Company: PAGP
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001581990-25-000021
Chunk: 111

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 8
Chunk 111
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 accounting pronouncements that have become effective or have been issued during the six months ended June 30, 2025 that are of significance or potential significance to us.

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Table of ContentsPLAINS GP HOLDINGS, L.P. AND SUBSIDIARIESNOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 2— Discontinued Operations

The operations of the Canadian NGL Business meet the criteria for classification as held for sale and presentation as discontinued operations. The Canadian NGL Business disposal group is recorded at its historical carrying value, as the fair value of the disposal group, less estimated costs to sell, is greater than the carrying value of the Canadian NGL Business disposal group. Depreciation and amortization on the long-lived assets of the Canadian NGL Business disposal group ceased upon meeting the criteria to be classified as assets held for sale. See Note 1 for information regarding the pending sale of the Canadian NGL Business.The following table summarizes the carrying amounts of major classes of assets and liabilities of discontinued operations (in millions):June 30,2025December 31,2024Assets:Current assets:Trade accounts receivable and other receivables, net$193 $222 Inventory168 178 Other current assets24 15 Total current assets of discontinued operations$385 $415 Long-term assets:Property and equipment, net (1)$2,118 $1,978 Linefill71 64 Long-term operating lease right-of-use assets, net137 143 Long-term inventory41 38 Other long-term assets, net115 126 Total long-term assets of discontinued operations$2,482 $2,349 Liabilities:Current liabilities:Trade accounts payable$222 $234 Short-term debt1 1 Other current liabilities90 115 Total current liabilities of discontinued operations$313 $350 Long-term liabilities:Long-term operating lease liabilities$107 $121 Other long-term liabilities and deferred credits491 455 Total long-term liabilities of discontinued operations$598 $576 (1)Amounts are net of accumulated depreciation of $887 million and $794 million as of June 30, 2025 and December 31, 2024, respectively.

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Table of ContentsPLAINS GP HOLDINGS, L.P. AND SUBSIDIARIESNOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS