Company: PAGP
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001581990-25-000028
Chunk: 26

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 26
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. 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 for discontinued operations reporting. 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):September 30,2025December 31,2024Assets:Current assets:Trade accounts receivable and other receivables, net$165 $222 Inventory223 178 Other current assets46 15 Total current assets of discontinued operations$434 $415 Long-term assets:Property and equipment, net (1)$2,125 $1,978 Linefill69 64 Long-term operating lease right-of-use assets, net134 143 Long-term inventory38 38 Other long-term assets, net113 126 Total long-term assets of discontinued operations$2,479 $2,349 Liabilities:Current liabilities:Trade accounts payable$193 $234 Other current liabilities90 116 Total current liabilities of discontinued operations$283 $350 Long-term liabilities:Long-term operating lease liabilities$101 $121 Other long-term liabilities and deferred credits496 455 Total long-term liabilities of discontinued operations$597 $576 (1)Amounts are net of accumulated depreciation of $866 million and $794 million as of September 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

The following table provides a reconciliation of the line items comprising pretax income from discontinued operations to income from discontinued operations, net of tax (in millions):Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024Revenues: