Company: PAGP
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001581990-25-000006
Chunk: 317

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 317
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 SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Summarized Financial Information of Unconsolidated Entities Combined summarized financial information for all of our unconsolidated entities is shown in the tables below (in millions). None of our unconsolidated entities have noncontrolling interests.December 31,20242023Current assets$475 $528 Noncurrent assets$6,996 $7,194 Current liabilities$261 $476 Noncurrent liabilities$12 $5 Year Ended December 31,202420232022Revenues$2,193 $1,667 $1,726 Operating income$1,373 $921 $1,004 Net income$1,407 $947 $1,011 

F-28

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

Note 9—Intangible Assets, Net 

Intangible assets, net of accumulated amortization, consisted of the following (in millions):December 31, 2024December 31, 2023Estimated UsefulLives (Years)CostAccumulatedAmortizationNetCostAccumulatedAmortizationNetCustomer contracts and relationships1 – 29$2,767 $(1,105)$1,662 $2,789 $(932)$1,857 Other agreements15 – 7028 (13)15 30 (12)18 Intangible assets (1)$2,795 $(1,118)$1,677 $2,819 $(944)$1,875  (1)We include rights-of-way, which are intangible assets, within property and equipment. See Note 6 for a discussion of property and equipment.Intangible assets that have finite lives are tested for impairment when events or circumstances indicate that the carrying value may not be recoverable. We did not recognize any impairments of finite-lived intangible assets during the three years ended December 31, 2024.The majority of our finite-lived intangible assets are amortized under the declining balance method. Amortization expense for finite-lived intangible assets for the years ended December 31, 2024, 2023 and 2022 was $266 million, $308 million and $254 million, respectively. We estimate