Company: PAGP
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001581990-25-000006
Chunk: 169

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-02-28
Form: 10-K
Item: Item 16
Chunk 169
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1)CurrentShort-term debt$14 $13 NoncurrentOther long-term debt, net72 63 Total finance lease liabilities$86 $76 Total lease liabilities$462 $419 (1)Includes right-of-use assets of $26 million and $28 million and lease liabilities of $33 million and $34 million as of December 31, 2024 and 2023, respectively, associated with leased storage tanks owned by an equity method investee, in which we own a 50% interest.The following table presents the maturity of undiscounted cash flows for future minimum lease payments under noncancelable leases as of December 31, 2024 reconciled to our lease liabilities on our Consolidated Balance Sheet (amounts in millions):OperatingFinance (2)Future minimum lease payments (1):2025$73 $22 202655 17 202754 16 202847 19 202937 12 Thereafter321 46 Total587 132 Less: Present value discount(211)(46)Lease liabilities$376 $86 

F-44

Table of ContentsIndex to Financial StatementsPLAINS GP HOLDINGS, L.P. AND SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(1)Excludes future minimum payments for short-term and other immaterial leases not included on our Consolidated Balance Sheet.(2)Includes payments of approximately $6 million for each of the years ending 2025 through 2029 and approximately $39 million thereafter associated with leased storage tanks owned by an equity method investee, in which we own a 50% interest.LessorWe evaluate all agreements entered into or modified that convey to others the use of property or equipment for a term to determine whether the agreement is or contains a lease. Significant judgment is required when determining whether a customer obtains the right to direct the use of identified property or equipment. The underlying assets associated with these agreements are evaluated for future use beyond the lease term. We have elected the non-lease component separation practical expedient for all classes of assets where we are the lessor.We enter into agreements to conduct activities associated with (i) providing storage services primarily for crude oil and NGL and (ii) transporting crude oil and NGL. Certain of these agreements convey counterparties the right to direct the operation of physically distinct assets. Such agreements include (i) fixed consideration, which is measured based on an available capacity