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GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS Goodwill - The following table sets forth our goodwill, by segment, for the periods indicated:
| Natural Gas Gathering and Processing |  | Natural Gas Liquids |  | Natural Gas Pipelines |  | Refined Products and Crude |  | Total
| (Millions of dollars)
Gross goodwill | $ | 153 |  |  | $ | 371 |  |  | $ | 157 |  |  | $ | — |  |  | $ | 681 |
Accumulated impairment losses | (153) |  |  | — |  |  | — |  |  | — |  |  | (153) |
December 31, 2022 | — |  |  | 371 |  |  | 157 |  |  | — |  |  | 528 |
Magellan Acquisition (a) | — |  |  | — |  |  | — |  |  | 4,424 |  |  | 4,424 |
December 31, 2023 | $ | — |  |  | $ | 371 |  |  | $ | 157 |  |  | $ | 4,424 |  |  | $ | 4,952 |
(a) - Goodwill primarily represents expected tax benefits from future depreciation and amortization of acquired assets and commercial synergies and is expected to be fully deductible for tax purposes. The allocation of goodwill is preliminary and may be updated as we continue to evaluate the benefits of expected commercial synergies to our segments. Intangible Assets - Our intangible assets relate primarily to acquired customer relationships in our Refined Products and Crude segment and are being amortized on a straight-line basis over a weighted average life of 26 years. Amortization expense for intangible assets was $33 million in 2023, and $10 million in both 2022 and 2021, and the amortization expense for each of the next five years is estimated to be $60 million. The following table reflects the gross carrying amount and accumulated amortization of intangible assets as of the dates presented:
| December 31, 2023 |  | December 31, 2022
| (Millions of dollars)
Gross intangible assets (a) | $ | 1,505 |  |  | $ | 381 |
Accumulated amortization | (189) |  |  | (156) |
Intangible assets, net | $ | 1,316 |  |  | $ | 225 |
(a) - Increases to gross intangible assets primarily represent customer relationships associated with the Magellan Acquisition.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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