Company: PAGP
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001581990-25-000006
Chunk: 333

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 333
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. On a daily basis, our account equity (consisting of the sum of our cash balance and the fair value of our open derivatives) is compared to our initial margin requirement resulting in the payment or return of variation margin. The following table provides the components of our net broker receivable/(payable) (in millions):December 31,20242023Initial margin$53 $77 Variation margin posted/(returned)49 (65)Letters of credit(30)(25)Net broker receivable/(payable)$72 $(13)

F-39

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

The following table reflects the Consolidated Balance Sheet line items that include the fair values of our commodity derivative assets and liabilities and the effect of the collateral netting. Such amounts are presented on a gross basis, before the effects of counterparty netting. However, we have elected to present our commodity derivative assets and liabilities with the same counterparty on a net basis on our Consolidated Balance Sheet when the legal right of offset exists. Amounts in the table below are presented in millions.December 31, 2024December 31, 2023Effect of Collateral NettingNet Carrying Value Presented on the Balance SheetEffect of Collateral NettingNet Carrying Value Presented on the Balance SheetCommodity DerivativesCommodity DerivativesAssetsLiabilitiesAssetsLiabilitiesDerivative AssetsOther current assets$36 $(74)$72 $34 $153 $(79)$(13)$61 Other long-term assets, net— — — — 3 — — 3 Derivative LiabilitiesOther current liabilities4 (28)— (24)1 (64)— (63)Other long-term liabilities and deferred credits2 (16)— (14)1 (15)— (14)Total$42 $(118)$72 $(4)$158 $(158)$(13)$(13)Interest Rate Risk HedgingWe use interest rate derivatives to hedge the benchmark interest rate associated with interest payments occurring as a result of debt issuances. The derivative instruments we use to manage this risk consist of forward starting interest rate swaps and treasury locks. These derivatives are designated as cash flow hedges. As such, changes in fair value are deferred in AOCI and are reclassified to interest expense