PLAINS GP HOLDINGS LP
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
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10. Intangible Assets, Net F-
Note 10—Intangible Assets, Net
Intangible assets, net of accumulated amortization, consisted of the following (in millions):
| December 31, 2025 · December 31, 2024 | |||||||
|---|---|---|---|---|---|---|---|
| Estimated UsefulLives (Years) | Cost | AccumulatedAmortization | Net | Cost | AccumulatedAmortization | Net | |
| Customer contracts and relationships | 1 – 20 | $3,034 | $(1,295) | $1,739 | $2,677 | $(1,015) | $1,662 |
| Other agreements | 15 – 70 | 29 | (14) | 15 | 28 | (13) | 15 |
| Intangible assets (1) (2) | $3,063 | $(1,309) | $1,754 | $2,705 | $(1,028) | $1,677 | |
(1)We include rights-of-way, which are intangible assets, within property and equipment. See Note 7 for a discussion of property and equipment.
(2)The increase in intangible assets in 2025 is associated with the assets acquired during the period. See Note 8 for additional information.
Intangible assets that have finite lives are tested for impairment when events or circumstances indicate that the carrying value may not be recoverable. We did not recognize any impairments of finite-lived intangible assets during the three years ended December 31, 2025.
The majority of our finite-lived intangible assets are amortized under the declining balance method. Amortization expense for finite-lived intangible assets for the years ended December 31, 2025, 2024 and 2023 was $280 million, $262 million and $291 million, respectively. We estimate that our amortization expense related to finite-lived intangible assets for the next five years will be as follows (in millions):
| 2026 | $301 |
| 2027 | $261 |
| 2028 | $215 |
| 2029 | $192 |
| 2030 | $165 |
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