Intangible Assets and Goodwill

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Note 6. Intangible Assets and Goodwill

Identifiable Intangible Assets

The following table summarizes our intangible assets by business segment at the dates indicated:

	June 30, 2025						December 31, 2024
	Gross Value		Accumulated Amortization		Carrying Value		Gross Value		Accumulated Amortization		Carrying Value
NGL Pipelines & Services:
Customer relationship intangibles	$	449	$	(282)	$	167	$	449	$	(276)	$	173
Contract-based intangibles	754		(158)		596		754		(141)		613
Segment total	1,203		(440)		763		1,203		(417)		786
Crude Oil Pipelines & Services:
Customer relationship intangibles	2,195		(669)		1,526		2,195		(627)		1,568
Contract-based intangibles	283		(278)		5		283		(278)		5
Segment total	2,478		(947)		1,531		2,478		(905)		1,573
Natural Gas Pipelines & Services:
Customer relationship intangibles	1,351		(682)		669		1,351		(663)		688
Contract-based intangibles	1,082		(244)		838		1,081		(227)		854
Segment total	2,433		(926)		1,507		2,432		(890)		1,542
Petrochemical & Refined Products Services:
Customer relationship intangibles	181		(95)		86		181		(92)		89
Contract-based intangibles	45		(30)		15		45		(30)		15
Segment total	226		(125)		101		226		(122)		104
Total intangible assets	$	6,340	$	(2,438)	$	3,902	$	6,339	$	(2,334)	$	4,005

The following table presents the amortization expense of our intangible assets by business segment for the periods indicated:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2025		2024		2025		2024
NGL Pipelines & Services	$	12	$	11	$	23	$	21
Crude Oil Pipelines & Services	21		26		42		51
Natural Gas Pipelines & Services	18		13		36		26
Petrochemical & Refined Products Services	1		1		3		3
Total	$	52	$	51	$	104	$	101

The following table presents our forecast of amortization expense associated with existing intangible assets for the periods indicated:

Remainder of 2025		2026		2027		2028		2029
$	111	$	216	$	209	$	198	$	199

Goodwill

Goodwill represents the excess of the purchase price of an acquired business over the amounts assigned to assets acquired and liabilities assumed in the transaction. There has been no change in our goodwill amounts since those reported in our 2024 Form 10-K.