Company: PAGP
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001581990-25-000006
Chunk: 256

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 256
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 income tax$2 $2 $1 Canadian federal and provincial income and withholding taxes193 143 83 Total current income tax expense$195 $145 $84 Deferred income tax expense/(benefit):Federal income tax$31 $55 $46 State income tax6 13 11 Canadian federal and provincial income tax(28)(24)105 Total deferred income tax expense$9 $44 $162 Total income tax expense$204 $189 $246 The difference between income tax expense based on the statutory federal income tax rate and our effective income tax expense is summarized as follows (in millions):Year Ended December 31,202420232022Income before tax$1,274 $1,614 $1,409 Net income attributable to noncontrolling interests(967)(1,227)(995)Income taxes attributable to noncontrolling interests(167)(121)(189)$140 $266 $225 Federal statutory income tax rate21 %21 %21 %Income tax expense at statutory rate$29 $56 $47 Deferred tax rate adjustment6 9 7 State income tax, net of federal benefit2 3 3 Income taxes attributable to noncontrolling interests:Canadian federal and provincial income tax113 119 188 Canadian withholding tax52 — — State income tax2 2 1 Total income tax expense$204 $189 $246 

F-46

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

Deferred tax assets and liabilities are aggregated by the applicable tax paying entity and jurisdiction and result from the following (in millions):December 31,20242023Deferred tax assets:Investment in partnerships$436 $523 Net operating losses784 716 Derivative instruments19 — Lease liabilities46 40 Other43 45 Total deferred tax assets1,328 1,324 Deferred tax liabilities:Property and equipment in excess of tax values(525)(573)Derivative instruments— (6)Lease assets(44)(38)Other(3)(3)Total deferred tax liabilities(572)(620)Net deferred tax assets$756 $704 Balance sheet classification of deferred tax assets/(liabilities):Deferred tax asset$1,220 $