XML 49 R34.htm IDEA: XBRL DOCUMENT v3.24.0.1
Intangible Assets and Goodwill (Tables)
 12 Months Ended
Dec. 31, 2023
Intangible Assets and Goodwill [Abstract]  
Intangible Assets by Segment
The following table summarizes our intangible assets by business segment at the dates indicated:

 
  
December 31, 2023
    
December 31, 2022
  
 
  
Gross
Value
    
Accumulated
Amortization
    
Carrying
Value
    
Gross
Value
    
Accumulated
Amortization
    
Carrying
Value
  
NGL Pipelines & Services:
                                    
Customer relationship intangibles
  
$
449
    
$
(263
)
  
$
186
    
$
449
    
$
(249
)
  
$
200
  
Contract-based intangibles
    
752
      
(110
)
    
642
      
749
      
(84
)
    
665
  
Segment total
    
1,201
      
(373
)
    
828
      
1,198
      
(333
)
    
865
  
Crude Oil Pipelines & Services:
                                                
Customer relationship intangibles
    
2,195
      
(530
)
    
1,665
      
2,195
      
(431
)
    
1,764
  
Contract-based intangibles
    
283
      
(275
)
    
8
      
283
      
(271
)
    
12
  
Segment total
    
2,478
      
(805
)
    
1,673
      
2,478
      
(702
)
    
1,776
  
Natural Gas Pipelines & Services:
                                                
Customer relationship intangibles
    
1,351
      
(625
)
    
726
      
1,350
      
(588
)
    
762
  
Contract-based intangibles
    
641
      
(209
)
    
432
      
639
      
(195
)
    
444
  
Segment total
    
1,992
      
(834
)
    
1,158
      
1,989
      
(783
)
    
1,206
  
Petrochemical & Refined Products Services:
                                                
Customer relationship intangibles
    
181
      
(86
)
    
95
      
181
      
(80
)
    
101
  
Contract-based intangibles
    
45
      
(29
)
    
16
      
45
      
(28
)
    
17
  
Segment total
    
226
      
(115
)
    
111
      
226
      
(108
)
    
118
  
Total intangible assets
  
$
5,897
    
$
(2,127
)
  
$
3,770
    
$
5,891
    
$
(1,926
)
  
$
3,965
  
Amortization Expense of Intangible Assets by Segment
The following table presents the amortization expense of our intangible assets by business segment for the years indicated:

 
  
For the Year Ended December 31,
  
 
  
2023
    
2022
    
2021
  
NGL Pipelines & Services
  
$
40
    
$
36
    
$
24
  
Crude Oil Pipelines & Services
    
103
      
84
      
77
  
Natural Gas Pipelines & Services
    
51
      
50
      
42
  
Petrochemical & Refined Products Services
    
7
      
7
      
8
  
Total
  
$
201
    
$
177
    
$
151
  
Forecasted Amortization Expense
The following table presents our forecast of amortization expense associated with existing intangible assets for the years indicated:

2024
    
2025
    
2026
    
2027
    
2028
  
$
210
    
$
208
    
$
203
    
$
185
    
$
180
  
Significant Acquired Intangible Assets
At December 31, 2023, the carrying value of our portfolio of customer relationship intangible assets was $2.7 billion, the principal components of which were as follows:

 a
  
Weighted
Average
Remaining
Amortization
Period
  
 
 
December 31, 2023
Gross
Value
  
Accumulated
Amortization
  
Carrying
Value
Basin-specific customer relationships:
                      
   EFS Midstream (acquired 2015)
  
18.4 years
  
$
 1,410
  
$
(339)
  
$
1,071
   State Line and Fairplay (acquired 2010)
  
23.2 years
    
895
    
(302)
    
593
   San Juan Gathering (acquired 2004)
  
15.8 years
    
331
    
(266)
    
65
General customer relationships:
                      
   Oiltanking (acquired 2014)
  
20.0 years
    
1,193
    
(294)
    
899

At December 31, 2023, the carrying value of our portfolio of contract-based intangible assets was $1.1 billion, the principal components of which were as follows:

a
  
Weighted
Average
Remaining
Amortization
Period
  
 
 
December 31, 2023
Gross
Value
  
Accumulated
Amortization
  
Carrying
Value
Navitas Midstream customer contracts
  
28.0 years
$
  
989
  
$
(45)
  
$
944
Jonah natural gas gathering agreements
  
18.0 years
    
224
    
(185)
    
39
Delaware Basin natural gas processing contracts
  
3.0 years
    
82
    
(48)
    
34

Schedule of Goodwill The following table presents changes in the carrying amount of goodwill by business segment during the periods indicated:

 
  
NGL
Pipelines
& Services
    
Crude Oil
Pipelines
& Services
    
Natural Gas
Pipelines
& Services
    
Petrochemical
& Refined
Products
Services
    
Consolidated
Total
  
Balance at December 31, 2021 (1)
  
$
2,652
    
$
1,841
    
$
–
    
$
956
    
$
5,449
  
Goodwill related to acquisition (2)
    
159
      
–
      
–
      
–
      
159
  
Balance at December 31, 2022 (1)
    
2,811
      
1,841
      
–
      
956
      
5,608
  
Balance at December 31, 2023 (1)
  
$
2,811
    
$
1,841
    
$
–
    
$
956
    
$
5,608
  

(1)
Balances are presented net of historical accumulated impairment losses of $296 million for the Natural Gas Pipelines & Service segment and $1 million for the Petrochemical & Refined Products Services segment.  There have been no goodwill impairment charges recognized for the reporting units within the NGL Pipelines & Services and Crude Oil Pipelines & Services segments.
(2)
This amount represents the goodwill recognized in connection with our acquisition of Navitas Midstream in February 2022.  In general, we attribute this goodwill to our ability to leverage the acquired business with our existing NGL asset base to create future business opportunities.