net income. This account shall include outstanding obligations in the form of notes, and other similar evidences of indebtedness payable on demand or within one year from the date of issue except those payable to affiliated companies. This account shall not include obligations due within one year which are intended to be refinanced on a long-term basis.

Long-term refinancing of short-term obligations means; 1 replacement with long-term obligations or equity securities, or 2 renewal, extension, or replacement with short-term obligations for an uninterrupted period extending beyond one year from the balance sheet date. The intention to refinance on a long-term basis shall be supported by the ability to refinance. Evidence of this ability includes either; 1 the actual issuance of a long-term obligation or equity securities for the purpose of refinancing the short-term obligation, after the balance sheet date but before the balance sheet is issued, or 2 before the balance sheet is issued, the existence of a financing agreement which is long-term and based on terms readily determinable with no existing violations of its provisions, and with a lender which is financially capable of honoring the agreement.

This includes payables for items such as services and material received, rent, advances and notes. This account shall include amounts payable due and accrued except those to affiliated companies subject to settlement within one year from the date of the balance sheet.

This includes payables for items such as joint revenue, material and supplies, services received, rents, claims, taxes collected from employees and others for account of taxing entities, and other similar items. This account shall include salaries and wages payable due and accrued including vacation pay and unclaimed salaries and wages as of the balance sheet date. Unclaimed salaries and wages outstanding for more than one year may be written off to income unless the amount unclaimed escheats to the state.

This account shall include the amount of dividends other than stock dividends declared but unpaid as of the date of the balance sheet. This account shall include all Federal, state, and local taxes except taxes withheld from employees accrued and payable, estimated if necessary, as of the balance sheet date. Prepaid taxes shall be shown as current assets in account 18, Prepayments.

Subsidiary records shall be maintained to allow analyses of this account by matured and unmatured taxes and by type of tax and taxing entity. This account shall include all other current liabilities not provided for elsewhere that are payable within one year from date of balance sheet. These accounts shall be further divided by the following classes of debt: This account shall include the premium received and not yet amortized on the issuance of long-term debt.

The amount of premium received on each issue of bonds, mortgages, notes, and other long-term debt shall be amortized over the life of the debt by credit to interest expense.

Issue costs related to long-term debt debt expense shall be included in account Other deferred charges, and amortized over the life of the debt by charge to account , Miscellaneous income charges. This account shall include the amount of discount on long-term debt, and the amount of interest expressly provided for and included in the face amount of obligations issued or assumed and not amortized as of the balance sheet date.

The amount of discount or interest applicable to each issue of debt obligation shall be amortized over the life of the respective debt by charge to interest expense. Issue costs related to long-term debt debt expense shall be included in account 44, Other deferred charges, and amortized over the life of the debt by charge to account , Miscellaneous income charges. This account shall also include the amount accrued for pensions in which the employees have a vested right and which are administered by the carrier.

The portion of deferred assets and liabilities relating to current assets and liabilities should likewise be classified as current and included in Account , Deferred Income Tax Assets, or Account 59, Deferred Income Tax Liabilities, as appropriate. This account shall include a net credit balance only. A net debit balance shall be recorded in Account 45, Accumulated deferred income tax assets.

This account shall include the change in the fair value of all derivative instrument liabilities not designated as cash flow or fair value hedges. Account , miscellaneous income charges, shall be debited or credited as appropriate with the corresponding amount of the change in the fair value of the derivative instrument. The carrier shall credit account 67, Asset retirement obligations, for the liabilities for asset retirement obligations and charge the appropriate carrier property accounts or noncarrier property accounts to record the related asset retirement costs.

The carrier shall charge the accretion expense to account , Accretion expense, for carrier property, and account , Income net from noncarrier property, for noncarrier property, as appropriate, and credit account 67, Asset retirement obligations.

When other than cash is received for no-par value stock, the fair market value of the consideration shall be entered in this account. Any excess of reacquisition cost over par value shall be allocated between account 73, Additional Paid-in-Capital and , Other Debits to Retained Income. Any excess of par value over reacquisition cost shall be credited to account 73, Additional Paid-in-Capital.

Gains shall be credited to account 73, Additional Paid-in-Capital. Losses shall be charged to account 73, Additional Paid-in-Capital to the extent that previous net gains from sales or retirements of the same class of stock are included therein; otherwise, to account , Other Debits to Retained Income.

This account shall include the excess of the actual cash value of the consideration received at the time of the original sale over the par or stated value of the stock issued.

This account shall include the full amount of the par value, stated value, or price agreed upon for no-par stock which has been subscribed under a legally binding purchase agreement. The difference between the par value or stated value, plus any premiums or the amount agreed upon for no-par stock, and the down payment or installments received, shall be recorded as a current asset in account 19, Other Current Assets.

Appropriate subaccounts shall be kept to record separately the transactions for each class and series of stock involved. This account shall include gains from purchase and resale of reacquired stock. Credits attributable to reductions in the par or stated value of capital stock may be included in this account only when approved by the Commission. Separate subaccounts shall be maintained for each class and series of stock.

Also include herein contributions to capital made by stockholders and others. This account shall include retained income which has been appropriated and set aside under contractual or legal requirements and for other specific purposes, such as the retirement of bonded indebtedness, contingencies, redemption of preferred capital stock; fire losses; plant replacement and additions; miscellaneous employee benefits; and similar items.

Appropriations shall be released when their respective purposes have been served. Separate subaccounts shall be maintained for each specific purpose for which retained income is appropriated.

There shall be no transfers to or from account 73, Additional Paid-in Capital, to this account unless so authorized by the Commission. The accounting for the reacquisition of capital stock and resale thereof shall be in accordance with balance sheet account 70, paragraphs c through e.

Examples of other comprehensive income include foreign currency items, minimum pension liability adjustments, unrealized gains and losses on certain investments in debt and equity securities, and cash flow hedges. Records supporting the entries to this account shall be maintained so that the utility can furnish the amount of other comprehensive income for each item included in this account. Separate records for each category of items shall be maintained to identify the amount of the reclassification adjustments from accumulated other comprehensive income to earnings made during the period.

The following table lists the prescribed primary property accounts and indicates those accounts which contain similar items of property for which a single text is provided. The accounts are to be kept separately for crude oil lines and for product lines.

Land not used in carrier service shall be recorded in account 34, Noncarrier Property. Irregular parcels of land without commercial value acquired with rights of way shall not be transferred to account 34 solely to make right of way boundaries regular. When land is acquired with buildings, structures, or other encumbrances that must be removed before the land is usable, demolition cost, less salvage, shall be added to the book cost of the land.

Net proceeds from the sale of timber, minerals and improvements which were part of the land cost when purchased by the carrier, shall be credited to this account up to the amount of the purchase price allocated as their cost. Any excess shall be credited to account , Miscellaneous Income.

This account shall include the cost of obtaining rights of way used in pipeline operations. Periodic rents paid for the use of a right of way shall be charged to operating rents. Costs of filling, clearing, grading or leveling of a right of way when such work is not directly associated with construction or a definite plan for construction, shall be charged to this account.

This account shall include the cost of all line pipe actually laid in pipe lines devoted to transportation service. This account shall include the cost of the line pipe fittings, including manifolds, used in pipe lines devoted to transportation service.

The cost of reopening the trenches for repairs, or installation of casing, coating or cathodic protection, and the necessary backfilling shall be charged to maintenance expense. This account shall include the cost of all buildings including the foundations, fixtures, and appurtenances thereto.

This includes such items as architects' fees, sidewalks, driveways, fences, permanent water rights, grading and preparing grounds before and after construction, utility lines and other service piping. Cost of restoring grounds after repair work shall be charged to maintenance expense. This account shall include the cost of boilers, including accessories and attachments such as injectors, water gages, steam gages and fittings, and the cost of special boiler foundations and installations.

This account shall include the cost of engines, motors, pumps, and all other pumping equipment, and the cost of special foundations and installation.

This account shall include the cost of machine tools and machinery, including the cost of their special foundations and installation.

This account shall include the cost of all station equipment not provided for elsewhere, such as electric light, gas, and refrigeration equipment, manifolds, and miscellaneous equipment and fittings.

It shall also include the carrier's investment in tracks if located at and used in connection with a station. This account shall include the cost of oil tanks, including grades, roofs, fire banks, steam coils, swing pipes, inlet valves, and outlet valves.

This account shall include the cost of facilities for receiving or delivering oil and oil products from or to water carriers, railroads, motor carriers, and others, such as delivery racks, wharves including buildings thereon , docks, and slips, including piling, pile protection, cribs, cofferdams, walls, and other necessary devices and apparatus for the operation or protection of such property.

It shall also include the cost of engines, pumps, and boilers at loading racks and on wharves, the construction of oil-pipe lines between oil tanks and delivery facilities, and the carrier's investment in tracks if located at and used in connection with delivery facilities.

This account shall include the cost of all office furniture, equipment and fixtures, including such items as safes, desks, chairs, typewriters, accounting machines, cabinets, file cabinets, floor coverings, portable air conditioners, drinking fountains, and other similar items that are not an integral part of a building. This account shall include the cost of motor and other vehicles, motor and other portable work equipment, garage equipment, and portable tools and machines such as drills, hoists, jacks, power mowers, stocks and dies, laying tongs, vises, air compressors, welding machines, valve reseating machines, pipe-cleaning machines, and concrete mixers, not specifically provided for in other accounts.

This account shall include the cost of property used in pipeline operations not provided for elsewhere. This account shall include the cost of carrier property under construction and the cost of land acquired for such construction as of the date of the balance sheet.

It includes interest and taxes during construction, material and supplies delivered to the construction site, and other expenditures that will eventually be part of the cost of the completed property. When construction work is completed, the cost included in this account shall be transferred to the appropriate primary property accounts. Subsidiary records shall be maintained for each construction project.

When part of a project under construction is completed and put into service, the costs applicable to that portion shall be transferred to the appropriate property account. This account shall include revenues on the basis of tariff charges for the gathering or collection of crude oil, oil products and other commodities.

This account shall include revenues on the basis of tariff charges for trunk line transportation of crude oil, oil products or other commodities.

This account shall include revenues on the basis of tariff charges for receiving, delivering, unloading and loading fees at carrier terminal and delivery facilities. This account shall include revenues on the basis of tariff charges for the storage of oil; also demurrage charges incident to failure of consignees to receive shipments promptly.

This account shall include the revenues from renting or subrenting property, the cost of which is included in the accounts for investment in carrier property. This account shall include revenues incidental to carrier operations and not includible in other revenue accounts. This account shall include the salaries and wages including pay for holidays, vacations, sick leave and similar payroll disbursements of supervisory and other personnel directly engaged in transportation operations and the maintenance and repair of transportation property.

This account shall include the cost of materials applied in the repair and maintenance of transportation property. The salvage value of materials recovered in maintenance work shall be credited to this account. This account shall also include the cost of supplies consumed and expended in operations and in support of the maintenance activity. This account shall include the cost of operating and maintenance services provided by other than company forces under contract, agreement, and other arrangement.

The cost of service performed by affiliated companies shall be segregated within the account. This account shall include the cost of fuel and power consumed and expended in operations. The cost of normal utilities services shall be included herein when such costs are directly allocable to operations. This account shall include the cost of renting property used in the operations and maintenance of carrier transportation service, such as complete pipeline or segment thereof, office space, land and buildings, and other equipment and facilities.

This account shall include the expenses of aircraft, vehicles, and work equipment used in support of operations and maintenance activities; travel, lodging, meals, memberships, and other expenses of operating and maintenance employees; and other related operating and maintenance expenses that are not defined or classified in other accounts. This account shall include the salaries and wages including pay for holidays, vacations, sick leave, and similar payroll disbursements of executives and general officers, general office personnel, and of other employees whose wages cannot be directly allocated to operations or maintenance.

This account shall include the cost of materials and supplies consumed and expended for administration and general services. This account shall include the cost of management and general and administrative services provided by other than company forces under contract, agreement or other arrangement.

The cost of services performed by affiliated companies shall be segregated within the account. This account shall include the cost of renting property used in the administration and general operations of carrier transportation service, such as complete pipeline or segment thereof, office space, land and buildings, and other equipment and facilities.

This account shall include charges for the depreciation and amortization of transportation property. Charges for the amortization of fixed term intangibles relating to common carrier operations shall also be included herein. This account shall include charges for the depreciation of asset retirement costs related to transportation property. This account shall include the cost to the carrier of annuities, pensions, and benefits for active or retired employees, their beneficiaries or designees.

Contributions to health or welfare funds or payment for similar benefits to or on behalf of employees shall be included herein. Premiums, to the extent borne by the carrier, for group life, health, accident and other beneficial insurance for employees shall also be included in this account.

Insurance or other reimbursement for loss or damage shall be credited to the same account charged with the loss or expense. The cost of oil lost or undelivered through operating causes shall be charged to account , Oil Losses and Shortages. This account shall include the cost of expenses expended for administrative and general services including, the expenses of aircraft, vehicles, and work equipment used for general purposes; travel, lodging, meals, memberships, and other expenses of general employees and officers; utilities services; and all other incidental general expenses not defined or classified in other accounts.

This account shall be charged for accretion expense on the liabilities associated with asset retirement obligations included in account 67, Asset retirement obligations. The carrier shall record in this account the settlement amounts for asset retirement obligations related to carrier property in accordance with the accounting prescribed in General Instruction The carrier shall record in this account gains or losses resulting from the settlement amounts for asset retirement obligations related to carrier property plant.

This account shall include the total revenues included in the operating revenue accounts for the calendar year. Also include the amount of amortized premium or discount related to such assets.

Included in this account shall be material items unusual in nature or infrequent in occurrence, but not both, accounted for in the current year in accordance with the text of instruction , upon approval by the Commission. This account shall include the total expenses included in the operating expense accounts for the calendar year. This account shall include interest expense on all classes of debt except interest pertaining to construction of property. This account shall also include the amortization of long-term debt premium and discount.

Charges for interest on carrier debt obligations previously issued and now held by or for the carrier shall not be recorded in this account. See the texts of account , Income Taxes on Extraordinary Items, account , Other Credits to Retained Income, and account , Other Debits to Retained Income, for recording other income tax consequences. See instruction d. This account shall include the results of operations of a segment of a business see definition 32 a , after giving effect to income tax consequences that has been or will be discontinued in accordance with the text of instruction , upon approval by the Commission.

This account shall include the gain or loss from the disposal of a segment of a business, after giving effect to income tax consequences, in accordance with the text of instruction , upon approval by the Commission. Provision for Deferred Taxes - Extraordinary Items, as applicable. This account shall include the estimated income tax consequences debit or credit assignable to the aggregate of items of both taxable income and deductions from taxable income which for accounting purposes are classified extraordinary, and are recorded in account , Extraordinary Items Net.

The tax effect of any temporary differences caused by recognizing an item in the account provided for extraordinary items shall be included in account , Provision for Deferred Taxes - Extraordinary Items. This account shall include the deferred tax expense or benefit related to temporary differences applicable to items of revenue or expense included in account , Extraordinary Items Net See instruction This account shall include the cumulative effect of changing to a new accounting principle, after giving effect to income tax consequences, in accordance with instruction , upon approval by the Commission.

This account shall include adjustments after giving income tax effect, in accordance with the text of instruction , to the balance in the retained income account at the beginning of the calendar year, upon approval by the Commission. This account shall include other credit adjustments, net of assigned Federal income taxes, not provided for elsewhere in this system but only after such inclusion has been authorized by the Commission.

This account shall include losses from resale of reacquired capital stock, and charges which reduce or write off discount on capital stock issued by the company, but only to the extent that such charges exceed credit balances in account 73, Additional Paid-In Capital, for shares reacquired. This account shall also include other debit adjustments, net of assigned Federal income taxes, not provided for elsewhere in this system of accounts, but only after such inclusion has been authorized by the Commission.

This account shall include appropriations made from retained income during the calendar year. Appropriations charged to this account shall be credited to account 74, Appropriated Retained Income. This account shall include the amount of dividends declared during the calendar year on all classes of outstanding capital stock. Stock reacquired and owned by the carrier shall not be subject to dividends. Subsidiary records shall be kept to show separately the dividends declared on each type and class of capital stock.

When dividends are paid in other than money, complete detail of each transaction shall be maintained. This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office]. It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.

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Redesignated and amended by Order , 46 FR , Jan. Interstate Commerce Act, 49 U. I ; E. Account number Account Title Gathering Lines Trunk Lines General Land. United States Code U. CFR Toolbox Environmental Law: