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GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2024
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 period 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 |  |  | $ | 4,424 |  |  | $ | 5,105 |
Accumulated impairment losses | (153) |  |  | — |  |  | — |  |  | — |  |  | (153) |
Dec. 31, 2023 | — |  |  | 371 |  |  | 157 |  |  | 4,424 |  |  | 4,952 |
Magellan Acquisition measurement period adjustments (a) | — |  |  | — |  |  | — |  |  | 165 |  |  | 165 |
EnLink Controlling Interest Acquisition (b) | 486 |  |  | 1,461 |  |  | 229 |  |  | 541 |  |  | 2,717 |
Medallion Acquisition (c) | — |  |  | — |  |  | — |  |  | 259 |  |  | 259 |
Gulf Coast NGL pipeline acquisition | — |  |  | 31 |  |  | — |  |  | — |  |  | 31 |
Interstate natural gas pipeline divestiture | — |  |  | — |  |  | (33) |  |  | — |  |  | (33) |
Dec. 31, 2024 | $ | 486 |  |  | $ | 1,863 |  |  | $ | 353 |  |  | $ | 5,389 |  |  | $ | 8,091 |
(a) - During the remaining measurement period subsequent to Dec. 31, 2023, we recorded adjustments to the Magellan preliminary purchase price allocation that resulted in an increase to goodwill of $165 million. (b) - We established deferred income tax liabilities resulting from the carryover tax basis, which increased goodwill. The remainder of the goodwill primarily represents commercial synergies. Goodwill will not be 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. (c) - Goodwill represents commercial synergies. 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 from our recent acquisitions and are being amortized on a straight-line basis over a weighted average life of 27 years. Amortization expense for intangible assets was $62 million in 2024, $33 million in 2023 and $10 million in 2022. The amortization expense for each of the next five years is estimated to be $130 million. The following table reflects the gross carrying amount and accumulated amortization of intangible assets as of the dates presented:
| Dec. 31,
| 2024 |  | 2023
| (Millions of dollars)
Gross intangible assets (a) | $ | 3,290 |  |  | $ | 1,505 |
Accumulated amortization | (251) |  |  | (189) |
Intangible assets, net | $ | 3,039 |  |  | $ | 1,316 |
(a) - Increases to gross intangible assets primarily represent customer relationships associated with the EnLink Controlling Interest Acquisition and the Medallion Acquisition.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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