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Acquisitions, Divestitures and Other Transactions | 6 Months Ended
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Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract] |
Acquisitions, Divestitures and Other Transactions | Acquisitions, Divestitures and Other Transactions Asset Exchange In June 2021, we closed on an asset exchange agreement (the “Asset Exchange”) with Inter Pipeline Ltd., through which we acquired additional interests in two straddle plants included in our Facilities segment that we currently operate, in exchange for a pipeline and related storage and truck offload facilities previously included in our Transportation segment and cash consideration of $32 million, including working capital and other adjustments. We recognized a gain of $106 million on the divestiture of the pipeline and related storage and truck offload facilities, which is included in “(Gains)/losses on asset sales and asset impairments, net” on our Condensed Consolidated Statement of Operations, based on the difference between the fair value of the divested assets and their carrying value. Assets Held For Sale In June 2021, we signed a definitive agreement to sell our Pine Prairie and Southern Pines natural gas storage facilities included in our Facilities segment for $850 million, subject to certain adjustments. As of June 30, 2021, we classified the assets related to this transaction (primarily “Property and equipment”), valued at the lower of the carrying amount or fair value less costs to sell, of approximately $832 million as assets held for sale on our Condensed Consolidated Balance Sheet (in “Other current assets”) with approximately $18 million of deferred losses on hedges remaining in other comprehensive income on our Condensed Consolidated Balance Sheet (in “Total partners’ capital excluding noncontrolling interests”). This transaction closed on August 2, 2021. Upon this classification to assets held for sale, we recognized a corresponding non-cash impairment loss of approximately $475 million during the second quarter of 2021. This impairment loss is reflected in “(Gains)/losses on asset sales and asset impairments, net” on our Condensed Consolidated Statement of Operations. Joint Venture Transaction In July 2021, we entered into a definitive agreement with Oryx Midstream Holdings LLC (“Oryx Midstream”) pursuant to which we and Oryx Midstream intend to merge, in a cashless, debt-free transaction, our respective Permian Basin assets, operations and commercial activities into a newly formed joint venture, Plains Oryx Permian Basin LLC (“Plains Oryx Permian Basin”). The transaction will include all of Oryx’s Permian Basin assets and, with the exception of our long-haul pipeline systems and certain of our intra-basin terminal assets, the vast majority of our assets located within the Permian Basin. We will own 65% of Plains Oryx Permian Basin, operate the combined assets, and consolidate the financial results of the joint venture into our financial statements. Subject to satisfaction of customary and other closing conditions and receipt of regulatory approvals, the transactions contemplated by the merger agreement are expected to close in the fourth quarter of 2021.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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